Leases, Rents, and Property Management Flashcards
The broker’s property management account must:
A: Be accessible by the property manager/ broker
B: Be part of the brokers trust account
C: Bear no interest
D: Bear 6% interest
A: Be accessible by the property manager/ broker
A property manager employs staff to manage his properties. What type of insurance is the company required to carry for the employees?
A: Health Insurance
B: Errors and Omissions Insurance
C: Property and Casualty Insurance
D: Workman’s Compensation
D: Workman’s Compensation
When the tenant pays all expenses in a lease this is known as a/an:
A: Index Lease
B: Net Lease
C: Gross Lease
D: Percentage Lease
B: Net Lease
Which of the following would not automatically terminate a lease?
A: Destruction of the property
B: Death of the lessor
C: Merger of the leasehold and fee interests
D: Condemnation of the property under right of eminent domain
B: Death of the lessor
A property manager is instructed not to show property to married couples without children.
A: This is a violation of the marital status protected class under the Federal Fair Housing Act
B: This is not a violation of the Federal Fair Housing Act
C: This is a violation of the family protected class under the Federal Fair Housing Act
D: This is a violation of the Federal Fair Housing Act
B: This is not a violation of the Federal Fair Housing Act
A property manager is instructed not to show the property to any person over the age of 40. This is in violation of the:
A: Civil Rights Act of 1866
B: None of the answers
C: Equal Housing Opportunity Act
D: Federal Fair Housing Act
B: None of the answers
If a tenant pays a landlord on a regular basis and occupies the property for successive intervals of time, the tenant would most likely have which of the following leasehold estates?
A: Tenancy at will
B: Estate for years
C: Tenancy at sufferance
D: Periodic tenancy
D: Periodic tenancy
