SC Property Management Exam Question
and Answer 2026 Grade A+ 100% Correct
Questions and Answers
• 4 Steps of Business Cycle -✓✓1. Expansion
2. Recession
3. Contraction
4. Revival
• assignment -✓✓Transfer of tenant's rental rights to a 3rd party
• Dun & Bradstreet Inc. -✓✓Credit reporting agency reporting businesses ratings
• cooperative -✓✓Multi-Family residential building where title is held by each
occupant who possess the right to occupy a certain unit.
• expansion -✓✓Phase of business cycle where production increases
• Formaldehyde -✓✓Colorless, organic chemical with a strong odor that can
contribute to "Sick Building Syndrome"
• Key Tenant -✓✓Major department store in shopping center.
• market analysis -✓✓Regional & neighborhood economic study to determine
market trends.
• What are the protected classes? -✓✓Race, Color, National Origin, Religion,
Familial Status, Sex, Handicap
• Who protects the protected classes through legislation? -✓✓HUD
• Revival -✓✓lowest part of the business cycle (Nadir)
• Section 8 -✓✓Federal subsidized housing program administered by HUD. Tenant
pays 30% of adjusted monthly income and HUD pays the difference.
, • Section 202 -✓✓Federal subsidized housing program that provides capital for
new construction on low-income or rehab properties for the elderly.
• Office Property -✓✓Income-producing property where services are rendered.
• Net lease (net-net) -✓✓Tenant pays rent + taxes, assessments and insurance
• Leasing Agent -✓✓sales people skilled in marketing, communicating, and
closing sales of themselves and properties
• Statute of Frauds -✓✓state law that requires certain instructions to be in writing
before legally enforceable.
• principal -✓✓either an individual who designates another as their agent or the
original amount of a loan
• Management Plan -✓✓Financial & operational strategy for management of a
property. Based on Market & Property Analyses and Owner's Goals
• Insurable Interest -✓✓insurance term for an ECONOMIC INTEREST that has
suffered a loss
• index lease -✓✓A lease containing an escalation clause that is tied to a certain
index.
• equity -✓✓an owners "interest" in a property over any liens
• Condominium -✓✓Multi-unit building where occupants own their unit and share
common areas
• Comparables -✓✓Properties similar to your own in the Market
• Commercial Property -✓✓Income-producing property; public accomodation
• Cash Flow -✓✓Net operating income -
Debt service -
Operating expense
and Answer 2026 Grade A+ 100% Correct
Questions and Answers
• 4 Steps of Business Cycle -✓✓1. Expansion
2. Recession
3. Contraction
4. Revival
• assignment -✓✓Transfer of tenant's rental rights to a 3rd party
• Dun & Bradstreet Inc. -✓✓Credit reporting agency reporting businesses ratings
• cooperative -✓✓Multi-Family residential building where title is held by each
occupant who possess the right to occupy a certain unit.
• expansion -✓✓Phase of business cycle where production increases
• Formaldehyde -✓✓Colorless, organic chemical with a strong odor that can
contribute to "Sick Building Syndrome"
• Key Tenant -✓✓Major department store in shopping center.
• market analysis -✓✓Regional & neighborhood economic study to determine
market trends.
• What are the protected classes? -✓✓Race, Color, National Origin, Religion,
Familial Status, Sex, Handicap
• Who protects the protected classes through legislation? -✓✓HUD
• Revival -✓✓lowest part of the business cycle (Nadir)
• Section 8 -✓✓Federal subsidized housing program administered by HUD. Tenant
pays 30% of adjusted monthly income and HUD pays the difference.
, • Section 202 -✓✓Federal subsidized housing program that provides capital for
new construction on low-income or rehab properties for the elderly.
• Office Property -✓✓Income-producing property where services are rendered.
• Net lease (net-net) -✓✓Tenant pays rent + taxes, assessments and insurance
• Leasing Agent -✓✓sales people skilled in marketing, communicating, and
closing sales of themselves and properties
• Statute of Frauds -✓✓state law that requires certain instructions to be in writing
before legally enforceable.
• principal -✓✓either an individual who designates another as their agent or the
original amount of a loan
• Management Plan -✓✓Financial & operational strategy for management of a
property. Based on Market & Property Analyses and Owner's Goals
• Insurable Interest -✓✓insurance term for an ECONOMIC INTEREST that has
suffered a loss
• index lease -✓✓A lease containing an escalation clause that is tied to a certain
index.
• equity -✓✓an owners "interest" in a property over any liens
• Condominium -✓✓Multi-unit building where occupants own their unit and share
common areas
• Comparables -✓✓Properties similar to your own in the Market
• Commercial Property -✓✓Income-producing property; public accomodation
• Cash Flow -✓✓Net operating income -
Debt service -
Operating expense
