Modern Real Estate Practice Chapter 19 Property Management Quiz – Flashcards
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Which type of insurance coverage insures an employer against MOST claims for job-related injuries?............
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Workers Compensation
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Avoid, control, transfer or retain are the four alternative techniques of .........
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Risk Management
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Adaptions of property specifications to suit tenant requirements are........
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Tenant Improvements
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A guest slips on an icy apartment building stair and is hospitalized. A claim against the building owner for medical expenses may be paid under which of the following policies held by the owner?
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Liability
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All of the following should be included in a management agreement EXCEPT...property description; compensation; restrictions regarding ages of children; extent of manager's authority.
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Restrictions Regarding Ages of Children
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A property manager is offered a choice of three insurance policies with different deductibles. If the property manager selects the policy with the highest deductible, which risk management technique is being used?
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Retaining Risk
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Abestos sick building syndrome and lead based paint are all examples of...
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Environmental Concerns that a Property Manager may have to Address
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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 ......
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The Building's Owner
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Which od the following would be considered a variable expense when a manager develops an operating budget?
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Building Repairs
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In MOST market areas, rents are determined by.......
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Supply and Demand Factors
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A property manager hires a full time maintenance person. While repairing a faucet in one of the apartments, the maintenance person steals a laptop comouter and the tenant sues the owner. The property manager could protect the owner against this type of loss by purchasing...
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A Surety Bond
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Residential leases are usually expressed as a.......
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Monthly Rate Per Unit
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A property manager repairs a leaking sink. This is classified as which type of maintenance?
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Corrective
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A property manager who enters into a management agreement with an owner is usually a....
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General Agent
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A statement sent to an owner that does not reflect the entire debt service as an expense is called.....
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Profit and Loss Statement
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An insurance policy package that includes standard commercial property coverage such as fire hazard public liability and casualty is called what type of policy?
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Multiperil
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Removing existing barries when readily achievable in public buildings, such as adding Braille markings to elevator buttons, in a requirement of which law?
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Americans with Disabilities Act
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Title III of the Americans with disabilities act impacts which type of property?
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Commercial and Public Accommodations
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In evaluating rental applications it is important for the manager to establish consistent criteria for acceptable debt and income ratios in order to be in compliance with....
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The Equal Credit Opportunity Act
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A high-rise apartment building burns to the ground. What type of insurance covers the landlord against the resulting loss of rent?
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Consequential loss, use and occupancy
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A property managers first responsibility to the owner should be to
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realize the highest profit possible consistent with the owners instructions
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The property managers relationship with the owner is most similar to that of a
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real estate agent
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all of the following should be included in a written management agreement except a
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statement identifying the managers creditors
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If apartment 3B rents for $750 per month and the manager receives a 12 percent commission on all new tenants, how much will the manager receive when he or she rents 3B, assuming that this commission is calculated in the usual way?
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$1,080
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What would be the annual rent per square foot for a 30 foot x 40 foot property that rents for $2,950 per month?
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$29.50
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Of the following, a high vacancy rate most likely indicates
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a defective property
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Which of the following is an example of corrective maintenance?
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repairing a hot water heater
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The ADA applies to
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commercial properties and employers of at least 15 employees
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Under the ADA, existing barriers must be removed
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when removal may be accomplished in a readily achievable manner
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A company was moving from one part of the city to another. during the move, a computer worth more than $750,000 was accidentally dropped into the river. fortunately, the company was insured under several places. The policy that would likely cover the computer during the move from one facility to another is
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contents and personal property policy
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All of the following are principal responsibilities of the property manager except
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forcibly remove tenants for nonpayment of rent
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What is the purpose of an operating budget for a property manager?
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It is a guide for the property financial performance in the future
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What type of plan does a property manager implement to deal with renters who do not pay their rent in a timely way?
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collection plan
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One way that property managers meet the goals of ECOA is by
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making sure to use the same lease application for every applicant
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According to the Fair housing act what is steering?
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channeling of protected class members to certain buildings or neighborhoods
