C2U15 Property Management and Listing

Question 1

The term CPM refers to:

a. California Property Manager
b. Certified Property Manager
c. Certified Professional Manager
d. none of these

Answer 1

b. Certified Property Manager

Question 2

Which of the following statements regarding a property manager’s compensation is TRUE?

a. Compensation is generally a percentage of the gross
b. As the income of properties managed increases, the percentage fee charged tends to increase
c. Both of these
d. Neither of these

Answer 2

a. Compensation is generally a percentage of the gross

Question 3

Property managers can be protected against receiving no fees when managing a vacant property they are unable to rent by a:

a. holdover clause
b. recapture clause
c. minimum fee
d. separate leasing fee

Answer 3

c. minimum fee

Question 4

A lease for 30 months would be described as:

a. an estate at sufferance
b. an estate at will
c. an estate for years
d. a periodic tenancy

Answer 4

c. an estate for years

Question 5

A lease under which the tenant is to pay $500 per month for three years is a:

a. gross lease
b. net lease
c. percentage lease
d. month-to-month lease

Answer 5

a. gross lease

Question 6

A lease that contains a minimum rent and a covenant to remain in business is:

a. a percentage lease
b. a net lease
c. a gross lease
d. none of these

Answer 6

a. a percentage lease

Question 7

Which business would likely pay the highest percentage on a percentage lease?

a. Parking lot
b. Supermarket
c. Clothing store
d. Restaurant

Answer 7

a. Parking lot

Question 8

Which business is likely to pay the lowest percentage on a percentage lease?

a. Sporting goods store
b. Music shop
c. Supermarket
d. Clothing store

Answer 8

c. Supermarket

Question 9

A valid two-year lease need NOT:

a. have parties capable of contracting.
b. contain a legal description of the property
c. contain the amount of rent and the manner of payment
d. be a written agreement

Answer 9

b. contain a legal description of the property

Question 10

Which statement regarding security deposits is TRUE?

a. Nonrefundable cleaning deposits are not allowed
b. Deposits for finished rentals can’t exceed three months’ rent
c. Security deposits for unfurnished rentals can’t exceed two months’ rent
d. All of these

Answer 10

d. All of these