Question 1
Question
A management agreement is to a property manager as a(n)
Question 2
Question
A real estate broker acting as an owner's property manager
Answer
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must not profit from private contracts at the expense of the owner.
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May manage the client's property to his or her own advantage.
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need not maintain complete and accurate trust account records.
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can personally collect the interest earned on the account funds.
Question 3
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Adaptations of property specifications to suit tenant requirements are
Question 4
Question
All of the following would cause a high vacancy rate EXCEPT
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Inept management
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Poor location
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Excessive rent
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Very desirable amenities
Question 5
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In determining rental amounts, a property manager considers the economic principle of
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marginal contribution.
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supply and demand.
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conformity.
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balance.
Question 6
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All of the following are important functions of a property manager EXCEPT
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Supervising the maintenance of the property
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Protecting the physical integrity of the property
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Meeting the functional requirements of the tenants
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Preparing the owner's income tax returns
Question 7
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All of the following are alternative risk management techniques EXCEPT
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avoiding it.
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retaining it.
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ignoring it.
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transferring it.
Question 8
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The property manager's chief concern should be that
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the property is seldom vacant because it is consistently rented at the lowest possible rents.
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the property is managed to achieve the highest overall rate of return possible on the owner's investment.
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the property manager's time is maximized in his or her management of the property.
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the property exhibits the proper amount of the owner's pride of ownership.
Question 9
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The type of maintenance that is most often neglected is
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corrective.
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deferred.
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routine.
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preventive.
Question 10
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A property manager's primary obligation is to
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tenants.
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owners.
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bankers.
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government authorities.
Question 11
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All of the following should be a consideration in selecting a tenant for the property except
Answer
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Size of the available space relative to the tenant's requirements
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Tenant's agility to make the rental payments
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Compatibility of the tenant's business with those of other tenants
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Ethnic background of the tenant and his or her employees
Question 12
Question
All of the following are different types of compensation from which a property management firm may receive income EXCEPT
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a fixed fee.
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a percentage of the net rentals collected.
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a fixed fee with a percentage on new rentals.
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a percentage of purchases made from suppliers.
Question 13
Question
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
Question 14
Question
Successful property managers do all of the following EXCEPT
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screen the tenants' ability to pay and their space needs.
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study rental rates in the area to get the best possible sense of supply and demand.
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consider the type of business the tenant has and how it will fit businesses already on the property.
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keep on good terms with tenants by overlooking infractions of building rules.
Question 15
Question
Because of the complexity of today's laws affecting properties, a property manager needs to be familiar with all of the following EXCEPT
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environmental hazards.
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accessible construction..
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nondiscriminatory practices.
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investment securities laws.
Question 16
Question
All of the following are duties of a property manager EXCEPT
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renting space to tenants.
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preparing a budget.
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complying with legal requirements.
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repairing tenant fixtures.
Question 17
Question
An office rents for $450 per month and measures 12 feet by 20 feet. Teh advertised annual rent per square foot would be
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$1.875.
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$4.50
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$18.75
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$22.50