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by: Jeffery Rohan


Jeffery Rohan
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This 27 page Class Notes was uploaded by Jeffery Rohan on Saturday September 12, 2015. The Class Notes belongs to HACE 4320 at University of Georgia taught by Skobba in Fall. Since its upload, it has received 74 views. For similar materials see /class/202279/hace-4320-university-of-georgia in Housing And Consumer Economics at University of Georgia.

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Date Created: 09/12/15
HACE 4320 Final Guide Reading 41 Federal and State Laws and Court Systems o The Lawquot sets out all legal rules in one place o Laws AKA Statues Used to carry out legislation 0 References to court cases 0 Published court opinions 0 Agency Rules o Three levels of government each as its own set of laws 0 Local citiescounties 0 State 0 Federal Laws can at times conflict and answers are not always clear o Federal Law each makes its own it s own rules 0 Executive Rules created by federal agencies are usually called regulations 0 Legislative Legislative acts or laws passed by Congressed are called statues 0 Judicial Rules are written decisions in particular court cases o The US Constitution is the highest controlling law o Conflicting Laws order of power i Highest vi Lowest 39 The Constitution i Court Decisions Interpreting the Constitution iii Statues laws passed by Congress or state legislatures iv Court decisions interpreting statues v Agency regulations based on statues vi Court decisions interpreting agency regulations 0 Federal laws can trump all local governments Federal laws cannot be changed or overridden by local and state law The courts job is to say what the Constitution means ie If Congress passes a law that violates the Constitution a federal court can strike down the law in a court decision a Reason Under order of power 2 is higher than 3 Powerpoint Laws Vs Ethics o What is a law 0 Sets out all legal rules in one place o Sources of laws 0 Constitution statutory law Basic laws of the US and states Public laws statutes Federal state 0 Regulatory Federal state local governments Administrative laws 0 Court systems case law o Property management Laws Leases 0 Contracts 0 Property laws 0 Federal and state fair housing laws 0 Real estate brokerage regulations 0 City codes 0 Zoning 0 Consumer protection laws 0 Ethics Take away We understand that our systems have a chain of command Every entity as to account for every decision that is made because it will have a domino effect to the end Questions Why are these laws important If we did not have these laws how would our system function o What are ethics 0 A system OR code of professional behavior 0 Moral principles or rules of conduct that refer to fidelity integrity competency 0 Ethics go beyond the law reflect social and cultural concerns Honesty and integrity as important as skills knowledge experience Golden Rule Include in written office policies o What is the difference between ethics and laws 0 Just because something is legal law does not make it ethical Again legal law is use to rule in one place whereas ethics are behavioral traits ig httpwwwbusinessweekcomprinterarticles294056 ifitslegalitsethicalrighttypeoldarticle Laws legal Characteristics a Can change over time but offer consistency when in place a Universal 0 n Published a Accepted n Enforced Ethics Characteristics n Wrong vs right doing the right thing a Extended consequences a Multiple alternatives a Mixed outcomes n Uncertain consequences a Personal implications Chapter 1 Professional Property Management PM o Primary functions of manager 0 Achieve objectives of owner 0 Generate income for owner 0 Preserve or increase value of investment property o Current Challenges 0 Must posses communication skills and technical expertise required for dynamic decision making Versatility a PM must act as a market analyst advertising executive salesperson accountant diplomat maintenance engineer n Must acquire interpersonal skills to work with prospects tenants employees etc Types of Property o Classification of Real Property 0 0 Real property The surface of a parcel of land the owner s rights to the air above the surface and the soil and minerals beneath the surface as well as anything permanently attached to this land either by nature or human hands ie Minerals and Agricultural crops are considered to be real estate Improvements Manmade permanent attachments on real property o Residential Property 0 Privately owed residences as well as government and institutional housing that provides shelter Largest source of demand for the services of professional property managers SingleFamily Homes n Freestanding MOST POPULAR form of housing in the US 60 n 10 are used as rental properties a Shifting