Real Estate Practice Test 2

One of the principals to a property management agreement is the Property Manager-in-charge. What type of agent is the Property Manager-in-charge?

Which of the following is not an essential element of a property management agreement?

The first step for a property manager is to

When conducting a property analysis, which of the following is NOT typically a consideration in determining the rental price?

Many property managers may choose to establish a reserve fund for each property. A reasonable percentage to put in the reserve fund for unforeseen issues would be

Cash required over a given period for the payment of principle and interest on a debt, such as a mortgage payment on a property is considered

Property managers can determine a more realistic picture of a properties income potential by forecasting the income and expenses for how many years out?

The law requiring leases in excess of one year to be in writing is the

The "Protecting Tenants at Foreclosure Act" requires the lien holder to provide tenants with _______ days notice to vacate upon foreclosure.

A schedule of planned maintenance actions to curtail breakdowns and failure is called

When working the maintenance programs, the property manager is responsible for all the following EXCEPT

The process of monitoring, controlling, and conserving energy in a building or organization is called

The company's financial/cash flow statement that indicates how the revenue is transformed into net income is called

As a responsibility of conducting business, there are several tax forms a property manager must have prepared. The form use to report tax exemption by the employee is

As an analytical tool, which report would be best used to determine the short term viability of a company, particularly the companies ability to pay bills?

Property owners are only concerned with the bottom line, such as converting property calue into income. When estimating the owners potential return on the investment, the property manager must know the

Due to the risk involved when conducting business, property managers may look to purchase types of insurance to cover potential liability. Concerning risk management , this step would be an example of

The type of insurance to cover medical bills and some lost pay as a result of injury to an employee is called

Which of the following certifies that an insurance policy has been purchased as show an abstract of the most important provisions of the insurance policy?

Acme Property Management has four offices in South Carolina. how many trust accounts must be established?

A property manager has received $800 security deposit for a rental property, which is immediately deoposited into the property managers operating account. This would be an example of

A tenant has signed a two year lease and provides $1500 security deposit. The tenant has waived their right to any interest that would accrue during the lease period. The property manager places the security deposit into a one year high yield certificate of deposit (CD). This would be an example of

Security deposits and pet deposits must be deposited into the trust account