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Property Management Exam With Verified Answers| 100% Correct| Grade A+
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Property Management Exam With Verified Answers| 100% Correct| Grade A+
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Property Management Exam With Verified Answers|100% Correct| Grade A+
When evaluating the data in a neighborhood market survey, a residential property manager will be most
concerned with - ✔✔trends in population demographics
Economic oversupply results when - ✔✔tenants cannot afford the rents
What should the manager do if the building is 100% occupied? - ✔✔Consider raising the rents
Prospective tenants form their initial impression of a rental property based on the - ✔✔curb appeal
of the property
After inspecting and analyzing the comparables, a property manager should be able to estimate the
routine operating costs for the subject property and - ✔✔provide the owner with an estimate of
the capital expenditures required to make the property competitive with similar properties
A good management plan is based on - ✔✔an operating budget for one year
What should a property manager keep in mind when setting goals and objectives? - ✔✔A
property manager may make a real contribution by assisting in establishing written goals
Cash flow from a property is predicted by which of the following formulas? - ✔✔Anticipated
revenue minus total adjusted operating expenses and minus debt service
The determining factor in the acceptance or rejection of the management plan will be the - ✔✔owner's
objectives
,In preparing a management plan for the owner to review, the manager - ✔✔should realize the owner's
objectives will be the deciding factor in its adoption
The law of agency requires the manager to - ✔✔Maintain confidentiality and loyalty to the owner's
best interests
A property manager acting as an agent owes the duties of: - ✔✔care, loyalty, obedience, accounting,
and disclosure to the principal
When analyzing demand for office space, the total number of vacant square feet of office space in the
market area divided by the square footage historically leased per year. - ✔✔absorption rate
A mandatory method of calculating depreciation for tax purposes passed into law in 1981 and revised in
1986 - ✔✔Accelerated Cost Recovery System
In the event of a breach of contract, the award of money to compensate for the actual loss caused
by the failure of the non-breaching party. - ✔✔Actual damages
Forcible removal of a tenant from a property by an officer of the court after a judgement decree
of possession has been issued in favor of the owner - ✔✔Actual eviction
Purchased space in a newspaper, magazine, or other medium used to attract public attention to
a commodity for sale or lease - ✔✔Advertising
An individual who is legally empowered to act on behalf of another - ✔✔Agent
A law that requires that property that is open to the public include features that facilitate access to
the building - ✔✔Americans with Disabilities Act (ADA)
Major department store in a shopping center. Also called key tenant. This tenant is important as it is
meant to draw in many customers who may also shop at the smaller stores. - ✔✔Anchor store, Anchor
tenants
, Laws designed to preserve free enterprise of the open marketplace by making illegal certain private
conspiracies and combinations formed to minimize competition - ✔✔Antitrust Laws
Most violations of antitrust laws in the real estate business involve either ____ _______ or _______ __
______ __ _____ - ✔✔Price fixing, Allocation of customers or services
A mineral fiber, classified as a carcinogen. It is often found in older properties where it was in insulation,
siding, concrete, floor and ceiling tiles, plasters, and more - ✔✔Asbestos
1.) A monthly fee paid by cooperative and condominium members to cover maintenance costs for the
property
2.) A special real estate tax levied by the government to finance improvements in the area
- ✔✔Assessment
The assembly, management, and disposition of a portfolio of investment properties - ✔✔Asset
Management Services
Transfer of a tenant's remaining rental rights in a property to a third party. The tenant can
transfer rights but not responsibilities unless agreed to by the landlord - ✔✔Assignment
Rent, per square foot for typical space in a building. It is higher than the minimum rate and reflects
features of property and its current value relative to similar buildings in the area - ✔✔Base Rate
Rehabilitation of residential properties that have deteriorated significantly - ✔✔Blight Correction
The illegal practice of inducing homeowners to sell or apartment dwellers to move out by
making representations about the prospective entry of persons of a certain race/national origin
into the neighborhood is also called: (also called panic selling) - ✔✔Blockbusting
Insurance protecting individuals or firms against default in the performance of their duties -
✔✔Bond Coverage
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