towards fee management Manufactured Home Parks n Their value comes from the desirability of the community a Many of these homes have been designated as senior living o Low acquisition cost and maintenance Residential Real Eslale Muliiiamil rlmenisv condominiums SingleFamily apa Homes cooperatives planned unit developments Freestanding Town up Hignrise Homes Buildings Walk Garden Homes Buildings Developments Multi family Residences u Increasing construction cost and less availability of land has made condo s town homes and cooperatives more popular a See Chart Above a Units of 2 to 6 are normally owner occupied and managed Facilities for Aging Retirement Homes a People are living beyond what was once considered the retirement age a Housing for the elderly is often exempt from certain laws Lead based paint notification and fair housing laws protecting family an children against discrimination based on familial status 0 Specialized Opportunities in Property Management 0 Concierge services Lobby attendant 0 Asset management services Refers to financial management of a sizable number of investment properties Monitors financial performance Study local markets Supervises and is responsible for a portfolio of properties rather than managing directly an individual property May be called to recommend 1 Whether to invest in real estate and in what localities In what type of real estate to invest such as commercial or residential Which particular property to purchase Appropriate financing methods and sources When and if a particular property is sold or otherwise disposed of Must be knowledgeable about all markets 0 Corporate property managers Create facilities and manage properties for corporations that invest in real estate Downsize cutting staff to reduce cost Outsourcing hired vendors to pick up slack 0 Technology expert 0 Leasing agents o Roles of the Property Manager 0 Works in 1 of 2 capacities For an owner OR independent manager Manager as Economist n a What are the market forces at work o Operating income forecast its potential for the future and construct a management plan that reflects the owners objective Flexibility ability to adapt to changing market conditions Manager as Involved Community Member 1 Should take interest in professional social and political organizations in their municipality n Goals are achieved by PM s taking civic responsibilities to help implement plans for growth and improvement of their community Facilitator of owner s objectives a Maximize income preservation of property value How do property manager s achieve this n The case of slumlords o Operating a dollar for dollar property without putting money back into the property o Refuses to repair things unless absolutely necessary o Growth of Professionalism in Property Management 0 The numerous business failures and real estate foreclosures of this area placed much of the real estate in the mortgage lending institutions trust companies insurance companies associations credit unions and banks Career opportunities Professional organizations Building Owners and Managers Association BOMA International o Members were office building managers with some participation from apartment and loft building managers a Institute of Real Estate Management IREM o Offers not only opportunities for property managers to meet to share ideas but also offers programs to instruct those coming into business National Apartment Association NAA o Created in 1939 sponsors sources for CAM Certified Apartment Managers n MultiFamily Housing Council o Offers extensive training for those involved in managing larger apartment complexes n n o Training path for complete career development a National Association of Residential Property Managers NARPM o Permanent trade organization for property managers who specialize in managing singlefamily dwellings 10 o Have to have real estate license o Agree to abide by NARPM s Code of Ethics an bylaws o Ethics 0 Property managers much obey laws regarding their fiduciary obligations to their clients and customers ethical stands often go beyond the letter of the law and reflect social and cultural concerns Chapter 2 Property management Economics and Planning o The Management Plan 0 Is the financial and operational strategy for the ongoing management of a property 0 Must consider Income operating costs condition of the property and owner s objectives Financial and operational strategies a Regional and neighborhood market analyses b Specific property analysis c Analysis of an owner s objectives 0 Market indicators are occupancy absorption rates and new starts 0 Will include a market analysis an alternative analysis and proposed financing as well as other conclusions and recommendations o Market Analysis 0 Integrates information abut the larger overall region with detailed