Unit 7 Exam: Property Management
UPDATED ACTUAL Exam Questions and
CORRECT Answers
A lease for an unspecified period of time is known as a ____. - CORRECT ANSWER -
Tenancy at will
If, after your one-year lease is up, you convert to a periodic lease, it is true that ____. -
CORRECT ANSWER - You must give written notice by a specific period of time prior to
the end of the period in which you wish to terminate
The lessor is which of the following? - CORRECT ANSWER - The property owner
A lease that has a fixed rent with increases at certain intervals, is known as a(n) ____. -
CORRECT ANSWER - Step-up lease
An example of occupancy without any underlying agreement is ____. - CORRECT
ANSWER - Tenancy at sufferance
Which of the following statements regarding security deposits is TRUE? 1. The security deposit
funds belong to the lessor. 2. The security deposit can be used for normal wear and tear. 3.
Interest earned on the security deposit belongs to the lessee. 4. The security deposit can be used
for rent for the last month of the lease. - CORRECT ANSWER - Interest earned on the
security deposit belongs to the lessee
A property manager has a chance for a management contract for a large commercial building that
has been vacant for 2 years. The manager should insist upon a ____. - CORRECT
ANSWER - Minimum fee
Which of the following statements regarding Federal Lead-Based Paint law is INCORRECT? -
CORRECT ANSWER - Testing is required for the presence of lead-based paint
, Your agreement with the owner will not include ____. - CORRECT ANSWER - An
agreement with the owner to have the ability to put client's money in your personal bank account
to compensate you for your extra work
Potential employers for property managers include all of the following EXCEPT ____. 1.
Property owners and apartment complex owner 2. Corporations and partnerships in the real
estate business 3. Independent management firms 4. Home Builders - CORRECT
ANSWER - Home builders
If the tenant pays the rent or fixes the lease violation in the 3-day period, the landlord ____. -
CORRECT ANSWER - Must accept it and cannot evict the tenant
The owner will require ____ to compare the current year's operations with prior years. -
CORRECT ANSWER - Comparative statements
A church down the street from you would like you to list a home. This property has been a rental
for a number of years, and the church would only like to sell it to a member of the congregation.
Which of the following statements would best apply? 1. You tell the church that this is fine and
you will be happy to list it for them. 2. You inform the church this is a fair housing violation. 3.
You inform the church that this is an ADA violation. 4. You tell the church to first deed the
property to an individual member and then complete the transaction to be compliant within the
law. - CORRECT ANSWER - You tell the church that this is fine and you will be happy to
list it for them.
____ is an example of what is NOT included in an operational guideline. - CORRECT
ANSWER - Roof replacement
Which one of the following is NOT correct about the use of technology: 1. particular trigger
words are regulated when used in advertising 2. the supervising broker must oversee associate's
websites and social media advertising 3. licensees must encrypt consumer's confidential and
personal information 4. social media posts and texting are not regulated as it only requires broker
oversight - CORRECT ANSWER - social media posts and texting are not regulated as it
only requires broker oversight
UPDATED ACTUAL Exam Questions and
CORRECT Answers
A lease for an unspecified period of time is known as a ____. - CORRECT ANSWER -
Tenancy at will
If, after your one-year lease is up, you convert to a periodic lease, it is true that ____. -
CORRECT ANSWER - You must give written notice by a specific period of time prior to
the end of the period in which you wish to terminate
The lessor is which of the following? - CORRECT ANSWER - The property owner
A lease that has a fixed rent with increases at certain intervals, is known as a(n) ____. -
CORRECT ANSWER - Step-up lease
An example of occupancy without any underlying agreement is ____. - CORRECT
ANSWER - Tenancy at sufferance
Which of the following statements regarding security deposits is TRUE? 1. The security deposit
funds belong to the lessor. 2. The security deposit can be used for normal wear and tear. 3.
Interest earned on the security deposit belongs to the lessee. 4. The security deposit can be used
for rent for the last month of the lease. - CORRECT ANSWER - Interest earned on the
security deposit belongs to the lessee
A property manager has a chance for a management contract for a large commercial building that
has been vacant for 2 years. The manager should insist upon a ____. - CORRECT
ANSWER - Minimum fee
Which of the following statements regarding Federal Lead-Based Paint law is INCORRECT? -
CORRECT ANSWER - Testing is required for the presence of lead-based paint
, Your agreement with the owner will not include ____. - CORRECT ANSWER - An
agreement with the owner to have the ability to put client's money in your personal bank account
to compensate you for your extra work
Potential employers for property managers include all of the following EXCEPT ____. 1.
Property owners and apartment complex owner 2. Corporations and partnerships in the real
estate business 3. Independent management firms 4. Home Builders - CORRECT
ANSWER - Home builders
If the tenant pays the rent or fixes the lease violation in the 3-day period, the landlord ____. -
CORRECT ANSWER - Must accept it and cannot evict the tenant
The owner will require ____ to compare the current year's operations with prior years. -
CORRECT ANSWER - Comparative statements
A church down the street from you would like you to list a home. This property has been a rental
for a number of years, and the church would only like to sell it to a member of the congregation.
Which of the following statements would best apply? 1. You tell the church that this is fine and
you will be happy to list it for them. 2. You inform the church this is a fair housing violation. 3.
You inform the church that this is an ADA violation. 4. You tell the church to first deed the
property to an individual member and then complete the transaction to be compliant within the
law. - CORRECT ANSWER - You tell the church that this is fine and you will be happy to
list it for them.
____ is an example of what is NOT included in an operational guideline. - CORRECT
ANSWER - Roof replacement
Which one of the following is NOT correct about the use of technology: 1. particular trigger
words are regulated when used in advertising 2. the supervising broker must oversee associate's
websites and social media advertising 3. licensees must encrypt consumer's confidential and
personal information 4. social media posts and texting are not regulated as it only requires broker
oversight - CORRECT ANSWER - social media posts and texting are not regulated as it
only requires broker oversight
