Real Estate: Property Management Exam Questions/Answers – Flashcards
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When a broker or property manager signs a contract to manage an owner's property he becomes a
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Fiduciary
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In establishing a client's trust account, a property manager must do all of the following
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-control the receipts and disbursements on the account -use pre-numbered checks for the account -be an authorized signer on the account
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An owner of real estate who engages a property manager to manage his property must receive a copy of the signed property management agreement.... when?
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PROMPTLY
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If a tenant's termination of tenancy occurs at the same time as the property manager's termination of the applicable property management agreement...
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the property manager must complete a final accounting procedure involving the tenant's security deposit unless the owner directs otherwise.
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A licensed real estate property manager may authorize...? I. another licensed property manager to supervise his property activity in his absence II. an unlicensed bookkeeper to supervise in his absence
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I only
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Oregon law requires that checks used to disburse funds deposited into a clients's trust account be
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pre-numbered
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When evaluating the data in a neighborhood market survey, a residential property manager will be most concerned with
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trends in population composition
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Property managers are responsible for...
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I. protecting the condition of real estate II. maximizing income from real property
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A person licensed as a real estate property manager may accept a finder's fee from a principal real estate broker for activity involving
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the rental of real property
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A property manager should be aware of the break-even point to any buildings he manages. The BREAK-EVEN Point is:
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The occupancy level at which gross income for a property equals total fixed and variable operating costs
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Which of the following statements concerning property management accounting are TRUE? a. Posting to the owner's ledger account must be done at least once every three months b. Reports to the owner must be given only upon request by the owner c. Property managers may transfer funds between owners' accounts of two or more different owners with written authorization by the owners. d. The available credit balance in an owner's account includes tenants' security deposits.
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c. Property managers may transfer funds between owners' accounts of two or more different owners with written authorization by the owners.
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In property management, an operating budget
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is a projection of anticipated costs for the annual operation of a building.
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Which of the following would NOT be a consideration in selecting a tenant? a. Racial and ethnic backgrounds of the tenants b. The size of space versus the tenant's requirements c. Compatibility of the business to the other tenants d. The tenant's ability to pay
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a. Racial and ethnic backgrounds of the tenants
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A percentage lease is a lease
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"which covers the lending of money and interest charged thereon."
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The manager of an apartment complex that falls within the requirements of federal fair housing laws may legally do which of the following? I. Segregate the families with children in specific portions of the complex II. Charge families with children higher rents than for tenants without children
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Neither
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Under the Oregon Landlord and Tenant Act, landlords are responsible to provide
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-adequate trash and garbage receptacles. -weatherproof and waterproof roofs and exteriors
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The client's trust account for a property manager must
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Bear the words "Clients' Trust account" on the face of the checks used for the account.
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According to the Oregon Landlord and Tenant Act, a tenant must receive a notice of which of the following when a rental agreement is signed:
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I. Utilities paid by the tenant which benefit other tenants. II. Any pending legal proceeding against the landlord which involves the rented property if the rented property includes no more than 4 dwelling units. III. Name and address of the property owner or the person authorized by the owner to manage the property.
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Which of the following is NOT a common characteristic of property management agreements? A. Provision for monthly report B. Long-Term contract period C. Specification of management fees D. Names of parties to the agreement
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B. Long-Term contract period
