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61 Cards in this Set
- Front
- Back
Civil Rights Act of 1866
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Prohibits all racial discrimination
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Fair Housing Act of 1968
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Prohibits discrimination based on 7 protected classes:
Race, Color, Religion/Creed, National Origin, Sex/Gender, Familial Status, Handicap (Fresh Corn) |
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Fair Housing Act of 1968: Violations Prohibited
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Blockbusting: Inducing Panic Peddling
Steering- Channeling protected classes to particular area or building Redlining- Refusing services to area |
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Fair Housing Act of 1968: Enforcement
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Complaint may be filed up to one year with HUD
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Fair Housing Act of 1968: Civil Penalties
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Up to $100K, court and legal fees
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Americans W/Disabilities Act (1992)
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Requires businesses and public facilities open to the public be accessible to disabled persons
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Sherman Anti Trust Act
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Federal act which promotes competition in an open marketplace, no boycotts, monopolies, price fixing, allocating customers or markets, enforced by the FTC
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Lead Based Paint Act (1978)
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Banned lead based paint
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Megan's Law
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Requires information about certain sex offenders be released to the general public
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Clean Air Act (1970)
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Established a comprehensive approach for combating air pollution by the EPA
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Workers Compensation
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Insurance coverage to protect injured employees
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SC Law and Requirements - Property Manager
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Property Manager- 30 Hours pre licensing course, state exam, under BIC/PMIC
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SC Law and Requirements- BIC/PMIC
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Responsible for agent's actions, all money, trust accounts, etc.
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SC Law and Requirements- Law Violations
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Lying, Bird- dogging, conversion, dual contract, non-disclosure, fraud, commingling
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SC Law and Requirements- Handling of Money
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Deposit cash within 48 hours, checks 48 hours after offer is accepted.
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SC Law and Requirements- Accounting Requirements
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Journal/ledger, receipts and disbursement, reports and all documentation
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Fiduciary Duty
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Duty of trust and confidence
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Special Agent
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Representative of only the principal on a specific matter or transaction
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General Agent
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Property manager: obtain objectives of owner, generate income, preserve and increase property value
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Risk Management
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Insurance purchase for leased property is transferring the risk
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Operating Reports
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Income/Expense, Budget, Profit/Loss, Tax Records, Cash-flow statement
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Preventative Maintenance
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Eliminates corrective maintenance
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Purpose of the SCRL Tenant Act
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Simplify, clarify, modernize, and revise the law governing the rental of dwelling units, rights and obligations of landlords and tenants
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Exclusions to the SCRL Tenant Act
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Timeshare rentals, hotels, institutions, agricultural, shelters
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Landlord Obligations of the SCRL Tenant Act
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Disclose owner/agent in writing , deliver possession of unit, bring action to recover, liability limited after sale
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Landlord Payment of Rent of the Payment of Rent
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If the rental agreement does not specify when rent is due, the rent shall be due at the beginning of the rental period
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Security deposit/prepaid rent
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Must be completed in 30 day accounting period showing itemized deductions or tenant may recover amount equal to 3 times amount withheld
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Escrow Account
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Hold and protect third party money
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Maintenance of Premises
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Housing codes/habitable, essential services-water, heat, common areas, major facilities
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Tenant Remedies for Landlord's Non Compliance
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When landlords do not keep properties habitable tenants may constructively evict themselves after 14 days written notice
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Prohibited Retaliation
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Over increased rent or limits essential services or ejects due to tenant complaining
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Entry/Quiet Enjoyment
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Anytime for emergency, 8 am - 6pm for scheduled maintenance
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Tenant Obligations
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Must comply with all housing codes affecting health and safety, keep the dwelling unit reasonably safe and clean
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Landlord Remedies for Tenant's Non Compliance
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-Tenant must remedy breach of lease within 14 days or legal action can be taken if rent is not paid within 5 days landlord can evict
- For holdover tenancy landlord may recover 3x's rent of 2x's damages |
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Actual Eviction-Ejectment
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Court action to remove tenant-evictions
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Constructive Eviction
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Tenant moves out due to conditions of property 14 days after written notice
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Abandonment
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15 day's absences after default of rent, abandonment does not terminate the lease, hold personal property up to $500.00 value
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Disclosure
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The tenant must be advised in writing on or before the commencement of the lease- the name and address of the owner of the property, or the name and address of the owner's agent
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Capitalization Rate
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Rate of return received on investment based on Net Income...............thus the Lower rate of return=Higher Value
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Capitalization Rate Example
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A property generates annual net operating income of $6,600, at a cap rate of 12% the property value is $55,000 ($6,600/12% = $55,000) and/or paid $55,000 for a property anticipates making $6,600 in NOI your cap rate would be 12% ($6,600/$55,000 = .12 OR 12%
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Net Operating Income
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Income left after subtracting operating expenses
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Gross Potential Income
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100% Occupancy at market rates
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Cash Flow
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Net Spendable NOI minus debt service
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Condominiums
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Individual ownership within, undivided outside, separately assessed and taxed
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Cooperatives-proprietary Lease
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Personal property, owns stock or shares in corporation who owns property, fulfill corporate aims
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Planned Unit Development
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Usually lower priced with minimum maintenance cost, higher density, and open spaces
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Commercial Property
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Marketing- advertising by signs, brochures, ads, direct mailings, public relations, referrals, rental center.
Qualifying Tenant- spatial requirements budget Manager Maintains budget, expenses and income and maintain common elements |
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Industrial Property
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Assess the prospect's space, transportation and labor needs
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Vacation Time Share
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Sharing Ownership Plan- Purchaser receives an ownership interest in real property and the right to use accommodations for a period of time during a given year, not necessarily consectutive years, which extends for a period of more than one year. Initial fee of $10.00 per each seven day use availability, but not exceeding a maximum initial filing fee of $500.000 must accompany and application for registration a vacation time sharing plan contract may be cancelled within 5 days after date contract is signed
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Escalation Lease
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Provides for specific increases at a specific time
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Gross Lease
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Residential, Lessee pays fixed rent
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Net Lease
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Commercial Industrial, Lessee Pays rent, utilities, taxes, and assessments
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Net Net Lease
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Industrial, Lessee Pays rent, utilities, taxes, and assessments plus insurance
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Net Net Net Lease
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Industrial, Lessee pays rent, utilities, taxes, assessments, insurance plus maintenance
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Percentage Lease
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Retail, Lessee pays basic rent plus % of gross sales, may pay some or all property costs
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Ground Lease
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Tenant pays rent for the land only and any improvements made on the property will revert to the landlord upon termination of the lease
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Estate for Years
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Definite beginning and a definite end date
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Tenancy at Will
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Indefinite period of time which exists as long as both parties agree beyond the original lease tenancy at will is the only tenancy that is broken by death
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Tenancy at Sufferance
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Tenant obtains possession of the premises legally but remains on the property after the expiration without consent of the landlord, this is the weakest tenancy in SC
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Proper Notice
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Residential tenants can be approached 90 days before the lease expires, commercial and industrial six months to one year before expiration date
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Purchasing insurance is one way to
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Transfer risk
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