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PROPERTY MANAGEMENT
EXAM PREP
2026/2027 EDITION
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205+ Verified Questions with Detailed Rationales | Graded A+
· · · · · · ·
◆ ◇ ◆ ◇ ◆
Leasing • operations • compliance • finance • risk • asset performance
Property Management Exam Prep | 1
,Property Management Exam Prep | 2
,Section 1: Brief Introduction
This 205-question exam-prep document reviews property-management fundamentals,
landlord–tenant law, fair housing, leasing, operations, maintenance, finance, risk, compliance,
property types, asset management, technology, and ethics. Each item presents a realistic
scenario followed by the correct answer and a detailed rationale.
Section 2: The Complete Exam
1. A manager is hired to oversee a multifamily property.
A. follow the management agreement, applicable law, fiduciary duties, documented
instructions, and reasonable professional standards
B. act outside authority because the request seems convenient
C. hide material information from the owner
D. treat delegated work as eliminating oversight
Answer: A. follow the management agreement, applicable law, fiduciary duties, documented
instructions, and reasonable professional standards Rationale: Property managers act within the
management agreement and applicable law while exercising care, loyalty, accounting, disclosure, and
confidentiality duties. Delegation does not eliminate supervision or responsibility for reasonable
oversight.
2. An owner asks the manager to perform duties outside the agreement.
A. act outside authority because the request seems convenient
B. follow the management agreement, applicable law, fiduciary duties, documented
instructions, and reasonable professional standards
C. hide material information from the owner
D. treat delegated work as eliminating oversight
Answer: B. follow the management agreement, applicable law, fiduciary duties, documented
instructions, and reasonable professional standards Rationale: Property managers act within the
management agreement and applicable law while exercising care, loyalty, accounting, disclosure, and
confidentiality duties. Delegation does not eliminate supervision or responsibility for reasonable
oversight.
3. A manager receives tenant funds on behalf of the owner.
A. act outside authority because the request seems convenient
B. hide material information from the owner
C. follow the management agreement, applicable law, fiduciary duties, documented
instructions, and reasonable professional standards
D. treat delegated work as eliminating oversight
Answer: C. follow the management agreement, applicable law, fiduciary duties, documented
instructions, and reasonable professional standards Rationale: Property managers act within the
management agreement and applicable law while exercising care, loyalty, accounting, disclosure, and
Property Management Exam Prep | 3
, confidentiality duties. Delegation does not eliminate supervision or responsibility for reasonable
oversight.
4. An owner asks for a monthly operating report.
A. act outside authority because the request seems convenient
B. hide material information from the owner
C. treat delegated work as eliminating oversight
D. follow the management agreement, applicable law, fiduciary duties, documented
instructions, and reasonable professional standards
Answer: D. follow the management agreement, applicable law, fiduciary duties, documented
instructions, and reasonable professional standards Rationale: Property managers act within the
management agreement and applicable law while exercising care, loyalty, accounting, disclosure, and
confidentiality duties. Delegation does not eliminate supervision or responsibility for reasonable
oversight.
5. A manager discovers a conflict with a preferred vendor.
A. follow the management agreement, applicable law, fiduciary duties, documented
instructions, and reasonable professional standards
B. act outside authority because the request seems convenient
C. hide material information from the owner
D. treat delegated work as eliminating oversight
Answer: A. follow the management agreement, applicable law, fiduciary duties, documented
instructions, and reasonable professional standards Rationale: Property managers act within the
management agreement and applicable law while exercising care, loyalty, accounting, disclosure, and
confidentiality duties. Delegation does not eliminate supervision or responsibility for reasonable
oversight.
6. An owner wants to change the management fee.
A. act outside authority because the request seems convenient
B. follow the management agreement, applicable law, fiduciary duties, documented
instructions, and reasonable professional standards
C. hide material information from the owner
D. treat delegated work as eliminating oversight
Answer: B. follow the management agreement, applicable law, fiduciary duties, documented
instructions, and reasonable professional standards Rationale: Property managers act within the
management agreement and applicable law while exercising care, loyalty, accounting, disclosure, and
confidentiality duties. Delegation does not eliminate supervision or responsibility for reasonable
oversight.
