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16 Cards in this Set
- Front
- Back
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A management agreement is to a property manager like a(n)
a. listing agreement is to a broker b. lease is to a tenant c. deed is to a buyer d. assignment |
a. listing agreement is to a broker
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A real estate broker acting as an owner’s property manager
a. must not profit from private contracts at the expense of the owner b. may manage the client’s property to his or her own advantage c. need not maintain complete and accurate trust account records d. can personally collect the interest earned on trust account funds |
a. must not profit from private contracts at the expense of the owner
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Adaptations of property specifications to suit tenant requirements are
a. tax-exempt improvements b. tenant improvements c. prohibited by most nonresidential leases d. generally not a good idea |
b. tenant improvements
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A high vacancy rate may be caused by any of the following EXCEPT
a. inept management b. poor location c. excessive rent d. strong amenities |
d. strong amenities
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In determining rental amounts, a property manager considers the economic principle of
a. marginal contribution b. supply and demand c. conformity d. balance |
b. supply and demand
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All of the following are important functions of a property manager EXCEPT
a. supervising the maintenance of the property b. protecting the physical integrity of the property c. meeting the functional requirements of the tenants d. preparing the owner’s income tax returns |
d. preparing the owner’s income tax returns
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When dealing with risk, the options of a property manager include all of the following EXCEPT
a. avoid it b. retain it c. ignore it d. transfer it |
c. ignore it
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The property manager’s chief concern should be that
a. the property is seldom vacant because it is consistently rented at the lowest possible rents b. the property is managed to achieve the highest rate of return possible for the owner’s investment c. the property manager’s time is maximized in his or her management of the property d. the property exhibits the proper amount of the owner’s pride of ownership |
b. the property is managed to achieve the highest rate of return possible for the owner’s investment
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All of the following should be considerations in selecting a tenant for the property EXCEPT the
a. size of the available space relative to the tenant’s requirements b. tenant’s ability to make the rental payments c. compatibility of the tenant’s business with those of the other tenants d. ethnic background of the tenant and his or her employees |
d. ethnic background of the tenant and his or her employees
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A property management firm can receive its income as any of the following EXCEPT
a. a fixed fee b. a percentage of the net rentals collected c. a fixed fee with a percentage on new rentals d. a percentage of purchases made from suppliers |
d. a percentage of purchases made from suppliers
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The duties of a property manager generally include all of the following EXCEPT
a. renting space to tenants b. preparing a budget c. developing a management plan d. repairing a tenant’s fixture |
d. repairing a tenant’s fixture
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A property manager’s primary obligation is to
a. the tenants b. the owner c. the banker d. government authorities |
a. the tenants
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The manager of a commercial building has many responsibilities in connection with the operation and maintenance of the structure. The manager would normally be considered the agent of the
a. lessor of the building b. lessee of the building c. lessor and the lessee d. resident manager |
d. resident manager
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The type of maintenance that is most often overlooked is
a. corrective maintenance b. repairs c. Routine maintenance d. Preventative maintenance |
d. Preventative maintenance
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The successful property manager does all of the following EXCEPT
a. screens the tenants’ ability to pay b. studies rental rates in the area c. considers the type of business the tenant has d. appeases the tenants by repairing their equipment |
d. appeases the tenants by repairing their equipment
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Because of the complexity of the laws that affect today’s properties, a property manager should be familiar with all of the following EXCEPT
a. environmental hazards b. accessible construction c. nondiscriminatory practice d. investment securities laws |
d. investment securities laws
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