Property Management Exam (63 Questions And Answers) Great Solutions..

Gross Potential Rental Income {Ans: The maximum amount of income that a property can generate from all sources.}Statute of Frauds {Ans: Refers to the requirement that certain types of contracts be in writing in order to be enforced. Real estate contracts and contracts which extend for more than one year typically fall under the Statute of Frauds. This could include a property management agreement.}Pass-Through Income, Expense Reimbursements or Recoveries {Ans: Ways tenants can also be billed for some or all of the property's operating expenses, real estate taxes and insurance.}Sublease and Assignment Conditions {Ans: If the tenant can sublease the premises or assign the lease.}Market Analysis {Ans: Regional and neighborhood evaluation focusing on: 1. Demographic conditions 2. Geographic features 3. Governmental perspective 4. Existing real estate supply 5. Future developments 6. Tenant demand}Casualty Provision {Ans: What happens if the property is damaged or destroyed during the lease term?}