SC Property Management Exam Question
and Answer A+ Verified 100% Correct
Questions and Answers
• Making illegal conspiracies to minimize competition -✓✓Anti-Trust Laws
• Designation for groups covered by federal and state civil rights legislation: Race,
Color, religion, disability, sex, national origin, familial status -✓✓Protected Class
• Denying or restricting loans to certain groups -✓✓Redlining
• Illegal practice of channeling home seekers to specific areas, thereby limiting
their choices of where to live. -✓✓Steering
• Illegal practice of inducing homeowners to sell their properties by telling them
that a certain people of a certain race, national origin or religion are moving into
the area -✓✓Blockbusting
• Money or property given to make up any difference in value or equity between
two properties in an exchange. -✓✓Boot
• a profit from the sale of property or of an investment. -✓✓Capital Gain
• An Act that (among other things) prohibits racial discrimination in the sale and
rental of housing -✓✓Civil Rights Act of 1866
• A transaction in which all or part is the transfer of like-kind property. -
✓✓Exchange
• Prohibits discrimination in housing based on race, color, religion, sex, handicap,
familial status and national origin. -✓✓Fair Housing Act of 1968 (with
amendments)
• Colorless, odorless gas that tends to affect a property's basement, ground floor
and sometimes first floor. Carcinogenic. -✓✓Radon
, • Allows investors to defer capital gains taxes on th exchange of like-kind
properties. 45 days from sale to identify property; 180 days to close on that
property. -✓✓1031 Like-Kind Exchange
• The amount realized when property held for investment is sold. -✓✓Capital
Gains
• A person who has been appointed by the court to settle an estate of a person who
dies without a will -✓✓Administrator
• A relationship in which the agent is given the authority to act on behalf of another
person -✓✓Agency
• A provision of Federal Law whereby a debtor surrenders his assets to the
Bankruptcy Court and is relieved of the future obligation to repay his unsecured
debts. A Trustee sells the assets to pay as much of the debt as possible. -
✓✓Bankruptcy
• Any person who accepts a fee for the negotiation of sale, lease/rental,
management, consultant or auctioning of real estate -✓✓Broker
• Added responsibility of all licensees' real estate activities, escrow and trust
accounts -✓✓Broker in Charge
• A person with whom a licensee has established an agency relationship -✓✓Client
• Illegal act of placing client funds with personal funds -✓✓Commingling
• A person with whom a licensee
has not established an agency relationship -✓✓Customer
• A person named in a will to carry out its term and administer the estate -
✓✓Executor
• A claim or charge against a property that must be removed to achieve clear title -
✓✓Lien
and Answer A+ Verified 100% Correct
Questions and Answers
• Making illegal conspiracies to minimize competition -✓✓Anti-Trust Laws
• Designation for groups covered by federal and state civil rights legislation: Race,
Color, religion, disability, sex, national origin, familial status -✓✓Protected Class
• Denying or restricting loans to certain groups -✓✓Redlining
• Illegal practice of channeling home seekers to specific areas, thereby limiting
their choices of where to live. -✓✓Steering
• Illegal practice of inducing homeowners to sell their properties by telling them
that a certain people of a certain race, national origin or religion are moving into
the area -✓✓Blockbusting
• Money or property given to make up any difference in value or equity between
two properties in an exchange. -✓✓Boot
• a profit from the sale of property or of an investment. -✓✓Capital Gain
• An Act that (among other things) prohibits racial discrimination in the sale and
rental of housing -✓✓Civil Rights Act of 1866
• A transaction in which all or part is the transfer of like-kind property. -
✓✓Exchange
• Prohibits discrimination in housing based on race, color, religion, sex, handicap,
familial status and national origin. -✓✓Fair Housing Act of 1968 (with
amendments)
• Colorless, odorless gas that tends to affect a property's basement, ground floor
and sometimes first floor. Carcinogenic. -✓✓Radon
, • Allows investors to defer capital gains taxes on th exchange of like-kind
properties. 45 days from sale to identify property; 180 days to close on that
property. -✓✓1031 Like-Kind Exchange
• The amount realized when property held for investment is sold. -✓✓Capital
Gains
• A person who has been appointed by the court to settle an estate of a person who
dies without a will -✓✓Administrator
• A relationship in which the agent is given the authority to act on behalf of another
person -✓✓Agency
• A provision of Federal Law whereby a debtor surrenders his assets to the
Bankruptcy Court and is relieved of the future obligation to repay his unsecured
debts. A Trustee sells the assets to pay as much of the debt as possible. -
✓✓Bankruptcy
• Any person who accepts a fee for the negotiation of sale, lease/rental,
management, consultant or auctioning of real estate -✓✓Broker
• Added responsibility of all licensees' real estate activities, escrow and trust
accounts -✓✓Broker in Charge
• A person with whom a licensee has established an agency relationship -✓✓Client
• Illegal act of placing client funds with personal funds -✓✓Commingling
• A person with whom a licensee
has not established an agency relationship -✓✓Customer
• A person named in a will to carry out its term and administer the estate -
✓✓Executor
• A claim or charge against a property that must be removed to achieve clear title -
✓✓Lien
