Chapter 23 - Property Management Flashcards
An apartment manager may decline to offer a lease to someone because the applicant …
- uses illegal drugs
- is on public assistance
- is a recovering alcoholic
- requires a assistive animal
uses illegal drugs
A property manager’s primary obligation is to
-the owner
Which of the following should NOT be a consideration in selecting a tenant?
- Tenant ability to pay rent
- race and ethnicity
- compatibility of ones tenants business with other tenants business
- size of the space versus the tenants requirements
-race and ethnicity
When a property manager chooses an insurance policy with a $250 deductible, the risk management technique being employed is …
transferring risk
Adaptations of property specifications to suit tenant requirements are …
tenant improvements
In preparing a budget, the property manager should allow for variable expenses by setting up …
a cash reserve fund
Rents should be determined on the basis of …
-prevailing rental rates in the area
Which of the following might indicate that rents are too low?
- Many for lease signs in the area
- a poorly maintained building
- high vacancy level
- high building occupancy
-high building occupancy
Repairing a boiler is classified as which type of maintenance?
Corrective
Avoid, control, transfer, or retain are the four alternative techniques of …
risk management
All of the following should be included in a management agreement EXCEPT
- restrictions regarding ages of children
- compensation
- a description of property
- the extent of the managers authoruty
–restrictions regarding ages of children
The manager of a commercial building has many responsibilities in connection with the operation and maintenance of the structure. The manager would normally be considered the agent of …
the buildings owner
Which of the following is considered a variable expense when a manager develops an operating budget?
- employee wages
- building repairs
- utilities
- basic operating costs
building repairs
In MOST market areas, rents are determined by
supply and demand factors
A property manager who enters into management agreement with an owner is usually a …
general agent
What insurance policy includes standard commercial property coverage such as fire, hazard, public liability, and casualty?
-Multiperil
What law requires removing existing barriers in public buildings, such as adding Braille markings to elevator buttons, when these options are readily achievable?
-Americans with Disabilities Act
Title III of the ADA affects which type of property?
-Commercial and public use accomodations
In evaluating rental applications, it is important for the property manger to establish consistent criteria for acceptable debt and income ratios to be in compliance with …
the Equal Credit Opportunity Act
What monthly statement details the financial status of the property, including sources of income and expenses?
Cash Flow Report