information about the specific local area where the property is located 0 All real property is part of the national real estate economy and is subject to the same cyclic trends 0 PM is responsible for identifying economic trends and their effect on the value of a specific property Regional a Report should include demographics and economic information on the regional area in which the property is located Population stats and trends Major employers Average incomes and employment data Transportation facilities Supply and demand trends Economic base of city Future economic prospects Neighborhood n Should begin with a tour of the area that should assess Property analysis Boundaries and land usage 0 Rivers lakes railroad tracks parks are often used to define a neighborhood 0 No predetermined size of a neighborhood blocks vs square miles vs acres Local Building codes and regulations 0 What restrictions a neighborhood from growth Parks highways rivers etc Zoning regulations Transportation and utilities Economy Supply and demand Neighborhood amenities and facilities o Familiarizes the manager with the nature and condition of a particular building with its position relative to similar properties in the neighborhood A thorough description of the subject property Data on similar properties in the area Data to be able to estimate the average operating cost of the building What is needed to make the subject property competitive to the best available space a Leases o Will disclose the amount and durability of rental income o High turn over rate may mean poor tenant services or rates are too high 0 Low turn over rate may mean rates are too low a Physicalcondition o Exterior 0 Outward appearance of the structure including age and style 0 Condition of landscape 0 Accessibility o Interior 0 Total amount of usable space 0 Optimum rents depend on the quality of its features and amenities o Equipment 0 Plumbing walls fixtures etc should not be overlooked 0 Can show property age if not kept up to date o Health or safety hazards o Suspected contaminates should be address and carried out with a full inspection by a professional agency o Evaluating comparables 0 Provides insight into the competition of the market 0 Consider Analysis of Owner s Objectives Building Size Rental rates Vacancy Rates Location Construction Age Features Staff 0 Management plan cannot be completed until the manager has identified and analyzed the owners goals Corporate and institutional owners a Two classes Those who own real property as an investment such as REITs Real Estate Investment Trusts and those who own and use real property for their own benefits a Written goals in terms of policiesguidelines n Trusts Maintaining value of the property earning income Government owners a Preserving the value of the property o HUD US Department of Housing and Urban Development a Not seeking high rental income o Mostly low income housing developments a Social service and the maintenance of the property are the main objectives of most government agencies involving housing Individual Owners a Private entrepreneurs n Seek profit or cash flow a May not have a long range plan a May be more interested in collecting rent than preserving the property o Preparation of the Management Plan 0 Financial planning reports Operating budget Fiveyear forecasts Comparative income and expense analysis 0 Information to formulate operating budget To formulate the financial planning reports n n n n n n Optimum rents o Survey other rentals for the optimum rent 0 Le If an apartment building is not convenient to public transportation routes the optimum rental rate may have to be lowered o After looking at advantages and disadvantages the figure will set a base rate Gross annual scheduled rental income o Is determined by multiplying the amount of space by the building by the base rental rate of that type of space Anticipated revenue o Unrealistic to expect 100 occupancy and collections o Anticipate rent loss from vacancies defaults and turnover 0 Gives you gross collectible rent income Income adjusted to reflect anticipated market trends Yearly operating costs o Salaries utilities contract services supplies repairs replacements insurance etc Reserve funds o Placed under expenses typically for repairs and maintenance o Typically 10 to 15 of the total cost of supplies maintenance and repairs a Cash flow o Money available after paying expenses and debt services c Total Adjusted Operating expense Debt Services Anticipated revenue cash flow 0 Operating budget Fiveyear forecast Comparative income and expense analysis Presenting the plan 0 Presenting the plan 0 Owner s alternatives Decide to make repairs etc to increase longterm income or reduce taxes Rely on deferred maintenance to preserve value but not tie up working capital Make no changes