A9 Flashcards
Which of the following is NOT true regarding a property management trust account:
A salesperson can be a signatory on the trust account
Only licensed signatories are permitted
A salesperson signatory may sign checks paying miscellaneous maintenance fees
Multiple properties can be in one trust account
Only licensed signatories are permitted
A lease is unaffected by all of the following EXCEPT:
Destruction
Adverse possession
Death of the lessee
Death of the lessor
Destruction
QUESTION RATIONALE
Destruction of the real property kills the lease. The other items do not affect the lease.
The legal right of a landlord to seize the tenants belongings for rents in arrears is called
Distraint
A landlord or tenant may terminate a month to month lease by written notice with ____ days notice
30
If a lease is week to week how much notice is required to terminate the lease?
10 days
A condominium and cooperative would be the same in that
Both pay annual assessments
The consumer may get the copy of the Arizona Residential Landlord Tenant Act act the
Arizona Department of Housing
Landlord Larry held Tenant Terri’s security deposit of $2000 for six months after the lease had terminated and Terri had moved out. Terri may sue Larry for
Double damages plus the return of the security deposit.
Who owns the security deposit during the term of the lease?
The tenant
For how long must a broker keep his or her property management agreements?
5 years
The broker is required by Arizona law to reconcile his or her trust account…
At least once a month
A property management company is required to keep a copy of all residential rental agreements upon expiration for a period of?
One year
If a property is damaged by fire and the tenant moves out, what can the tenant do?
Tenant may terminate the lease with a 14 day written notice
A property manager who collects rents and holds the money for an owner must have what type of account?
Trust Account
If the landlord fails to comply with the rental agreement in matters affecting health and safety, the tenant may terminate the lease is the breach is NOT corrected in how many days?
5 days
When advertising via a web page the Equal Housing Opportunity statement, slogan or logo….
should appear on every page without the viewer having to scroll down to view it.
A co-op charges taxes based on
Pro rata share
When an apartment building is turned into condominiums, this would be known as
Conversion
When a property is sublet, the new lessee is referred to as
Tenant
A lease is affected by what?
Destruction
What would be the advantage to the lessee in a net lease?
Lessee could deduct property taxes on his income taxes
When a lessee signs a net lease, the taxes, insurance and maintenance are paid by the
Lessee
What type of lease would the renter pay all expenses?
Net
A graduated lease would mean that
Rents decrease at a specified date
An owner’s interest in the condominium common ground is best described as
Undivided interest
A buyer holds a leasehold interest in an apartment building. This interest is most likely
Stock in a co-op
In a lease, the lessor _____ his interest
Demises his interest
Under what form of ownership would each property owner receive a separate property tax bill?
Condominium
Under normal conditions, an apartment owner’s responsibilities would not include
utilities
When a tenant moves out because the landlord will not maintain the property in a livable manner, this is called
Constructive eviction
All of the following can be a signors on a property management trust account EXCEPT
Property Owners
Who supervises a property manager
Designated broker
A handicapped man rents an apartment that is not handicapped accessible. What is true regarding parking is the owner has three reserved spaces near the units for $200 a month?
The owner is responsible to provide the reserved space to the handicapped person when it becomes available at no extra charge.
An active salesperson who operates an unlicensed entity for the purpose of property management services in the Phoenix area
Has received permission of the salesperson’s designated broker.
