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Questions and Answers
What does the term 'abandonment' refer to in property management?
What does the term 'abandonment' refer to in property management?
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What is accumulated depreciation?
What is accumulated depreciation?
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What is the primary legislation covered by the acronym ADA?
What is the primary legislation covered by the acronym ADA?
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What does amortization refer to in property management?
What does amortization refer to in property management?
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Which statement accurately describes affordable housing?
Which statement accurately describes affordable housing?
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What role do agents play in property management?
What role do agents play in property management?
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What differentiates an apartment from a condominium?
What differentiates an apartment from a condominium?
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What is the main difference between brokers and agents in real estate?
What is the main difference between brokers and agents in real estate?
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What is the primary purpose of a Long-Term Rental agreement?
What is the primary purpose of a Long-Term Rental agreement?
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What does Net Operating Income (NOI) provide information about?
What does Net Operating Income (NOI) provide information about?
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Which of the following is covered by Rent Guarantee Insurance for landlords?
Which of the following is covered by Rent Guarantee Insurance for landlords?
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What is the purpose of tenant screening?
What is the purpose of tenant screening?
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What does equity in real estate refer to?
What does equity in real estate refer to?
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What is the main function of a Property Manager?
What is the main function of a Property Manager?
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What is the primary purpose of comparables in real estate valuation?
What is the primary purpose of comparables in real estate valuation?
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What is a key characteristic of a Property Management Agreement?
What is a key characteristic of a Property Management Agreement?
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What is curb appeal?
What is curb appeal?
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Which property type is classified as a Single-Family House (SFH)?
Which property type is classified as a Single-Family House (SFH)?
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Which of the following best describes a lease option?
Which of the following best describes a lease option?
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What does a Profit and Loss Statement typically include?
What does a Profit and Loss Statement typically include?
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What do homeowners associations (HOAs) primarily focus on?
What do homeowners associations (HOAs) primarily focus on?
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What is the primary goal of Rental Property Advertising?
What is the primary goal of Rental Property Advertising?
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What does depreciation in real estate refer to?
What does depreciation in real estate refer to?
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What is the intent of a Rent to Own agreement?
What is the intent of a Rent to Own agreement?
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Which of the following accurately describes landlord insurance?
Which of the following accurately describes landlord insurance?
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Which of the following best defines Subletting?
Which of the following best defines Subletting?
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What is the significance of a Security Deposit?
What is the significance of a Security Deposit?
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What does an eviction notice signify?
What does an eviction notice signify?
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What is the role of an escrow account in real estate transactions?
What is the role of an escrow account in real estate transactions?
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What does the term 'Proration' refer to in real estate?
What does the term 'Proration' refer to in real estate?
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Which statement is true about the Fair Housing Act?
Which statement is true about the Fair Housing Act?
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What defines a duplex?
What defines a duplex?
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What is the main objective of Housing and Urban Development (HUD)?
What is the main objective of Housing and Urban Development (HUD)?
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What does a flat fee in property management typically refer to?
What does a flat fee in property management typically refer to?
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Which of the following statements describes conventional housing?
Which of the following statements describes conventional housing?
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What is meant by 'tenancy at suffrage'?
What is meant by 'tenancy at suffrage'?
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What does a three-day notice typically require from a tenant?
What does a three-day notice typically require from a tenant?
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Which of the following best describes a townhouse?
Which of the following best describes a townhouse?
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What are utilities in the context of residential living?
What are utilities in the context of residential living?
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What does the vacancy rate indicate?
What does the vacancy rate indicate?
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What is the purpose of a walk-through inspection?
What is the purpose of a walk-through inspection?
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What is a writ of restitution?
What is a writ of restitution?
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What is typically the duration of a vacation rental lease?
What is typically the duration of a vacation rental lease?
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Study Notes
Industry Terminology
- Abandonment: Relinquishment of a property, often a housing unit or land.
- Accumulated Depreciation: Total dollar amount of asset depreciation since acquisition.
- ADA (Americans with Disabilities Act): Prohibits discrimination against individuals with disabilities federally.
- Amortization: Repayment of a loan principal over time; adjusts payments between principal and interest.
- Annual Depreciation: Depreciation value of an asset for the most recent fiscal year.
- Affordable Housing: Housing regulated by agencies to assist individuals meeting specific criteria.
- Agent: Individuals authorized to act on behalf of another in real estate transactions.
- Amenities: Features that enhance a property's value and attractiveness.
- Apartment: A rented residential unit within a larger building, distinct from condominiums.
- Broker: Licensed real estate professional earning a commission on property transactions.
- CAP Rate (Capitalization Rate): Indicates expected return on real estate investments.
- Comparables (Comps): Valuation technique using similar property sale prices to assess value.
- Condominium: Multiple-unit buildings owned individually, with shared common areas.
- Conventional Housing: Housing that meets local market rate standards.
- Co-Signer: Individual who provides additional security for a tenant's lease or mortgage.
- Curb Appeal: Attractiveness of a property as viewed from the street.
- Depreciation: Asset value reduction due to wear, loss of functionality, or economic factors.
- Duplex: A building designed for two households, either side-by-side or on separate floors.
- Equal Housing Opportunity: Ensures non-discriminatory access to housing for all individuals.
- Equity: Difference between property market value and mortgage balance; the owner's potential profit.
- Escrow Account: Holds funds for real estate transactions until completion or cancellation.
