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ACEABLE REAL ESTATE PRACTICE QUESTION1.
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ACEABLE REAL ESTATE PRACTICE QUESTION1.
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ACEABLE REAL ESTATE PRACTICEQUESTIONS (NC) PART 6 Questions with Correct
Answers
Which of the following is NOT an example of someone who is likely to
hire a property manager? Correct Answer-a retired agent with a lot of
free time who owns one single-family residence rental property
Which of the following is TRUE of individual building managers?
Correct Answer-They are typically in charge of one larger property.
The property manager's primary duty is to: Correct Answer-maximize
the owner's investment
Maude is a property manager. She is authorized to manage all of her
owner's affairs within certain specified areas, like collecting rent and
marketing her property. What type of agent is Maude? Correct Answer-
general agent
Jerrica is a property manager for property owner Jillian's duplex. What is
Jerrica's PRIMARY responsibility to Jillian in this relationship? Correct
Answer-to realize the highest return possible and maximize the owner's
return on that investment
Ralph wondered whether he had authority as the property manager for
the strip mall to allow a local Girl Scouts troop to set up a cookie stand
in the mall's parking lot. The property owner was traveling the world
and would be unreachable for months.
,Where could Ralph look to find the answer to his question? Correct
Answer-his property management agreement
The lessee is the: Correct Answer-party who leases a property
Which of the following are NOT a part of a market analysis? Correct
Answer-construction costs
"Build-outs" is another name for: Correct Answer-tenant improvements
How is the net operating income determined? Correct Answer-effective
gross income - operating expenses
What is a cash reserve? Correct Answer-a portion of funds allocated to
pay for variable expenses
Which of the following statements is TRUE regarding operating budgets
and operating statements? Correct Answer-Operating budgets plan for
future operating expenses and operating statements report past expenses.
What is the difference between a percentage fee and a flat fee? Correct
Answer-a percentage fee is based on a property's income and a flat fee
does not vary
, What must a rental rate set by a property manager do? Correct Answer-
be enough to cover the operating expenses and yield a positive return on
the investment
A property manager's primary responsibility is to maximize: Correct
Answer-the property owner's return on investment
Vincent only manages residential properties. He lives on-site at the
apartment complex he manages under the employment of a real estate
broker. Vincent is most likely a(n): Correct Answer-resident manager
Elvira's Apartments is a gothic mansion that has been turned into a
residential complex with 13 units. Each unit rents for $1,300 per month,
and 10 of the units are occupied. What is the effective gross income for
Elvira's Apartments this month? Correct Answer-$13,000
You pull up a report that lists the number of units in a property, the
names of its tenants, lease terms, rental income, and balances owed by
tenants. What kind of report is this? Correct Answer-rent roll
Jennifer, a property manager, is drafting some marketing materials for
the apartment complex she manages. She recalls that real estate licensees
must be very careful not to exclude or favor any protected classes. But
do these rules apply to her as a property manager seeking tenants?
Correct Answer-Yes! Discriminatory advertising would be illegal.
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