A management agreement is to a property manager as a(n)
listing agreement is to a broker.
lease is to a tenant.
deed is to a buyer.
assignment.
A real estate broker acting as an owner's property manager
must not profit from private contracts at the expense of the owner.
May manage the client's property to his or her own advantage.
need not maintain complete and accurate trust account records.
can personally collect the interest earned on the account funds.
Adaptations of property specifications to suit tenant requirements are
tax-exempt improvements.
tenant improvements.
prohibited by most nonresidential leases.
generally not a good idea.
All of the following would cause a high vacancy rate EXCEPT
Inept management
Poor location
Excessive rent
Very desirable amenities
In determining rental amounts, a property manager considers the economic principle of
marginal contribution.
supply and demand.
conformity.
balance.
All of the following are important functions of a property manager EXCEPT
Supervising the maintenance of the property
Protecting the physical integrity of the property
Meeting the functional requirements of the tenants
Preparing the owner's income tax returns
All of the following are alternative risk management techniques EXCEPT
avoiding it.
retaining it.
ignoring it.
transferring it.
The property manager's chief concern should be that
the property is seldom vacant because it is consistently rented at the lowest possible rents.
the property is managed to achieve the highest overall rate of return possible on the owner's investment.
the property manager's time is maximized in his or her management of the property.
the property exhibits the proper amount of the owner's pride of ownership.
The type of maintenance that is most often neglected is
corrective.
deferred.
routine.
preventive.
A property manager's primary obligation is to
tenants.
owners.
bankers.
government authorities.
All of the following should be a consideration in selecting a tenant for the property except
Size of the available space relative to the tenant's requirements
Tenant's agility to make the rental payments
Compatibility of the tenant's business with those of other tenants
Ethnic background of the tenant and his or her employees
All of the following are different types of compensation from which a property management firm may receive income EXCEPT
a fixed fee.
a percentage of the net rentals collected.
a fixed fee with a percentage on new rentals.
a percentage of purchases made from suppliers.
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 building's owner.
the building's tenants.
both the owner and the tenants.
neither the owner nor the tenants.
Successful property managers do all of the following EXCEPT
screen the tenants' ability to pay and their space needs.
study rental rates in the area to get the best possible sense of supply and demand.
consider the type of business the tenant has and how it will fit businesses already on the property.
keep on good terms with tenants by overlooking infractions of building rules.
Because of the complexity of today's laws affecting properties, a property manager needs to be familiar with all of the following EXCEPT
environmental hazards.
accessible construction..
nondiscriminatory practices.
investment securities laws.
All of the following are duties of a property manager EXCEPT
renting space to tenants.
preparing a budget.
complying with legal requirements.
repairing tenant fixtures.
An office rents for $450 per month and measures 12 feet by 20 feet. Teh advertised annual rent per square foot would be
$1.875.
$4.50
$18.75
$22.50
