SAE - Property Management (Texas) Exam with 100% Correct Answers 2023
Which statement is correct?
A. Property mgmt & real estate brokerage are the same thing
B. All real estate brokers in Texas must allow sponsored agents to perform property mgmt activities
*C. Some real estate brokers do not...
SAE - Property Management (Texas) Exam with 100%
Correct Answers 2023
Which statement is correct?
A. Property mgmt & real estate brokerage are the same thing
B. All real estate brokers in Texas must allow sponsored agents to perform property
mgmt activities
*C. Some real estate brokers do not allow property mgmt activities by their sponsored
agents
D. Property mgmt is not considered a real estate brokerage activity in Texas
In Texas, agents need to be __________ in order to show, lease or accept
payment for soliciting space for property owners.
Licensed
A(n) ________ is a person who, for a fee, manages a property for someone else.
Property manager
The four phases of a business cycle are prosperity, recession, contraction, and
___________.
Recovery
Equilibrium is said to be reached if:
There is high supply and high demand
Which statement is correct?
*A. Real estate cycles can take longer than the general economic cycle
B. Real estate cycles and general economic cycles always move at exactly the same
pace
C. General economic cycles always take longer than real estate cycles
D. No one can ever predict real estate or economic cycles
__________ is every avenue a business pursues in order to reach out to the
public to be seen.
Marketing
The ____________ is the physical location the product can be found.
Place
The __________ include: product, promotion, price, and place.
The Four P's of Marketing
Property management companies that operate under the __________ have
dedicated property managers who are involved with every aspect of the
properties they manage.
Portfolio structure
_________ are charged to each client to cover all of the services the property
manager provides.
Management fees
Which of the following is true?
A. It is better to be conservative on expenses and liberal on income
B. Owners do not usually mind if the actual budget far exceeds the estimated budget
, C. The actual budget and the estimated budget almost always match exactly
*D. When budgeting for owners, property managers need to be conservative on income
and liberal on expenses
The fiduciary duties a property manager owes to the owner are _________,
loyalty, disclosure, confidentiality, accounting, and reasonable care.
Obedience
Which of the following should be included in a property management agreement?
A. Policies and procedures for the repair of the property
B. Duties and responsibilities of the property manger
C. The management term
*D. All of these
Which statement regarding reserves is incorrect?
A. Reserve amounts are established based on the age, size, and residential profile of
the property
B. Older, larger properties will need more money in reserves to pay for repairs, etc.
C. Reserves are held by the property manager to pay services providers and other
costs associated with managing the property
*D. The money for reserves comes from the property manager's own business accounts
A solid, written rent collection policy should include:
A. Suggestions for fire safety
*B. When to pay
C. Repair request forms
D. Lease renewal policies
Typically, most property managers will not accept __________ for rent payments
Cash
A property manager may not charge a late fee unless:
It is clearly stated in the written lease
Directions: Read the scenario and answer the questions that follow. Investor Mike
owns a 200-unit residential property. For the last two years, rents have stayed the
same because Mike subscribes to the philosophy that 100% occupancy is better
than losing tenants to his competitors. After attending a real estate investment
seminar, Mike realizes that by not raising rents for the last two years he has been
missing out on literally thousands of dollars in profit. He believes that the market
will support a rental increase, yet he is hesitant of raising the rents so much that
his good tenants will get angry and move elsewhere. After doing some research
into raising rental rates, Mike is now motivated and wants to raise the value of his
asset, so he calls up his property manager, Jay, and informs him that he needs to
raise the rent on each unit by 5% per month in the next 12 months as lease terms
expire or units are re-leased. Jay knows that most of the residents will not balk at
a $45 per month increase because it will cost much more than that to move, but
he also knows there will be some objections, and which exactly which tenants
will object the loudest. He drafts the formal rental increase notice and braces
himself for the onslaught of resident complaints. Assume that the property is at
100% occupancy.
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