at all Chapter 3 Owner Relations o Nature of the Relationship 0 Principalagent relationship most common 0 Employeremployee relationship 0 Directly responsible to ownerinstitution trust o EmployerEmployee Relationship 0 Is directly responsible to the officers of the owneremployer corporation o Trusts 0 A device by which one person or institution transfer legal ownership of property to someone else to hold or mange for the benefit of a third party Written agreements Owner Trustor Recipient Trustee O O O Principalagent relationship most common 0 O O 0 Written contract signed by both parties Agency is the word used to describe the special relationship between the principal the one who hires and the agent the one who does the work Agent is seen as the expert as the principal seeks advice Laws apply to employees and independent contractors Scope of agency authority a General o May act on behalf of the principal as long as it is in their scope of duties a Special o Is only authorized to represent the principal on a specific matter or transaction o Typically does not have the authority to sign for the principal n Both are limited Fiduciary Duties n Duties imposed by common law or statutory law including care obedience accounting loyalty and disclosing n Duty of loyalty o Means that the property manager must always put the property owner s interests first above his or her own interest o Acting without self interest a Duty of care o Requires the property manager to exercise a reasonable degree of skill while managing the property o Failure of care could find the property manager to be negligent and be liable to the property owner for damage caused by their carelessness n Duty of obedience o Means that the property manager must carry out in good faith the property owner s instruction o If the owner ask the property manager do something illegal or unethical the relationship should be terminated immediately 0 Le The owner asked the manger to only rent to a certain race class gender etc a Duty of accounting o Requires the manger to accurately report the status of all funds received on behalf of or from the property owner o Laws set in place to prohibit commingling by the property manager a Duty of disclosure o Imposes on the property manager the duty to keep the owner fully informed of all material facts regarding the management of the property Remember This may be tricky but the agent is seen as the expert 0 O 0 O 0 Apartment owner Principal O o 0 Prgrty management company Prmcnpall O a State Statues o Each state has licensing laws and regulations governing the conduct of person and organizations acting as real estate agents Delegation of Authority a Central to the principalagent relationship a Principals are generally liable for the acts of agents o Employers Liable for employees acts within the scope of employment Not generally liable for acts of independent contractors Management Contract o Dated agreement that is signed by both the manager and the owner that defines the relationship between the parties o Serves as a guide for the operation of the property and basis for settlement of any future disputes 0 Identification of the parties and the property Name of the property should appear on the contract as it does on the deed The property must be unmistakably identified a Parties vary o All parties involved should be placed on the contract and sign the document o This can be a partnership corporate ownership management agency etc a Identifying the property o The property must be described so as to leave no doubt concerning its identity location and extent o ie For homes a street address would be sufficient n Exclusions 0 Period over which the contract is to run Contract Period Terms vary a Some owners want a clause for cancelation n Take away This is important because if one wanted to sell their asset they are not bound to the terms of a contract You will find it more common that terms are on a yearly basis that must be renewed for service Termination n Permits either the owner or the management agent to terminate the agreement by giving appropriate notice Agent may terminate agreement if heshe suffers damages or liability as a result of the owner s failure to comply with the requirements of any applicable statue law or government regulation 0 Management responsibilities Monthly reports and disbursements Surety bonds a type of insurance protects against loss from employee theft Handling funds account requirements prevent comingling of funds Authority to rent operate and manage properties Expenditures Marketing costs Agent s control over personnel 0 Owner s responsibilities Payroll Insurance Purchasing Building repairs Advertising Management fees 0 O O O 0 Flat or fixed fees Percentage fees Commissions to outside leasing agents Early termination Antitrust issues Signatures of parties 141 The Hiring Process Chapter 14 Hiringqualifiedskilledandmotivatedemployees iscriticaltoacompany39sbusinesssuccess R em em ber Employeeturnoverisexpensiveandreplacingemployeesistime consuming 0 Job Descriptions Employersshouldconsidercreatingjobdescriptionsforeach openposition n Shouldcontainobjectivequalificationsforthejobandcl earlyidentifytheessentialandnon essentialjobfunctions n Employersshouldhirecandidateswhomeetthepre establishedqualificationsforthepositionandwhocanp erformtheessentialjobfunctionswithorwithoutreaso nableaccommodation 0 Recruiting a Diverse Workforce Employersshouldconsiderwhetherthechosenmethodsa relikelytoencouragediversityintheworkforce ie Ifanexistingworkforceisnotsufficientlydiverserelyingh eavilyonemployeereferralscouldsustaintheimbalance 0 Employment Applications Employmentapplicationsshouldsolicitnon discrimina toryjobrea tedinformation Should Include Just remember classes of discrimination should not be included and you will be safe a A statementthattheemployerisanquotEqualOpportunit yEmployerquotandwillnotdiscriminateinanyphaseofe mploymentalongwithastatementthattheemploy erwillprovidereasonableaccommodationsforquali fiedindividualswithdisabilities n A statementthattheemploymentapplicationisnotan offerofemploymentoracontractalongwithastate mentthatemploymentifofferedandacceptedwill beonanatwillbasismeaningthateitherthe employerortheemployeecanterminatetheemploy mentrelationshipatanytimeforanylawfulreason n An acknowledgmentbythejobcandidatethatallinform ation providedontheemployment applicationaswellasinformationprovidedduringt heinterviewprocessistrueandcorrectandthatfals ifyinginformationontheemploymentapplicationco uldresultinthe denialorterminationofemployment General informationaboutthecandidatesuchasnameaddr esstelephonenumberconfirmationof legalminimum workingagebutnotaquestionaskingfortheapplica nt39sspecificagepositionsforwhich thecandidateisapplyinganddateonwhichthe candidateisavailableforwork o Interviewing I Beforeinterviewingcandidatesforemploymentanemploye rshouldestablishalistofquestionstoaskduringeachintervie w Interviewersshouldavoidaskingquestionsthatsolicitinform ationrelatedtoanyprotectedcharacteristicsuchasgender racereligionnationalorigincitizenshipagedisabilitymili taryserviceorparticipationinalabororganization o Hiring Decisions Should be made by more than one person Shouldbemadeonthebasisofinformationobtainedthroughe mploymentapplicationsresumesinterviewsreferencech ecksandanypermissiblepreemploymenttesting Georgiaemployersmustreportallnewhiresincludingrehi restotheGeorgiaNewHireReportingProgramwithinten 10 daysafterhireorrehire 142 PreEmployment Testing Chapter 14 0 Pre employmenttestsmayincludeperformanceandaptitudetestsmedicalo rphysicalexaminationsphysicalagilityorphysicalfitnesstests liedetectortestsanddrugtesting Employersmustdocumentanytest39sadverseimpactonprotectedgro upofpeople TheAmericanswithDisabilities ActADAsignificantlyrestrictsanemployer39sabilitytousepre employmentmedicalexaminations 143 Employment Background Checks Chapter 14 144 Employment Discrimination Chapter 14 145 Title VII of the Civil Right Act of 1964 Chapter 14 146 The Age Discrimination in Employment Act Chapter 14 147 The Americans with Disabilities Act Chapter 14 148 The Unformed Services Employment and Reemployment Rights Act Chapter 14 149 The Fair Labor Standards Act Chapter 14 1410 The Family and Medical Leave Act Chapter 14 1411 Retaliation Chapter 14 1412 Termination of Employment Chapter 14 1413 Other Employment Testing Chapter 14 1414 Personnel Policies and Procedures Manual Chapter 14 1415 Employee Handbook Chapter 14 Chapter 4 Marketing Chapter 5 Leases Chapter 6 Lease Negotiation Chapter 7 Tenant Relations Chapter 8 Maintenance and Construction Chapter 17 Life Safety Issues 1252013 82600 PM HACE 4320 Final Test Study Guide Fall 2013 Advice and disclaimer This information is intended to help you study for the exam I recommend that you review all of the notes and use the study guide questions as a guide Completing the study guide is not a guarantee that you will be able to answer the test questions Introduction to property management law Know the difference between ethics and laws Just because something is legal law does not make it ethical Again legal law is use to rule in one place whereas ethics are behavioral traits Laws legal Characteristics 0 Can change over time but offer consistency when in place 0 Universal 0 Published 0 Accepted 0 Enforced Ethics Characteristics 0 Wrong vs right doing the right thing 0 Extended consequences 0 Multiple alternatives 0 Mixed outcomes 0 Uncertain consequences 0 Personal implications Be familiar with the notes on ownership and representation and the concepts related to fiduciary duty See Chapter 3 Notes Duties imposed by common law