Texas Real Estate Property Management Exam Questions With Revised Answers
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Course
Texas Real estate
Institution
Texas Real Estate
Texas Real Estate Property Management
Exam Questions With Revised Answers
Candidates for a CPM certification must meet the criteria established by: - answerIREM
An Advisory Services Specialist would be a member of _______ - answerSIOR
Which organization would you turn to in order to obtain rent...
Texas Real Estate Property Management
Exam Questions With Revised Answers
Candidates for a CPM certification must meet the criteria established by: - answer✔✔IREM
An Advisory Services Specialist would be a member of _______ - answer✔✔SIOR
Which organization would you turn to in order to obtain rental forms for Texas apartment
housing? - answer✔✔TAA
Which of the following factors is unimportant in determining the amount of rent a landlord could
charge? - answer✔✔Corporate entity
What should a landlord do if it becomes necessary to reduce rent to fill vacancies? -
answer✔✔Reduce the length of lease terms
When a property manager has funds in an account designed to pay for emergency items, the
account is known as a ________. - answer✔✔Reserve
Who maintains the physical integrity of the property and develops a plan for building adequate
reserves for replacement? - answer✔✔The property manager
If there is a person who works for both the property owner and the property manager, what
document defines whose employee the person is? - answer✔✔The management agreement
What is the most important thing to do when implementing a marketing plan? - answer✔✔stay
with the plan long enough for it to work
Regulation Z is which of the following? - answer✔✔The Truth in Lending Act
When marketing residential properties, direct mail should be used _____________. -
answer✔✔to reach specific audiences
What could the rent increase be tied to? - answer✔✔The Consumer Price Index (CPI)
What is the component of the business plan that includes staffing, startup budget, and sales
forecasts? - answer✔✔The Financial Plans
What item will most likely be the most expensive equipment for the office? -
answer✔✔Telephones
What is the first thing you should do when starting a property management business? -
answer✔✔Put together a business plan
What is an escalation clause? - answer✔✔A lease clause that allows for set increases in rent
What is your best source for information on retail market data? - answer✔✔ICSC
An employer must pay FUTA to workers if their wages are more than __________per year -
answer✔✔$1,500
What is the simplest form of business ownership? - answer✔✔Sole proprietorship
The management agreement can be modified by ____________. - answer✔✔written agreement
If a tenant purchases a property from the owner, the broker's fee is usually ___________. -
answer✔✔a percentage of the sales price
What happens if the reserve account has insufficient funds - answer✔✔The owner must
replenish the funds to the minimum level
What type of senior facility has limited medical assistance? - answer✔✔Assisted living
Which of the following refers to the rules created by the Unit Owners' Association (UOA)? -
answer✔✔Fixed
What interest does a time share owner have in the time share unit? - answer✔✔The interest in a
timeshare is either a fee simple (ownership) interest or a leasehold interest over the course of a
certain number of years.
Which of the following is not a freehold estate? - answer✔✔Tenancy at Will
Freehold Estate - answer✔✔The four types of freehold are; fee simple, fee defeasible, life estate,
and fee tail.
What typically happens to the improvements at the end of a ground lease? - answer✔✔The
landlord will own them
Net lease - answer✔✔In a net lease the owner passes many of the costs to the tenant, who pays
the taxes, insurance and maintenance costs. Net leases are typically commercial leases.
When can a Tenant change its use in a retail center? - answer✔✔When the Landlord grants a
request to do so in writing.
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