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Real Estate > Property Management > Flashcards

Property Management Flashcards

1
Q

A licensee or company responsible for maintaining a client’s investment properties. This would be a:
A: Property Manager
B: Investment Agent
C: Rental Agent
D: Investment Manager

A

A: Property Manager

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2
Q

The lessor is the
A: Owner Of The Property
B: Person Who Is Renting The House
C: Owners Family
D: Agent

A

A: Owner Of The Property

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3
Q

The lessee is:
A: The Tenant, The Person Renting The Property
B: The Landlord
C: The Owner
D: None Of The Above

A

A: The Tenant, The Person Renting The

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4
Q

A fixture is:
A: Something That Is Permanently Attached To The Property
B: Something That You Can Move Around
C: Something That You Can Take With You
D: Something That Is The Previous Owners

A

A: Something That Is Permanently Attached To The Property

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5
Q

property manager

A

A contracted person who takes care of the property, who makes sure that it is leased out all the time and maintenance done and
in good shape.

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6
Q

lease

A

A written agreement between a landlord or lessor with the tenant to be able to live in the property. The lease spells out the terms and conditions of the lease and what is allowed and what rents will be charged. It must be signed by tenants who are going to be staying in the property and property manager, owner or lessor.

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7
Q

landlord

A

Whoever is taking care of the property, whether it be the owner or a
management company.

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8
Q

tenant

A

The person who is going to be living in the
property also referred to as the Lessee.

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9
Q

rent

A

The amount you are going to pay for the
term of your lease.

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10
Q

lessor

A

The owner of the property.

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11
Q

lessee

A

The tenant, the person renting the property.

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12
Q

fixture

A

Anything that is permanently attached to the property. Something that you can’t move around.

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13
Q

eviction

A

Process to remove a tenant that is failing to
follow the covenant of the lease.

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14
Q

repair

A

To be spelled out specifically in the lease, who is responsible for the repairs and in what time
frame, and who will be paying for it.

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15
Q

1-6 /12 Roles of Property Manager

A
  1. Have a written contract between property manager and
    property owner.
  2. Maximize the income potential for the owner.
  3. Assess the Property.
  4. Look at the condition of the property.
  5. Advertise the property legally.
  6. To facilitate showings.
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16
Q

An agent has been hired to be a property manager. His client is the:
A: Landlord
B: Tenant
C: Both
D: Neither

A

D: Neither

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17
Q

Which of the following is a role of the property manager?
A: To Facilitate Showings
B: To Only Show To Certain Clients
C: To Look After Parts Of The Property
D: None Of The Above

A

A: To Facilitate Showings

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18
Q

7-12/12 Roles of Property Manager

A
  1. To process applications.
  2. Screening potential tenants.
  3. Signing all applicable paperwork.
  4. Providing copies of all applicable paperwork to all parties.
  5. Collect all applicable security deposits, other fees and rents.
  6. Moving the tenant in.
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18
Q

Which of the following is a role of the property manager?
A: To Instruct The Agent How To Show The Property
B: Advertise The Property Legally
C: None Of The Above
D: All Of The Above

A

B: Advertise The Property Legally

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18
Q

Which of the following is a role of the property manager?
A: Look At The Conditions Of The Property
B: Paint The House As The Clients Instructs
C: None Of The Above
D: All Of The Above

A

A: Look At The Conditions Of The Property

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19
Q

An agent, representing a property owner, rents a condo to a tenant without checking the tenant’s credit history. The tenant had a very poor credit history. The agent breached their fiduciary duty of:
A: Accounting For Funds
B: Loyalty
C: Disclosure
D: Reasonable Care And Diligence

A

D: Reasonable Care And Diligence

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20
Q

Which of the following is a role of the property manager?
A: To Process The Application
B: To Sign All The Applicable Paperwork
C: Both A & B
D: None Of The Above

A

C: Both A & B

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21
Q

Which of the following is a role of the property manager?
A: Collect All Applicable Security Deposits, Fees, Rents
B: Think Of The Clients Best Interests
C: Only Show The Property To Certain Clients
D: All Of The Above