- Ethics/Professionalism: Moral standards guiding professional decisions and conduct.
- Eviction: Legal process for removing individuals from a property due to lease violations or unpaid rent.
- Eviction Notice: Legal notice to inform a tenant of an impending eviction lawsuit.
- Fair Housing Act: Federal law prohibiting housing discrimination based on protected classes.
- Fair Market Value (FMV): Agreed price between buyers and sellers based on market conditions.
- Fixed Expense: Costs that remain constant regardless of rental income, like property taxes.
- Flat Fee: Fixed monthly or yearly charge for property management services.
- Homeowners Association (HOA): Group enforcing community guidelines in condo complexes or subdivisions.
- Housing Assistance Payments Contracts (HAP): Contracts allowing landlords to receive assistance for low-income renters.
- Housing and Urban Development (HUD): U.S. government department focused on affordable housing.
- HVAC: Heating, ventilation, and air conditioning systems in homes for comfort.
- Income Levels: Statistics provided by governments to inform decisions on housing and tax credits.
- Interest: Percentage paid on a loan, often linked to mortgage interest rates.
- Investment Property: Properties bought to generate profit, typically through rental.
- Landlord: Property owner who receives rent from tenants.
- Landlord Insurance: Protects landlords from financial losses related to their rental properties.
- Landlord-Tenant Law: Legal guidelines outlining the rights and responsibilities of landlords and tenants.
- Lead-Based Paint Disclosures: Regulation informing residents about lead paint in properties.
- Lease: Contract detailing terms agreed upon by landlord and tenant.
- Lease Option: Agreement allowing tenants to purchase property during or after the lease.
- Lease Renewal: Agreement between landlord and tenant to extend the lease period.
- Lease Term: Duration of tenancy specified in the lease.
- Long-Term Rental: Lease term exceeding one year.
- Low-Income Tax Credit Properties: Properties offering tax credits to landlords for renting to qualifying tenants.
- Maintenance: Activities performed to keep a property in good condition.
- Market Rate: Price determination based on seller's expectations and buyer's willingness to pay.
- Mortgage: Debt instrument obligating repayment according to agreed terms.
- Net Operating Income (NOI): Revenue from property after deducting operating expenses.
- Operating Budget: Financial prediction balancing income and annual expenses.
- Percentage Fee: Property management fee based on a percentage of the gross income.
- Persons with Disabilities Act: Ensures equal housing opportunities for individuals with disabilities.
- Pet Screening: Evaluation of tenant's pet prior to allowing them in a rental.
- Pre-Qualification: Initial loan assessment establishing maximum loan access.
- Property: Real estate asset consisting of land and any permanent structures.
- Property Inspection: Visual assessment of a property, conducted by a qualified professional.
- Property Management Agreement: Details services and responsibilities between landlord and management company.
- Property Manager: Individual managing real estate properties on behalf of owners.
- Property Showing: Tour of a property for prospective tenants.
- Property Taxes: Taxes paid by property owners based on property value.
- Profit and Loss Statement: Annual report detailing rental income and expenses before tax.
- Proration: Division of expenses proportionally between parties.
- Real Estate: Land and any attached permanent structures.
- Rent Guarantee Insurance: Protects landlords against loss from unpaid rent due to tenant issues.
- Rent Collection: Process of gathering rent as per lease terms.
- Rent Roll: Document tracking tenant details and payments.
- Rent to Own: Agreement allowing tenants to purchase the property they rent.
- Rental Discount: Price reduction for tenants under certain conditions.
- Renter's Insurance: Covers renters' personal belongings and liabilities.
- Rental Property: Property occupied by tenants for rent, recognized by the IRS.
- Rental Property Advertising: Marketing efforts to fill rental vacancies.
- Rental Rate: Agreed amount of rent paid as per lease.
- Repairs: Actions taken to fix or maintain property features.
- Return on Investment (ROI): Profit metric expressed as a percentage of investment cost.
- Sales Agent/Salesperson: Licensed individual conducting real estate transactions.
- Section 8: Government program enabling landlords to rent to low-income tenants at market rates.
- Security Deposit: Funds collected from tenants to cover potential damage.
- Single-Family House (SFH): Home designed for one family.
- Subletting: Tenant renting part or all of a property to another tenant.
- Subsidy/Subsidized: Financial aid provided by the government to help access housing.
- Tenant: Individual renting a property under agreed terms.
- Tenant Application: Application form filled by potential renters.
- Tenant Damages: Damage beyond normal wear and tear occurring during a lease.
- Tenant Screening: Process to assess tenant suitability through checks and interviews.
- Tenancy at Suffrage: Arrangement allowing a tenant to live on a property without a lease under the owner's permission.
- Three-Day Notice: Notification demanding rent payment or property vacate within three days.
- Townhouse: Multi-story homes sharing walls with neighboring houses.
- Utilities: Essential services provided to residents, such as water and electricity.
- Vacancy Rate: Ratio of vacant rental units to total units.
- Vacation Rental: Furnished properties rented short-term, typically for tourists.
- Walk-Through Inspection: Assessment conducted during tenant move-in and move-out to identify issues.
- Writ of Restitution: Court order enabling forced eviction of a tenant post-grace period.
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Description
Test your knowledge of key terms in property management with this quiz. Whether you're new or experienced, understanding these terms is essential for effective communication in the industry. Enhance your professional skills and reputation by mastering this vocabulary.
