Term
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Definition
| The federal Fair Housing at recognizes protected classes rendering it illegal to discriminate in the sale or rental. Those protected classes are Race, Color, Religion, National Origin ,Sex, Familial Status, or Handicap. |
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| SC Human Affairs Comission |
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Definition
| Enforce the State Fair Housing Laws. |
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Term
| Complaints filed with the federal level of HUD |
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Definition
| Must be filed within one year of the discriminatory vent and up to two years to file action in court. |
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Term
| Complaints filed at the state level SCHAC |
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Definition
| must be files within six months of the discriminatory event and up to one year to file action in court. |
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Term
| ALJ disriminaiton occured to for the Fedral Government a civil penalty for Real Estate Estate Companies are? |
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Definition
| 10,000 for a first violation, 25,000 for a second violation within five years, and 50,000 for a third ciolation within seven years. |
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Term
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Definition
| For businesses that have 15 or more employees. |
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Term
| Penalties for violating the ADA |
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Definition
| The department of Justice may also obtain civil penalties of up to $55,000 for the first violation and $110,000 fir any subsequent violation. |
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Term
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Definition
| Lead paint was outlawed in 1977. |
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Term
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Definition
| You must provide every tenant with the EPA booklet if the property was built prior to 1977. Minimum 10,000 fine. Disclosure forms must be a minimum of 3 years. |
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Term
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Definition
| the lease, sublease, or other rental of residential property for a period of fewer than 90 days, except that it does not include rental of residential property on a weekly or monthly basis. |
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Term
| Vacation Rental Agreement |
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Definition
| A written agreement between an owner or the owners rental management copay and a tenant, in which the tenant rents residential property belonging to the owner for a vacation rental. |
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Term
| Transfer of title for a residential property subject to a vacation rental agreement |
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Definition
| The grantee of the residential property subject to a vacation rental shall take title subject to the vacation rental agreement and the vacation rental management agreement for all vacation rental periods that begin no later than 90 days after the day the grantee's interest is recorded in the office of the register of deeds. |
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Term
| Equal Credit Opportunity Act |
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Definition
| federal law which prohibits creditors from certain forms of discrimination. Also a creditor is to notify you within 30 days after you completed your credit application whether your application has been approved or denied. |
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Term
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Definition
| Air conditioning systems knows by now, it became illegal last July to vent Chlorofluorocarbons into the atmosphere during service, maintenance, or disposal. |
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Term
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Definition
| South Carolina requires at least one operating smoke detector on each level of all residential properties. |
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Term
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Definition
| Brutal 1994 rape and murder of 7 yr old Megan Kanka by a previously registered sex offender that was handled by the Local Sheriffs Department. |
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Term
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Definition
| Commissions are always negotiable.A set commission is considered price fixing which is a violation of the Federal Anti-Trust Laws (Sherman and Clayton Acts). Other Violations of Antitrust laws include allocation of markets, allocation of customers, bid rigging, and tie in agreements. |
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Term
Special Agent
General Agent
Principal
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Definition
Property manager in charge or Broker in charge hired to represent the owner.
Licensee licensed under the Property Manager in Charge or Broker in charge, also referred to as sub-agents.
the property owner identified in the management agreement.
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Term
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Definition
| The financial and operation strategy for the ongoing management of a property. |
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Term
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Definition
| Should provide information such as population, employment opportunities, income potential, as well as any future plans known for the area. |
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Term
| Neighborhood Market Analysis |
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Definition
| include all pertinent information pertaining to the rentals in the subject neighborhood. Such as Land usage, supply and demand, as well as amenities and facilities. |
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Term
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Definition
| The final result of the regional and neighborhood market analysis. |
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Term
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Definition
| property managers can determine a more realistic picture of a properties income potential by forecasting the income and expenses five years out. Maximizing Returns |
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Term
| Cash Flow or Net Operating Income |
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Definition
| the monies left over after collecting all rents and paying bills. |
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Term
| Ownership and management transfers |
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Definition
| in the event ownership of the property or transfer of management duties and responsibilities should occur, all parties must agree in the management agreement on how to transfer will take place. |
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Term
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Definition
Use/Possession- possession only for owners use.
Control-allows for the owner to use the property in any manner he/she deems, so long as the use does not conflict with other zoning or municipality lawes.
Disposition- the key to providing the proper stewardship of the land.Allows the owner to sell,lease,assign, or sublet.
Quiet Enjoyment-the seller of real estate is obligated to protect the purchaser against lawful claims of ownership by others. |
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Term
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Definition
Estate for Years or Estate for Term-expiration date in lease.
Periodic Tenancy-also referred to as period to period. This tenancy continues as long as the tenant pays rent and the lessor accept the rent. ex. month to month
By the lessor accepting the rent it automatically extends the agreement for another period.