A

A: Collect All Applicable Security Deposits, Fees, Rents

22
Q

When screening the potential clients, ensure they meet all the requirements, in order to rent the property.
A: True
B: False
C: None Of The Above
D: All Of The Above

A

A: True

23
Q

Duties of a Tenant

A
  • Fully and honestly Disclose
  • Pay your security deposit, any other deposits and rent on time
  • Assess the property fully when moving in within first 48 hours and send pictures and list to property manager within that 48 hour period
  • Keep the property in good condition and promptly report any problems
  • Give proper notice in writing of intent to leave
24
Q

Mr. Jones has a 4plex for rent. He may legally refuse to rent to:
A: Drug Addicts
B: Alcoholics
C: Mormons
D: Families With Children

A

A: Drug Addicts

25
Q

Three days to pay rent or vacate

A

Once the rent is late (we will use the 5th in this example as per the lease agreement the three days to vacate can be issued; however, it can also be issued prior to the 5th of the month as long as the third day of the vacate notice falls after the 6th day of the month. At that time if the tenants are still in the property it will get turned over to an attorney. The attorney will have the tenants served to vacate within a week. Now if they are still there, then a lockout is done and the sheriff comes out and removes
them from the property.

26
Q

types of eviction

A

three days to pay rent or vacate
nuisance eviction

27
Q

Nuisance eviction

A

When a tenant is not following a part of the lease, with the exception to pay rent. You give them an eviction for the nuisance (eg. Being loud, destructive…) and you offer a remedy, if they don’t remedy you follow the same process as the three day or vacate.

28
Q

The Statute of Frauds stipulates that:
A: Committing Fraud Is Illegal
B: All Real Estate Purchase Contracts Must Be In Writing
C: All Real Estate Leases Longer Than 12 Months Must Be In Writing
D: Both B & C

A

D: Both B & C

29
Q

Which of the following is a type of eviction?
A: Three Days To Pay Rent Or Vacate
B: Two Days To Pay Rent Or Vacate
C: One Day To Pay Rent Or Vacate
D: None Of The Above

A

A: Three Days To Pay Rent Or Vacate

30
Q

Which of the following is a type of eviction?
A: Nuisance Eviction
B: Two Days Notice
C: Three Days Notice
D: All Of The Above

A

A: Nuisance Eviction

31
Q

When renting a property, you must screen all tenants accurately/properly:
A: True
B: Depends On The Requirements
C: Depends On The Contract
D: None Of The Above

A

A: True

32
Q

Risk Management Activities

A
  • Property manager must do a physical assessment of the property and make sure the property is safe and sound.
  • Financial liability- makes sure every thing is in writing and in the proper accounts. Maintain your fiduciary duty by using thorough accounting.
  • Screen the tenants properly.
  • Collect the rents on time, and start eviction preceding’s in the timeframe set forth in your lease.
33
Q

The process by which a landlord removes a tenant for non-payment of rent is called:
A: Eviction
B: Restitution
C: Detainer
D: Notification

A

A: Eviction

34
Q

Financial Liability is:
A: Make Sure Everything Is In Writing And In Proper Accounts
B: Track The Numbers Of The Contract
C: Screen The Tenants
D: Allow Payments To Come After The Due Date

A

A: Make Sure Everything Is In Writing And In Proper Accounts

35
Q

As a property manager you should
A: Follow All Procedures To Screen Tenants Properly
B: Give The House To The Best Buyer
C: Give The House To The Most Responsible Buyer
D: Check On The House On A Periodic Basis

A

A: Follow All Procedures To Screen Tenants Properly

36
Q

The property manager oversees the:
A: Lease Agreement
B: All Accounts
C: None Of The Above
D: All Of The Above

A

A: Lease Agreement

37
Q

What About Pets?

A

-A property owner has to allow service or an emotional support animal. Proof of the need for a service/support animal by a licensed professional is used for verification. It does not matter the type of animal. You can
charge the deposits for the animals.
-The exception to this is if the owner is a in the same building, say in a fourplex/duplex and is managing the property themselves then the
owner does not have to allow it.
-And if your property allows pets you can charge deposits and rents for the pets.

38
Q

Federal laws that affect property management include:
A: Americans With Disabilities Act
B: The Federal Fair Housing Act
C: Equal Credit Opportunity Act
D: All Of The Above

A

D: All Of The Above

39
Q

5 Essential Elements of the Contract

A
  1. Parties to the Contract - Management Company and Property
    Owners
  2. Term - a start date and an end date for when contract goes into
    effect and when it will end
  3. Scope of Work - responsibilities and duties of the property manager
  4. Money - how much you are charging the owner to manage the property.
  5. How to Terminate the Contract - a condition to terminate must be
    included
40
Q

Ned has abandoned his lease before the expiration date and has moved out of his apartment. Which of the following will Ned NOT have to pay:
A: Cost To Restore The Apartment To Rentable Condition So It Can Be Rented To Another Tenant
B: Rent For The Remaining Lease Period
C: Commission To The Property Manager For Finding A New Tenant
D: The Time Period Prior To When Ned’s Lease Expired But After The Apartment Has Been Rented To A New Tenant

A

C: Commission To The Property Manager For Finding A New Tenant

41
Q

The property manager is
A: The Point Of Contact
B: The Person Does The Screening Of The Tenants
C: None Of The Above
D: Both A & B

A

D: Both A & B

42
Q

What is the term of the contract?
A: Start Date And End Date For When The Contract Goes Into Effect
B: The Financial Liability
C: The Person Who Is Responsible For The Fees
D: All Of The Above

A

A: Start Date And End Date For When The Contract Goes Into Effect

43
Q

Overseeing the lease agreements consists of
A: Reviewing The Lease Agreement, Answering Questions, Signing The Contract
B: Only Screen The Tenants
C: Financial Accountability
D: None Of The Above

A

A: Reviewing The Lease Agreement, Answering Questions, Signing The Contract

44
Q

The first thing a property manager should do is:
A: Sign Contract With Property Owner
B: Maximize The Potential Income Of Each Property For The Property Owner
C: Assess The Property – Rent For The Right Amount
D: Look At Any Condition Issues That Need To Be Met

A

A: Sign Contract With Property Owner

45
Q

Other duties of a property manager include:
A: Advertise The Property With Accurate Description
B: Facilitate Showings
C: Process Applications
D: All Of The Above

A

D: All Of The Above

46
Q

Risk management activities a property manager engages in include:
A: Conducting Physical Assessments For Safety Issues
B: Manage The Client’s Financial Liability And Screening Potential Tenants
C: Start Eviction Proceedings When Needed
D: All Of The Above

A

D: All Of The Above

47
Q

The landlord’s duties include:
A: Show The Property To Everyone Without Discrimination
B: Sign A Proper Lease And Provide Tenant With A Copy
C: Provide Accounting Of Security Deposits And Monthly Rents
D: All Of The Above

A

D: All Of The Above

48
Q

A tenant’s duties include:
A: Be Honest In All Disclosures To Landlord In Application
B: Pay Deposits And Rents According To What Is Agreed To In The Lease
C: Keep The Property In Good Condition And Report Any Problems Immediately To Landlord
D: All Of The Above

A

D: All Of The Above

49
Q

The elements of a property management contract should include:
A: Parties To The Contract
B: Term – Start And End Date
C: Money – Who Gets What And How It Is To Be Handled
D: All Of The Above

A

D: All Of The Above

50
Q

Tenant deposits should be refunded within:
A: 10 Days
B: 15 Days
C: 20 Days
D: 30 Days

A

D: 30 Days

51
Q

The laws that regulate property management are called:
A: The Uniform Residential Landlord Tenant Act
B: The Utah Residential Landlord Tenant Act
C: The Uniform Landlord Tenant Act
D: The Utah Landlord Tenant Act

A

A: The Uniform Residential Landlord Tenant Act

52
Q

If the type of tenancy is not specified in the lease, the lease will be:
A: At Will
B: Month To Month
C: Fixed
D: Not Valid

A

A: At Will

53
Q

What is a “term” in a contract?
A: The Start Date And End Date For When The Contract Goes Into Effect
B: The Terms Of The Paying Section Of The Contract
C: Agreed Upon Terms By The Agent
D: All Of The Above

A

A: The Start Date And End Date For When The Contract Goes Into Effect

Real Estate (52 decks)

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