Property Management

Question 1

All of the following are included in a property management agreement EXCEPT:
• The date the agreement is recorded.
• The date of the agreement.
• The identification of the parties.
• The extent of responsibilities of the property manager.

Answer 1

The date the agreement is recorded.

Question 2

All of the following are obligations for a Florida landlord EXCEPT:
• Make provisions for smoke detectors.
• Make provisions for locks and keys.
• Make provisions for running water.
• Make provisions for air conditioning in the summer months.

Answer 2

Make provisions for air conditioning in the summer months.

Question 3

The tenancy most often used by property managers when leasing commercial property is a:

Answer 3

Tenancy for years.

Question 4

The relationship between the property manager and the owner is most similar to which other relationship?
• Buyer and listing broker.
• Seller and listing broker.
• Buyer and seller.
• Buyer and transactional broker.

Answer 4

Seller and listing broker.

Question 5

Which of the following is the most important item for a property manager?
• To keep the building 100% occupied.
• To get the maximum profit based on the owner’s goals.
• To keep and retain tenants.
• To maintain and keep the building clean.

Answer 5

To get the maximum profit based on the owner’s goals.

Question 6

Duties and responsibilities of a property manager include all of the following EXCEPT:
• Maintaining a budget and controlling expenses.
• Marketing the property and getting new tenants.
• Keeping proper maintenance of the building for the owner.
• Listing the property for sale and showing it as needed.

Answer 6

Listing the property for sale and showing it as needed.

Question 7

How can a property manager be paid?

Answer 7

By a percentage of the income, salary or flat fee.

Question 8

The property manager broker owes his landlord (owner) the duties that create the acronym COALN.

The “c” in COALN stands for:

Answer 8

Care.

C - Caring for those things entrusted to him such as money, property, etc.
O - Obedience to the owner’s wishes unless the wishes are illegal.
A - Accounting for all those things entrusted to the manager such as budgets, escrow accounts, etc.
L - Loyal to the one employing the property manager; putting the owner first in all things.
N - Notice to all parties when needed, such as notice in an estate from period to period or letting an owner know when an insurance claim has been made.

Question 9

When a property manager wants to use the security deposit to correct damage done by the tenant when he vacated the premises, how many days does the landlord have to give the tenant written notice?

Answer 9

30 days

Question 10

In which type of lease does the tenant agree to pay an increasing rental fee as his business sales increase?

Answer 10

A percentage lease.