7. A manager delegates a repair inspection.
A. act outside authority because the request seems convenient
B. hide material information from the owner
C. follow the management agreement, applicable law, fiduciary duties, documented
instructions, and reasonable professional standards
Property Management Exam Prep | 4
▲ ╱╲ ╱╲ ╱╲
· · · · · · ·
━━━━━━━━━━━━━━━━
PROPERTY MANAGEMENT
EXAM PREP
2026/2027 EDITION
━━━━━━━━━━━━━━━━
205+ Verified Questions with Detailed Rationales | Graded A+
· · · · · · ·
◆ ◇ ◆ ◇ ◆
Leasing • operations • compliance • finance • risk • asset performance
Property Management Exam Prep | 1
,Property Management Exam Prep | 2
,Section 1: Brief Introduction
This 205-question exam-prep document reviews property-management fundamentals,
landlord–tenant law, fair housing, leasing, operations, maintenance, finance, risk, compliance,
property types, asset management, technology, and ethics. Each item presents a realistic
scenario followed by the correct answer and a detailed rationale.
Section 2: The Complete Exam
1. A manager is hired to oversee a multifamily property.
A. follow the management agreement, applicable law, fiduciary duties, documented
instructions, and reasonable professional standards
B. act outside authority because the request seems convenient
C. hide material information from the owner
D. treat delegated work as eliminating oversight
Answer: A. follow the management agreement, applicable law, fiduciary duties, documented
instructions, and reasonable professional standards Rationale: Property managers act within the
management agreement and applicable law while exercising care, loyalty, accounting, disclosure, and
confidentiality duties. Delegation does not eliminate supervision or responsibility for reasonable
oversight.
2. An owner asks the manager to perform duties outside the agreement.
A. act outside authority because the request seems convenient
B. follow the management agreement, applicable law, fiduciary duties, documented
instructions, and reasonable professional standards
C. hide material information from the owner
D. treat delegated work as eliminating oversight
Answer: B. follow the management agreement, applicable law, fiduciary duties, documented
instructions, and reasonable professional standards Rationale: Property managers act within the
management agreement and applicable law while exercising care, loyalty, accounting, disclosure, and
confidentiality duties. Delegation does not eliminate supervision or responsibility for reasonable
oversight.
3. A manager receives tenant funds on behalf of the owner.
A. act outside authority because the request seems convenient
B. hide material information from the owner
C. follow the management agreement, applicable law, fiduciary duties, documented
instructions, and reasonable professional standards
D. treat delegated work as eliminating oversight
Answer: C. follow the management agreement, applicable law, fiduciary duties, documented
instructions, and reasonable professional standards Rationale: Property managers act within the
management agreement and applicable law while exercising care, loyalty, accounting, disclosure, and
Property Management Exam Prep | 3
, confidentiality duties. Delegation does not eliminate supervision or responsibility for reasonable
oversight.
4. An owner asks for a monthly operating report.
A. act outside authority because the request seems convenient
B. hide material information from the owner
C. treat delegated work as eliminating oversight
D. follow the management agreement, applicable law, fiduciary duties, documented
instructions, and reasonable professional standards
Answer: D. follow the management agreement, applicable law, fiduciary duties, documented
instructions, and reasonable professional standards Rationale: Property managers act within the
management agreement and applicable law while exercising care, loyalty, accounting, disclosure, and
confidentiality duties. Delegation does not eliminate supervision or responsibility for reasonable
oversight.
5. A manager discovers a conflict with a preferred vendor.
A. follow the management agreement, applicable law, fiduciary duties, documented
instructions, and reasonable professional standards
B. act outside authority because the request seems convenient
C. hide material information from the owner
D. treat delegated work as eliminating oversight
Answer: A. follow the management agreement, applicable law, fiduciary duties, documented
instructions, and reasonable professional standards Rationale: Property managers act within the
management agreement and applicable law while exercising care, loyalty, accounting, disclosure, and
confidentiality duties. Delegation does not eliminate supervision or responsibility for reasonable
oversight.
6. An owner wants to change the management fee.
A. act outside authority because the request seems convenient
B. follow the management agreement, applicable law, fiduciary duties, documented
instructions, and reasonable professional standards
C. hide material information from the owner
D. treat delegated work as eliminating oversight
Answer: B. follow the management agreement, applicable law, fiduciary duties, documented
instructions, and reasonable professional standards Rationale: Property managers act within the
management agreement and applicable law while exercising care, loyalty, accounting, disclosure, and
confidentiality duties. Delegation does not eliminate supervision or responsibility for reasonable
oversight.
7. A manager delegates a repair inspection.
A. act outside authority because the request seems convenient
B. hide material information from the owner
C. follow the management agreement, applicable law, fiduciary duties, documented
instructions, and reasonable professional standards
Property Management Exam Prep | 4
