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Real Estate Unit 17- property managers

Property management begins with a

A)

time commitment of the manager.

B)

commission understanding.

C)

marketing plan.

D)

management plan.

d
All of the following are important functions of a property manager EXCEPT

A)

supervising the maintenance of the property.

B)

preparing the owner’s income tax returns.

C)

meeting the functional requirements of the tenants.

D)

protecting the physical integrity of the property.

b
Which type of insurance coverage insures an employer against MOST claims for job-related injuries?

A)

Consequential loss

B)

Casualty

C)

Workers’ compensation

D)

Surety bond

c
Adaptations of property specifications to suit tenant requirements are

A)

tax-exempt improvements.

B)

generally not a good idea.

C)

tenant improvements.

D)

prohibited by most nonresidential leases.

c
The property manager’s chief concern should be that the property

A)

exhibits the proper amount of the owner’s pride of ownership.

B)

is managed to achieve the highest overall rate of return possible on the owner’s investment.

C)

is seldom vacant because it is consistently rented at the lowest possible rents.

D)

manager’s time is maximized in the management of the property.

b
Which of the following would be considered a variable expense when a manager develops an operating budget?

A)

Utilities

B)

Basic operating costs

C)

Employee wages

D)

Building repairs

d
The scope of a property manager’s work depends on the terms of the

A)

escrow contract.

B)

tenant rules.

C)

management agreement.

D)

rental agreement.

c
All of the following should be included in a management agreement EXCEPT

A)

restrictions regarding ages of children.

B)

a description of the property.

C)

the extent of the manager’s authority.

D)

compensation.

a
The Equal Credit Opportunity Act prohibits

A)

discrimination based on the sexual orientation of the prospective tenant.

B)

discrimination in applying credit-qualifying standards.

C)

setting maximum debt-to-income limitations.

D)

requiring a credit report from prospective renters.

b
A management agreement is to a property manager as a(n)

A)

deed is to a buyer.

B)

assignment is to an assignee.

C)

listing agreement is to a broker.

D)

lease is to a tenant.

c
In determining rental amounts, a property manager considers the economic principle of

A)

conformity.

B)

supply and demand.

C)

marginal contribution.

D)

balance.

b
Because subsidized housing is involved in managing properties for the elderly, these property managers need to be familiar with

A)

elder abuse laws.

B)

nutrition.

C)

state and federal rules pertaining to eligibility requirements and income verification.

D)

health care providers.

c
In MOST market areas, rents are determined by

A)

HUD.

B)

a tenants’ union.

C)

the local apartment owners’ association.

D)

supply and demand factors

d
The manager’s primary goal is to operate and maintain the physical property in such a way as to

A)

attract only higher-income tenants.

B)

earn the greatest commission from management activities.

C)

preserve and enhance the owner’s capital investment.

D)

facilitate optimum time management

c
Managers who monitor a portfolio of properties similar to a securities portfolio by analyzing the performance of the properties and making recommendations to the owners of the properties are called

A)

property analysts.

B)

asset specialists.

C)

portfolio specialists.

D)

asset managers.

d

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