CHP 41 - Property Management

Question 1

Individual PM

Answer 1

Manages for one owner or a number of owners

Question 2

Individual Building Manager

Answer 2

Manages a single large property. May or may not have a license

Question 3

Resident Manager

Answer 3

Lives on site and is employed

Question 4

Real Estate Asset Manager

Answer 4

Owner’s agent and adviser for all property related things

Question 5

What do condo managers do that others don’t

Answer 5

Budget
Collect assessments
coordinate maint of common areas
Landscaping
Security
Enforce regulations

Question 6

Capital Reserve Budget

Answer 6

FIannce long term outlays for fixed assets

Question 7

Variable Expenses

Answer 7

Remodeling

Question 8

Capital Expenses

Answer 8

New Equipment

Question 9

PM’s first responsibility to owner

Answer 9

Realize the max profit

Question 10

Rent roll can help determine….

Answer 10

Annual rental income for a property

Question 11

Fair Housing Act of 1968 AKA

Answer 11

Civil Rights Act of 1968

Question 12

Title VI

Answer 12

Prohibits Discrimination on race, color, national origin in programs receiving fed financial assistant

Question 13

Housing and Comm Development Act in 1974 added ____ to protected classes

Answer 13

Sex

Question 14

Fair Housing Amendments Act in 1988 added _______ status’

Answer 14

Handicap and familial status

Question 15

Protected Classes

Answer 15

Race
Religion
Color
National Origin
Sex
Handicap
Familial Status

Question 16

Complaint’s can be filed with HUD within this time frame

Answer 16

1 year

Question 17

In addition to or instead of filing complaint with HUD suit can ve filed with KY or federal court within ___ years

Answer 17

2

Question 18

ADA became law in _____

Answer 18

1992

Question 19

ADA Fines

Answer 19

$55,000 1st offense

$110,000 any afterwards

Question 20

Blockbusting

Answer 20

Encouraging owners to sell bc “they” are moving in

Question 21

Steering

Answer 21

Steering buyers towards certain neighborhoods to preserve or alter the makeup

Question 22

Redlinging

Answer 22

Restricting number of loans in certain communities bc of racial makeup

Question 23

First section of the NAR’s Code of Ethics

Answer 23

Duties to clients and customers