Property Management Final Exam

1. The first practical elevator powered by electricity was the:

2. An owner who hires a property manager benefits from:

3. Generally, renting or leasing real property in an agency capacity requires a(n):

4. Which of the following is the most prestigious and widely recognized designation for professional property management?

5. “Cash flow” is:

6. What owners want is:

7. Your management plan should show:

8. National and local economic conditions will affect which aspect(s) of your management plan?

9. The length of a property management contract should be related to:

10. Which of the following is generally true of a residential property management contract?

11. Any amendment to the original management agreement:

12. A lease contract requires which of the following contractual requirements?

13. The “statute of frauds” in place in every state determines, among other things,:

14. Which of the following is the most common type of periodic tenancy?

15. “Net leases” are generally for:

16. “Ground leases” are usually:

17. It is best to qualify a tenant:

18. With residential leases, you want the lease to expire:

19. There is NO lease until:

20. When preparing for lease negotiations with a potential lessee, the property manager must determine:

21. A rent acceleration clause in a residential lease is:

22. By agreeing to binding arbitration, the parties:

23. Which of the following would generally not be accepted by the property manager for payment of rent?

24. A “competition clause” in a commercial lease is also known as a:

25. Commercial leases generally include a requirement that any contractors used by the tenant:

26. For commercial and industrial tenants, “fixtures” are usually regarded as:

27. Lead-based paint has NOT been used in residential property since:

28. The general rule of HUD limits occupancy to:

29. In many states, the failure of the lessor to post a “notice of nonresponsibility” within how many days after he or she has knowledge of a tenant authorizing construction work on the premises would make the property subject to mechanics’ liens?

30. Which of the following is true with regards to rent control?

31. Residential property management agreements should NOT be for a period of:

32. Security deposits CANNOT be applied to:

33. The right of a handicapped person to have a seeing-eye dog or support animal CANNOT be refused by a landlord under:

34. When it comes right down to it, what determines rents?

35. An appraisal can best be described as:

36. A landlord must account for deposits within how many days of the termination of the tenancy?

37. In a pedestrian shopping street, which location commands the highest rent?

38. Mega-malls are in direct competition with:

39. Warehouses with large office areas are ideal for:

40. The major reason(s) a business fails is because of:

41. Which of the following would be a quality of a “Class A” building?

42. In a high-rise building, the lower floors are the least desirable because they:

43. Industrial property includes which of the following facilities?

44. In property management, “SRO” stands for:

45. Common Interest Developments (CIDs) include which of the following?

46. With regards to resort management:

47. Hotel and motel operations require specialized knowledge and experience because of which of the following?

48. Which of the following is true with regards to liability?

49. The English Doctrine of Respondeat Superior states that:

50. A property owner generally does NOT have any liability:

51. Which of the following is most closely related to “DRAM shop liability”?

52. “Risk management” means:

53. An “umbrella” policy is a:

54. The standard policy of fire insurance covers:

55. Normal casualty insurance policies:

56. Owners, Landlords, and Tenants Liability (OLT) coverage pays for damage to property and/or persons caused by:

57. When a property manager is in doubt about what to disclose, he or she should:

58. The best risk management is:

59. Which type of door provides the greatest security against forced entry?

60. Which type of dead bolt lock violates fire ordinances in some areas of the country?

61. The preferred security alarm system is the:

62. Owners must keep records and file reports with OSHA when they have:

63. To be cost effective, items that are used in a building, such as faucets and locks, should be:

64. Maintenance schedules tend to get in a rut when tied to:

65. Which type of roof seldom has to be replaced?

66. When evaluating carpeting, experts will look most closely at the:

67. A broker’s (property manager’s) trust account must be:

68. In California, it is considered commingling for a broker to fail to deposit designated trust funds into his or her trust account within:

69. A real estate broker must maintain trust records (as well as other records relating to a transaction) for a statutory period. That retention period shall run from the:

70. To which of the following sites would you most likely upload your business profile?

71. Whether you advertise on Craigslist or the Yellowpages.com, institutional advertising:

72. What type of broker will generally be the best source of management opportunities?

73. The leverage you have in dealing with a lender will depend on:

74. Advertising the sale or lease of properties in the newspaper classified section is rapidly being replaced by placing ads on:

75. Which of the following advertising options, in addition to websites like Craigslist, is the most cost-effective?

76. Public transit ads are generally the most effective for:

77. A good classified ad should at least indicate:

78. “Fair housing” means:

79. What case made the courts enforce the Civil Rights Act of 1866?

80. The Civil Rights Act of 1968 is more commonly called the:

81. Which of the following would not fall under the category of “handicapped”?

82. Discriminatory advertising is prohibited by the:

83. It is discriminatory to deny equal enjoyment of goods, services, facilities, and accommodations in an existing place of public accommodation (nonresidential) under the:

84. Under the Equal Credit Opportunity Act, property managers CANNOT ask a prospective tenant questions regarding his or her:

85. In simple terms, “ethics” can best be described as:

86. As a property manager, prospective tenants you should NOT consider renting to include:

87. When you have a tenant waiting list, your best practice would be to contact prospects first who:

88. For a month-to-month tenancy, the lessor can change the rent or other terms of the tenancy usually by giving a:

89. If you accept a partial rent payment after filing an unlawful detainer action:

90. ADR refers to:

91. In dealing with an owner, the property manager must show:

92. When a purchaser is induced to begin the bargaining process with an offer and then later induced to raise it, it is called:

93. A book that would list an employee’s job duties and company rules is called a(n):

94. A company dress code should reflect:

95. “Completed staff work” would include:

96. A secret payment from potential tenants to a manager to give them occupancy is called:

97. Most management fees are based on a:

98. A property manager does not want to hire any illegal aliens. To be on the safe side, the manager can properly:

99. Items that should be included in an employee’s file include:

100. Your purpose in evaluating your employees should be to: