Property Management - Need To Know

Question 1

A property manager’s contract usually contains:

Answer 1

The managers fiscal responsibilities.

Question 2

Property managers are normally paid on the basis of:

Answer 2

Percentage of gross income, or gross rents

Question 3

A property manager works for the best interest of:

Answer 3

The owner

Question 4

How would a property manager violate ECOA?

Answer 4

Decline credit based on age

Question 5

Tenant moved out of a warehouse and left his attached shelves, which were classified as trade fixtures. What is the responsibility of the landlord?

Answer 5

Recognize the shelves belong to the tenant, and the tenant has 30 days to return or remove them.

Question 6

An agent manages here 6-plexus for an owner. Two have positive cash flow, but the other needs repairs and has vacancies. What money can the agent use to make repairs?

Answer 6

Income from the income producing units, with the owners permission.

Question 7

In times of inflation, a property manager would likely avoid what type of lease?

Answer 7

Fixed rent

Question 8

A property manager has a 500 unit apartment complex with seven vacancies. What is the vacancy factor?

Answer 8

7 / 500 = 1.4%