SAE - Property Management (Texas) Exam Questions And Answers 100% Verified

SAE - Property Management (Texas) Exam Questions And Answers 100% Verified Which statement is correct? - answerA. Property mgmt & real estate brokerage are the same thing B. All real estate brokers in Texas must allow sponsored agents to perform property mgmt activities *C. Some real estate brokers do not allow property mgmt activities by their sponsored agents D. Property mgmt is not considered a real estate brokerage activity in Texas In Texas, agents need to be __________ in order to show, lease or accept payment for soliciting space for property owners. - answerLicensed A(n) ________ is a person who, for a fee, manages a property for someone else. - answerProperty manager The four phases of a business cycle are prosperity, recession, contraction, and ___________. - answerRecovery Equilibrium is said to be reached if: - answerThere is high supply and high demand Which statement is correct? - answer*A. Real estate cycles can take longer than the general economic cycle B. Real estate cycles and general economic cycles always move at exactly the same pace C. General economic cycles always take longer than real estate cycles D. No one can ever predict real estate or economic cycles __________ is every avenue a business pursues in order to reach out to the public to be seen. - answerMarketing The ____________ is the physical location the product can be found. - answerPlace The __________ include: product, promotion, price, and place. - answerThe Four P's of Marketing Property management companies that operate under the __________ have dedicated property managers who are involved with every aspect of the properties they manage. - answerPortfolio structure _________ are charged to each client to cover all of the services the property manager provides. - answerManagement fees Which of the following is true? - answerA. It is better to be conservative on expenses and liberal on income B. Owners do not usually mind if the actual budget far exceeds the estimated budget C. The actual budget and the estimated budget almost always match exactly *D. When budgeting for owners, property managers need to be conservative on income and liberal on expenses The fiduciary duties a property manager owes to the owner are _________, loyalty, disclosure, confidentiality, accounting, and reasonable care. - answerObedience Which of the following should be included in a property management agreement? - answerA. Policies and procedures for the repair of the property B. Duties and responsibilities of the property manger C. The management term *D. All of these Which statement regarding reserves is incorrect? - answerA. Reserve amounts are established based on the age, size, and residential profile of the property B. Older, larger properties will need more money in reserves to pay for repairs, etc. C. Reserves are held by the property manager to pay services providers and other costs associated with managing the property *D. The money for reserves comes from the property manager's own business accounts A solid, written rent collection policy should include: - answerA. Suggestions for fire safety *B. When to pay C. Repair request forms D. Lease renewal policies Typically, most property managers will not accept __________ for rent payments - answerCash A property manager may not charge a late fee unless: - answerIt is clearly stated in the written lease Directions: Read the scenario and answer the questions that follow. Investor Mike owns a 200- unit residential property. For the last two years, rents have stayed the same because Mike subscribes to the philosophy that 100% occupancy is better than losing tenants to his competitors. After attending a real estate investment seminar, Mike realizes that by not raising rents for the last two years he has been missing out on literally thousands of dollars in profit. He believes that the market will support a rental increase, yet he is hesitant of raising the rents so much that his good tenants will get angry and move elsewhere. After doing some research into raising rental rates, Mike is now motivated and wants to raise the value of his asset, so he calls up his property manager, Jay, and informs him that he needs to raise the rent on each unit by 5% per month in the next 12 months as lease terms expire or units are re-lea - answerA. $900 *B. $9,000 C. $2,000 D. $200 Directions: Read the scenario and ans