or statutory law including care obedience accounting loyalty and disclosing Duty of loyalty 0 Means that the property manager must always put the property owner s interests first above his or her own interest 0 Acting without self interest Duty of care 0 Requires the property manager to exercise a reasonable degree of skill while managing the property Failure of care could find the property manager to be negligent and be liable to the property owner for damage caused by their carelessness o Duty of obedience 0 Means that the property manager must carry out in good faith the property owner s instruction 0 If the owner ask the property manager do something illegal or unethical the relationship should be terminated immediately ie The owner asked the manger to only rent to a certain race class gender etc o Duty of accounting 0 Requires the manger to accurately report the status of all funds received on behalf of or from the property owner Laws set in place to prohibit commingling by the property manager o Duty of disclosure 0 Imposes on the property manager the duty to keep the owner fully informed of all material facts regarding the management of the property 0 0 Legal issues in hiring and managing employees Be familiar with the different laws related to hiring managing and firing employees Be familiar with the different steps in the hiring process and the necessary considerations at each step notes and GAL reading Be familiar with the information that should and should not be included on an employment application form What are the steps in developing a disparate impact case A disparate treatment case What is the purpose of the Fair Labor Standards Act What is and is not covered by FLSA Termsconcepts to know EEOC Disparate adverse impact Disparate adverse treatment Negligent hiring lawsuit Reasonable foreseeability Bona fide occupational qualification Prima facie case Burden of proof Hostile work environment Sexual harassment Employment atwill Legal issues Managing residents Be familiar with the principles of the Fair Housing Act how it affects the business of property management and practices prohibited under the FHA What is exempted under FHA Be able to apply your knowledge of FHA to case scenarios Be with legal responsibilities for residents with physical and mental disabilities under the Fair Housing Act What is the Americans with Disabilities Act ADA and how does it apply to residential property management Be familiar with the following terms indicates from Chapter 12 of GAL Dispossessory proceeding Constructive eviction Nonrenewal Termination Eviction Self help eviction Retaliatory eviction What are the general steps involved in the dispossessory eviction process How do lease terminationsevictions from subsidized properties differ from nonsubsidized properties How are abandoned apartments defined in Georgia How does management regain possession of an abandoned unit How is a resident s property disposed of after an eviction What are the responsibilities of the ownermanager in disposing of property Be familiar with the effect of military service on evictions and lease terminations Identify the four different maintenance operations and describe why each is important to successful property management page 172173 in Chapter 8 What are the risks of deferring maintenance What obligations do owners and managers of apartment communities have when it comes to repairs See Duty to Repair in GAL Be familiar with the notes on resident s repair and defense remedies What conditions must be met in order for a resident to terminate a lease when management fails to make repairs Be familiar with management vs tenants rights and regarding the right to enter rental property What circumstances allow a property manager to enter a tenant s apartment What are the general guidelines Managing propertyassets What does it mean to be negligent How is negligence determined Be familiar with the following terms and how they are applied in property management law Due care Contributorycomparative negligence To rt Intentional tort Be familiar with the notes on premises liability How has the responsibility shifted over the years Why What is a negligent security claim What are the responsibilities of landlords when it comes to tenant security Be familiar with the 8 types of hazardous substances covered in class they are on pages 444448 What is sick building syndrome Buildingrelated illness Know the basics of mold from a legal standpoint GAL Chapter 15 What are the issues with personal injury claims property damage claims insurance etc Be familiar with the different types of specialized housing Condos planned unit developments and coops any legal issues that they face and the role of property management in handling legal issues


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