SU # 65__Property Management Overview Flashcards
If you hire someone as an employee, you must pay all but which of the following?
social security tax
Medicare tax
unemployment tax
excise tax
excise tax
Maintenance records are the responsibility of:
The owners
The property manager
The contractor performing the maintenance
The manager’s administrative staff
The property manager
Which of the following factors is unimportant in determining the amount of rent a landlord could charge?
Interest rates
Location of property
Condition of property
What entity the property owner is
What entity the property owner is
The organization that was created as a subsidiary group of the National Association of Realtors in 1933, and which now offers both educational and professional programs in property management, is called:
BOMA
NPMA
IREM
ARELLO
IREM
One of the principal financial advantages to income property ownership is:
Cash flow
Tax exemptions
Leverage
Capital depreciation
Cash flow
In which of the following situations can a leasing agent practice without a license?
Never
Only if his broker vouches for him, and then, only for 120 days.
Only for 120 days, if he is working under a sponsoring broker and can prove he’s working to meet the educational requirements.
Only if he leases 3 or less properties per month.
Only for 120 days, if he is working under a sponsoring broker and can prove he’s working to meet the educational requirements.
The Illinois Real Estate License Act specifically states that a resident manager of an apartment building is exempt from the licensure requirements IF:
That person only manages one building.
That person is related to the property owner.
That person’s residence is in or on the property he is managing.
His application for exemption is approved by the IDFPR.
That person’s residence is in or on the property he is managing.
In Illinois, those individuals whose real estate practice includes only those activities that are related to the leasing of residential real property, including collecting rent, negotiating leases, and other similar activities may obtain a special license. This is known as a:
Broker’s license
Property manager’s license
Residential property manager’s license
Leasing agent license
Leasing agent license
The skills required for effective tenant retention are:
Collection and screening skills
Market awareness and rent-setting skills
Mechanical and financial skills
Patience and people skills
Patience and people skills
Illinois license law requires a person renting or leasing real property in an agency capacity to:
Hold a real estate salesperson’s license in Illinois.
Hold a real estate broker’s license in Illinois.
Have a degree from an accredited 4-year university or its equivalent.
Have a business management or real estate degree from a 4-year university or its equivalent.
Hold a real estate broker’s license in Illinois.