Tenancy at will- has no expiration date, as long as the the landlord is willing to accept the rent and the tenant is willing to pay.
Tenancy by Sufferance- Exists when the lessee remains in the property after the expiration of the lease without landlords consent. |
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Term
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Definition
Graduated Lease- allows for automatic increase or decrease in rent.
Percentage Lease- Used in commercial retail establishements. Common in Malls
Net Lease- requires a tenant to pay part or all of the operational and maintenance cost of the property.
Gross Lease-requires the landlord to pay all operating expenses. ex.Tenant only pays rent
Index Lease- ensures rent are reflective of market conditions. provides rent increases or decreases which is based on some index. |
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Term
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Definition
| to remove a person from occupation of a property by a legal action. |
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Term
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Definition
| The physical ouster of a tenant from the leased premises; the tenant is relieved of any further duty to pay rent. |
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Term
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Definition
| Actions of a landlord or third party which interfere with a tenants use and enjoyment of the rented premises to such an extent that the tenant is at law considered to have bee improperly forced out o the premises. |
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Term
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Definition
| Most commonly, a court action to recover real property, usually by eviction of a tenant. |
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Term
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Definition
| Requires all leases in excess of one year must be in writing to be enforceable by law and in court. |
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Term
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Definition
| Conveyance by lease agreement. (bundle of legal rights) |
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Term
| Jurisdiction and service of Process |
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Definition
| The circuit courts and magistrate courts of this state shall exercise concurrent jurisdiction over any landlord with respect to any conduct in this state governed by this chapter or with respect to any claim arising from a transaction subject to this chapter. |
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Term
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Definition
| a scheduled of planned maintenance actions aimed at the prevention of breakdowns and failures. |
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Term
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Definition
| a form of system maintenance which is performed after a fault or problem emerges in system. Must fix or repair when necessary. |
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Term
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Definition
| Regular Inspections to avoid and issues. |
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Term
| New Construction Maintenance |
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Definition
| Purchasing New equipment to have lessor problems |
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Term
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Definition
| finding ways to cut future cost |
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Term
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Definition
| Finding ways to cut cost now |
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Term
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Definition
| ensure ongoing, cost-efficient maintenance programs. |
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Term
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Definition
| financial statement that shows how changes in balance sheet accounts and income affects cash and cash equivalents , and breaks the analysis down to operating, investing, and financing activities. |
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Term
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Definition
| a rate of return on a real estate investment property based on the expected income that the property will generate. |
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Term
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Definition
| not taking on jobs that prevent risk |
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Term
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Definition
| considering certain risk and costs associated and budget accordingly. |
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Term
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Definition
| Developing plans and policies that promote safety and welfare for employees. |
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Term
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Definition
| some risks can be transferred by purchasing insurance. |
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Term
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Definition
| the most important element concerning real estate. Office location must be visible and accessible to the public. |
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Term
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Definition
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Term
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Definition
| Agents compensation for the performance of the duties of the agency. |
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Term
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Definition
| using the publics monies for some purpose other than what It is was intended tone use for. Conversion is illegal |
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Term
| "Fair Market,Rental Value" |
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Definition
| the actual periodic rental payment for comparable rental property to which a willing landlord and a willing tenant would agree. |
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Term
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Definition
| sanitary plumbing or sewer services, electricity, gas, hot water, cooking, and running water. Air conditioning is not an essential service its a luxury. |
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Term
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Definition
| A landlord or his agent can enter your home between the hours of 9am-6pm for the purpose of providing regularly scheduled periodic services. Between the hours of 8am-8pm they may enter for the purpose of proving services requested by tenant. |
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Term
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Definition
| The unexplained absence of a tenant for a period 15 DAYS. |
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Term
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Definition
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Term
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Definition
| use trust funds for a purpose other than the purpose for which they are held. |
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Term
| SC Horizontal Property Act |
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Definition
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Term
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Definition
adopted new underwriting guidelines which will make financing more difficult to obtain for purchasing condominiums.
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Term
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Definition
| provides for one to receive shares in a non-profit corporation which allows for the owner of those shares to occupy and own one of the apartments. |
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Term
| PLANNED UNIT DEVELOPMENTS (PUD) |
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Definition
| a special type of subdivision that doesn't have to comply with all standard zoning and subdivision regulations. |
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Term
| The first step in qualifying the tenant is to determine the? |
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Definition
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Term
| Security Deposits must be deposited within how many hours of receipt? |
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Definition
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Term
| Graduated/Escalation lease |
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Definition
| clause which provides for an incremental increase in rent over time. |
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Term
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Definition
| Lease arrangement in which a lessors ownership is brought by investors who then share income from the leased asset in proportion to their investment. |
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