Chapter 16: Property Management

Front

All of the following statements about property management are correct EXCEPT: property management is a specialized field within the real estate industry; a property manager acts as an agent of the property owner; the terms property manager and resident manager have the same meaning; a property manager is a fiduciary.

Back

the terms property manager and resident manager have the same meaning.

Front

The property management agreement is different from that of a listing agreement in which of the following ways? A. property management contracts do not have to be in writing from the inception of the agreement, B. dual agency is NOT allowed in a property management agreement, C. property management contracts do NOT have to automatically expire at the end of the agreement, D. property management agreements do NOT have to contain anti discrimination language

Back

property management contracts do NOT have to automatically expire at the end of the agreement

Front

A budget based on forecast income and property management are correct EXCEPT: stabilized budget, projected budget, anticipated budget, operating budget.

Back

stabilized budget.

Front

Which of the following creates an agency relationship between a property manager and the property owner? A. management proposal, B. management report, C. management agreement, D. management plan

Back

management agreement

Front

A nonlicensed, salaried employee working for a licensed real estate broker who is contracted to manage property for a property owner can perform all of the following activities without a real estate license EXCEPT: marketing, showing properties, negotiating terms of a lease, instituting legal actions.

Back

negotiating terms of a lease.

Front

Failure of the broker to perform duties under the property management agreement:

Back

is a breach of the duty of agency.

Front

Agency agreements must be in writing from the time of inception with a:

Back

lessor.

Front

With a tenant, oral agency must be converted to a written format prior to submitting an offer to lease or rent.

Back

submitting an offer to lease or rent.

Front

How much management fee is Acme entitled to this month for managing an eight-unit apartment building with a 9% management fee on all rents collected, where each unit rents for $850 per month, with six units fully rented, one rented for 18 days, and one occupied but unpaid?

Back

505

Front

What amount did the management company earn from managing Happy Hills apartments, which consists of six units renting for $950 each, with one unit vacant and a management fee of 8%?

Back

$380