Class 14

Question 1

Another name for panic peddling

Answer 1

Blockbusting

Question 2

An illegal act

Answer 2

Discrimination

Question 3

Something offered to a tenant

Answer 3

Concession

Question 4

Leading people to neighborhoods

Answer 4

steering

Question 5

property managers are considered to be ________ agents

Answer 5

General

Question 6

A word that means trust

Answer 6

fiduciary

Question 7

A real estate licensee who is acting as a property manager is act as what kind of agent?

Answer 7

Gener

Question 8

How is the income earned by a property manager determined?

Answer 8

Determined by agreement in the management contract

Question 9

A concession can be best described as….

Answer 9

a negotiable point, often given by a landlord to a prospective tenant’s favor

Question 10

What are the fiduciary duties owed to a client

Answer 10

Obedience
Loyalty
Disclosure

Confidentiality
Accounting
Reasonable care

Question 11

Note: Americans with disabilities act would not apply to residential housing or condominiums, etc. it DOES apply to places of employment, access to shopping centers, management office of an apartment complex, etc

Question 12

The primary goal of a property manager is to…

Answer 12

earn the highest net return possible for the owner

second goal is to maintain or preserve the owner’s investment

Question 13

A contract for personal services, a management agreement spells out the duties and responsibilities of the parties. As a general rule, a management agreement will contain what?

Answer 13

Names and addresses of parties (broker and owner)
address of property
terms
compensation
responsibilities of each
how to handle security deposits
schedule of rent

Question 14

The relationship between an owner and agent is a __________ relationship.

Question 15

A general agent is one who what?

Answer 15

acts for another in on-going relationships

has authority to as for the client

Question 16

Kentucky law requires property managers to keep records in a ________ ledger and a __________ ledger

Answer 16

owner’s ledger

tenant’s/unit ledger

Question 17

Concessions are sometimes used to attract tenants. What are some examples of concessions?

Answer 17

use of microwave

free rent

Question 18

What is included in an operating budget?

Answer 18

estimated gross income
estimated rent loss and vacancy
estimated expenses

Question 19

tenants are selected based on what three things?

Answer 19

rental history
financial/income status
references

Question 20

If a lease does not specify the due date of the rent, it becomes due on the __________

Answer 20

last day of the leasing period

Question 21

Familial status is a protected group in the Fair Housing. What is familial status?

Answer 21

Familial status refers to anyone under 18 years of age. A landlord cannot deny occupancy to families with children, nor charge higher rent or deposits to families with children. occupancy may be based on the number of people in a unit

Question 22

Housing for senior citizens is exempt from familial status and children may be barred from occupancy if all occupants are _____ or older; or, _____% of the units are occupied by someone who is at least 55 years of age

Answer 22

62

80%

Question 23

If a residential building is built after ___________ and it has elevators, all units int he building must be built to handicapped specifications, if there are no elevators in the building, only the first floor units must be built to handicapped specifications

Answer 23

March 12, 1991

Question 24

Violations of Fair Housing laws include:

Answer 24

Blockbusting
Steering
Advertising that indicates a preference or limitation

Question 25

An aggrieved party may file a complaint with HUD within ______ year of the alleged act of discrimination. Civil action may also be taken by filing with a US District Court within ___ years of the alleged discriminatory act. Complains filed under the 1866 Civil Rights Act are taken directly to federal court

Answer 25

1 year

2 years

Question 26

Civil penalties up to $________ may be imposed by the courts if the US Attorney General files a complaint against anyone or a group who may be engaged in a pattern of discrimination. In addition, fines and jail terms may be imposed for threats, coercion or intimidation

Answer 26

$100,000

Question 27

Under the Americans with Disabilities Act, an employer who is financially capable and has ___ or more employees must provide help and support to handicap employees.

Answer 27

15

Question 28

Fines for violation of ADA may be up to _____ for the first offense and _____ for the next

Answer 28

$75,000

$150,000