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19 Cards in this Set
- Front
- Back
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All of the following can be signors on a property management trust account except:
a. Designated Broker b. Managers licensed under the broker c. Property Owner d. Employees of the broker |
c. Property owner
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Which of the following is not true regarding a property management trust account:
a. Multiple properties can be in one trust account b. A salesperson can be a signator on the trust account c. A salesperson signator may sign checks paying miscellaneous maintenance fees d. Only licensed signatories are permitted |
d. Only licensed signatories are permitted
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A property management agreement may be terminated:
a. By a ruling of the real estate department b. Within 10 day written notice by either party c. Within anytime that was agreed to in the agreement d. With a majority consent of the lessees |
c. Within anytime that was agreed to in the agreement
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If the landlord fails to comply with the rental agreement in matters affecting health and safety, the tenant may terminate the lease if the breach is not corrected in how many days?
a. 3 days b. 5 days c. 10 days d. 14 days |
b. 5 days
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A property owner has an agreement with a property manager. The broker-manager license expires. Which of the following is true?
a. The agreement is valid for a one-year grace period b. The agreement is suspended until the license is renewed c. The agreement will terminate when the broker's license expires d. The agreement will continue until the stated expiration date |
c. The agreement will terminate when the broker's license expires
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Who may sign a commission check paid out of a broker's trust account?
a. Salesperson b. Broker c. Salesperson or broker d. Company bookkeeper |
c. Salesperson or broker
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What is the maximum security deposit allowed by the Arizona Landlord Tenant Act?
a. One month rent b. 1 1/2 month's rent c. 1 1/2 month's rent plus last month d. First and last months rent plus 1 1/2 months security |
b. 1 1/2 month's rent
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A broker, acting as a property manager, would be what type of agent:
a. Special b. General c. Implied d. Ostensible |
b. General
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An apartment complex would be required to keep the common grounds accessible to all the residents. Which of the following would cover this requirement?
a. Equal Opportunity Act b. Equal Common Grounds act c. Federal Fair Housing d. American with Disabilities Act |
c. Federal Fair Housing
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A buyer buys a leasehold interest in an apartment building. This interest is most likely:
a. Stock in a co-op b. A partnership interest c. Fee interest d. Patio home ownership |
a. Stock in a co-op
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In a property management contract, what relationship does the manager have with the owner?
a. Implied Agency b. Agency by Estoppel c. Leasehold Interest d. Fiduciary |
d. Fiduciary
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The Equal Credit Opportunity Act, the borrower would have all of the following rights except:
a. Right to know why a loan was denied b. Poor credit report in the past can not be a reason for denial c. Protection against questions regarding marital status, age, and pregnancy d. The right to use income from public assistance |
b. Poor credit report in the past can not be a reason for denial
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Q has moved into a cooperative, which of the following is true?
a. Q owns a limited partnership interest in the building b. Q owns the unit fee simple c. Q may have to make a larger payment if the other parties do not make their payments d. Q may not deduct taxes and insurance on his income taxes because he only pays monthly rent |
c. Q may have to make a larger payment if the other parties do not make their payments
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A handicapped man rents an apartment that is not handicapped accessible. Which of the following is true regarding the handicapped parking situation if the owner has three reserved spaces near the units for $200 a month:
a. The owner must evict a tenant from the space and give it to the handicapped tenant. b. The owner would provide the space free of charge if the handicapped person demonstrates the need for one month. c. The owner may provide the reserved space to the handicapped person at the same $200 per month charge d. The owner is responsible to provide the reserved space to the handicapped person when it becomes available at no extra charge. |
d. The owner is responsible to provide the reserved space to the handicapped person when it becomes available at no extra charge
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A disabled person rents a hous and has an assistance animal. Which of the following is true regarding a pet deposit?
a. A pet deposit may not be charged b. A pet deposit may be charged c. A pet fee may be charged if the dog does damage d. A pet deposit may be charged under handicapped deposit requirements |
A. A pet deposit may not be charged
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When an occupant holds a long term proprietary lease this is referred to as:
a. Condominium b. Townhouse c. Co-operative d. Apartment |
c. Co-operative
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Familial Status under Federal Fair Housing prohibits discrimination against:
a. Parents and all children b. Parents that are handicapped c. Parents with children under 18 years of age d. Children as long as they are dependent |
c. Parents with children under 18 years of age
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A seller wants to list a four-plex and live in one unit but doesn't want any children in the units. What should the agent do?
a. List the property and say no children b. Refuse the listing, it violates fair housing c. Charge the families with children a higher deposit d. Refuse the application if they have children |
b. Refuse the listing, it violates fair housing
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The fair housing act of 1968 would cover which of the following listed below:
a. National origin b. Marital Status c. Age d. Gender |
a. National origin
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