Course Review Part 2 Flashcards
The rental agreement ended and the landlord and tenant are in dispute over who should get the security deposit. What do I do?
Hold until the dispute is settled.
What do you call “borrowing” a small sum from the trust account for my regular business expenses?
Conversion or embezzlement
How long do I have to retain records?
Five years
An agent received a cash deposit for a principal’s property. The agent placed the deposit in his personal account and then wrote a check to his trust account. For this action, the agent was found guilty of:
Commingling
I did not tell a prospective tenant that the unit he was considering had a reputation for being haunted, when I had repeatedly heard it was. My action was:
Legal
When asked, I told a prospective tenant that a unit was not haunted, when I had repeatedly heard that it was:
Illegal
Tom Jones, the owner of ten rental units refuses to rent to a minority. He could most likely be prosecuted under:
Housing Act of 1968
The landlord’s right to take possession of the property at the end of the lease is called a:
Reversionary right
The owner of a six unit apartment building will not allow a person with a handicap to make costly changes. This action is illegal under the:
Fair Housing Act of 1968
What are the four elements necessary in order for a lease to be valid?
Competent parties, consideration, meeting of the minds, legal purpose
A lease for 50 years which included land only with the landlord gaining the improvements would be considered a:
Ground lease
The agent’s responsibilities to the principal include:
Obedience, care, accounting, loyalty and disclosure
The SC Residential Landlord Tenant Act requires what regarding security deposits?
If there is a security deposit, the landlord must account for this deposit within 30 days of lease termination, any deductions must be itemized.
In the absence of a prior arrangement, what type of lease would end at death?
Tenancy at will
The tenant refuses to pay rent and through court action the tenant is forcefully removed from the premises by the sheriff. This is legally called:
Actual eviction or ejectment
A real estate broker could specialize in which type of property?
Any type or combination of types of property that he/she desires
A ministorage facility is best described as what type of property?
Industrial
When a tenant holds over illegally beyond the lease’s termination date, what is created?
Estate at sufferance
Who can take depreciation on a building under a net lease?
The owner (lessor) has the right to take depreciation on income property.
T buys a building from N that is leased by S. What must T do regarding the lease?
T must honor S’s lease
What term describes a lease under which the total rent is based on sales volume?
Percentage
Which of the following does the tenant under a triple net lease usually pay?
Rent and possibly taxes, insurance, and repairs
When the landlord refuses to fix the leaking roof and the tenant moves out this is called:
Constructive eviction
What do you have to do if you fail to renew your property manager’s license on time?
You must cease property management business activities immediately.
