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Tx re property management With correct 200 questions and verified answers updated 2024
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Tx re property management With correct 200 questions and verified answers updated 2024
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Tx re property management With correct200 questions and verified answers
updated 2024
What is the contract under which a tenant goes into possession of a property or unit of
space for a certain period of time in return for payments to the landlord -
✔✔ANSW✔✔..Lease.
What is the correct term for the number of square feet that have been historically leased
in the market area? - ✔✔ANSW✔✔..Absorption rate. And analyzing demand for office
space, the property manager Must determine the absorption rate, or the number of
square feet that have historically been leased in the market area.
What is the last phase of a business cycle - ✔✔ANSW✔✔..A cycle consists of
1. expansion
2.recession
3.contraction
4.revival
What is the most common owner - property manager relationship? -
✔✔ANSW✔✔..Principal - agent
Created by a written contract signed by both parties. Agency is the term used to
describe the special relationship between the principal, the one who hires, and the
agent, the one who does the work.
What is the purpose of federal antitrust laws - ✔✔ANSW✔✔..Promotes competition.
,The purpose of federal antitrust laws, particularly the Sherman antitrust act, sister
promote competition in an open market place. Price fixing limits this competition and
damages the consumer because the consumer no longer has choices.
What must a property manager understand first to help the owner - ✔✔ANSW✔✔..Basic
economic trends.
To assist the owner, the property manager must first understand basic economic trends
and their applications for the real estate market. This knowledge enables the property
manager to assess the current and future potential other property in order to develop a
management plan for it.
What should a property manager do when first creating a management plan -
✔✔ANSW✔✔..Analysis of the owners objectives
There are four general steps involved in creating a management plan. First is an
analysis of the owners objectives, in which the manager identifies the owners goals for
the property and how well those goals correspond to the properties productive capacity
is
What should property manager Greg do about a risk that is certain, like all chipped paint
near the dumpsters - ✔✔ANSW✔✔..Remove the source of the risk.
As the owners representative, property manager must establish a method of risk
management to minimize the occurrence of damage and the problems created by legal
liability. When a risk is certain, or very likely, as it would be in a property with chipping
lead-based paint, for example, it is generally best to remove the source of the risk if
possible.
What should property manager Greg's first step be to implement risk management
principles - ✔✔ANSW✔✔..Identify risks and measure their frequency and severity
Risk management principles can be examined and implemented in the following ways:
Identifying The risk and measuring its frequency and financial severity
Avoiding the risk or discontinuing the loss causing activity
Controlling the risk with safety programs, loss reduction plans and emergency
preparedness
Retaining the risk and internally funding loss consequences
Transferring the risk to ensures or third parties.
, What will a property manager not examine when creating a market analysis -
✔✔ANSW✔✔..Religious practices of the local population
___Can be very subtle and difficult to detect, but it can also be un intentional -
✔✔ANSW✔✔..Steering
___Is the active encouraging people to sell or rent by claiming that the entry of a
protected class of people into the area will have some negative impact on property
values - ✔✔ANSW✔✔..Blockbusting
___Is the channeling of members of protected classes to areas already occupied
primarily by members of those classes - ✔✔ANSW✔✔..Steering
A current example of___is congregating all families with children in one building or on
one floor away from tenants without children - ✔✔ANSW✔✔..Steering
A fire causes $40,000 in damages. How much will the insurance company pay if the
building is insured for $80,000 with 80% coinsurance - ✔✔ANSW✔✔..$40,000.
If there is a loss of $40,000 on the $100,000 building insured for $80,000 with 80%
coinsurance, the insurer will pay the entire loss of $40,000. If there is a loss of $100,000
of the insurer will pay $80,000.
A lease agreement needs to include which of the following things - ✔✔ANSW✔✔..A
description of actions that will result in Eviction
A lease agreement does not need to include information about general property policy
such as parking or grounds. There is a variety of information that illegally valid lease
agreement should contain. Such as inclusion of a due date for rental payments,
descriptions of any grace periods and late fee policies, and a description of actions that
will result in election.
A message from the manager or rental agent that property or neighborhood is
undergoing changes because he certain group is moving in may be viewed as -
✔✔ANSW✔✔..Blockbusting
A property manager has received rental applications from a variety of people from a
diverse background. He wants to ensure tenants can and will pay rent on time and
maintain the unit how can Greg do this and avoid the appearance of Discrimination -
✔✔ANSW✔✔..Use the same standard questions procedures and paperwork for all
applications
To avoid even the appearance of discrimination, managers should have a standard set
of questions that they ask all prospective tenants. People shouldgenerally receive the
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