Property Management Flashcards
1
Q
A real estate brokerage firm specializes in property management. Which one of the following property management activities is illegal?
A
Achieving a more diverse tenant population through racial screening of prospective tenants.
- Discrimination on the basis of race in the purchase or leasing of real estate is always illegal–even when the goal is racial diversity. Test-Taking Tip: Race is the only protected class in the Civil Rights Act of 1866. Race is one of multiple protected classes in the Civil Rights Act of 1968, as amended.
2
Q
_____________ is NOT part of the property manager’s responsibilities.
A
Telling the owner the market value of the building
- A property manager is obligated to stay informed about market rents in the area; and track vacancies in the building being managed. However, the property manager has no obligation to the principal to stay informed on market value of the building. Fairness and honesty are always a part of a property manager’s responsibilities as a party of the duty of agency.
