Property Management | 100% Correct Answers

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Cash Flow Report Correct Answer: the single most important financial report. A financial report showing the property's net operating income minus all additional disbursements such as debt service and... capital improvements and the amount remitted to the owner. Cash flow Correct Answer: An item in a property's financial operating reports that represents the net operating income minus all additional disbursements such as debt service and capital improvements. Anticipated Revenue-operating expenses-debt service= Legislature Correct Answer: makes laws Real Estate Commission Correct Answer: enforces laws Purpose of the SC Residential Landlord & Tenant Act Correct Answer: (1) to simplify, clarify, modernize, & revise the law governing rental of dwelling units & the rights & obligations of landlords & tenants (2) to encourage landlords & tenants to maintain & improve the quality of housing. Purpose of the SC Real Estate License Law Correct Answer: to protect the public Exclusions from the L & T act Correct Answer: one of which would be transient occupancy as in a hotel motel or other accommodations subject to sales tax. Principal Correct Answer: person who is paying me Essential Services Correct Answer: sanitary plumbing or sewer services; electricity; gas, where it is used for heat, hot water, or cooking; running water, & reasonable amounts of hot water and heat, except where the building that includes the dwelling unit is not required by law to be equipped for that purpose, or the dwelling unit is so constructed that heat or hot water is generated by an installation within the exclusive control of the tenant & supplied by a direct public utility connection. Unconscionability Correct Answer: excessive late fees etc...., if the court as a matter of law finds you guilty they do not have to uphold the lease. [Show More]

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