Unit quiz 19 Flashcards
A property manager’s primary obligation is to the
Owner
Leasing agents are usually
A) independent contractors working on a salary basis.
B) independent contractors working on a commission basis.
C) employees of the broker.
D) employees of the property owner.
B) independent contractors working on a commission basis.
An example of complying with the Americans with Disabilities Act (ADA) could be
A) making exceptions regarding prohibited activities such as smoking in restricted areas.
B) allowing qualified prospective tenants to be considered before any others.
C) installing auditory signals in elevators.
D) offering relaxed credit standards for appropriate prospective tenants.
C) installing auditory signals in elevators.
Many states now require at LEAST a real estate license or an association management license for those who specialize in managing
A) homeowners and condominium associations.
B) shopping centers.
C) mobile home parks.
D) medical buildings.
A) homeowners and condominium associations.
The three principal responsibilities of the property manager do NOT include
A) achieving the objectives of the property owners.
B) generating income for the owners.
C) generating maximum income for the property manager.
D) preserving and/or increasing the value of the investment property.
C) generating maximum income for the property manager.
A property manager repairs a leaking sink. This is classified as which type of maintenance?
A) Construction
B) Routine
C) Corrective
D) Preventive
C) Corrective
A statement sent to an owner that does not reflect the entire debt service as an expense is called a(n)
A) profit and loss statement.
B) operating budget statement.
C) budget comparison statement.
D) cash flow report.
A) profit and loss statement.
The profit and loss statement provides a general financial picture based on monthly cash flow reports. Only the interest portion of the debt service is reflected as an expense.
The property manager’s chief concern should be that the property
A) is managed to achieve the highest overall rate of return possible on the owner’s investment.
B) manager’s time is maximized in the management of the property.
C) is seldom vacant because it is consistently rented at the lowest possible rents.
D) exhibits the proper amount of the owner’s pride of ownership.
A) is managed to achieve the highest overall rate of return possible on the owner’s investment.
The three principal responsibilities of the property manager are to
achieve the objectives of the property owner, to generate income for the owner, and to preserve and/or increase the value of the investment property
Title III of the Americans with Disabilities Act (ADA) impacts which type of property?
Commercial and public accommodations
The ADA impacts commercial properties and public accommodations. Type of ownership has no bearing on compliance.
Because senior housing includes subsidized units, the property manager needs to be familiar with
A) state and federal rules pertaining to eligibility requirements and income verification.
B) nutrition.
C) health care providers.
D) elder abuse laws.
A) state and federal rules pertaining to eligibility requirements and income verification.
A real estate broker acting as an owner’s property manager
A) must not profit from private contracts at the expense of the owner.
B) need not maintain complete and accurate trust account records.
C) can personally collect the interest earned on trust account funds.
D) may manage the client’s property to their own advantage.
A) must not profit from private contracts at the expense of the owner
As the general agent, the property manager is charged with the fiduciary responsibilities of
care, obedience, loyalty, disclosure, accounting, and confidence
(COLDAC)
Residential leases are usually expressed as a(n)
A)percentage of total space available.
B)annual rate per room.
C)annual or monthly rate per square foot.
D)monthly rate per unit.
D)monthly rate per unit.
A highrise apartment building burns to the ground. What type of insurance covers the landlord against the resulting loss of rent?
A) Consequential loss, use, and occupancy
B) Liability
C) Fire and hazard
D) Casualty
C) Fire and hazard
