Property Management UPDATED Exam
Questions and CORRECT Answers
The basic goal of the professional property manager is to
1. maintain the property in as perfect a condition as possible.
2. get the highest possible long-term, net return.
3. obtain tenants who will stay for long periods of time.
4. keep administration costs to a minimum. - CORRECT ANSWER - 2. get the highest
possible long-term, net return.
A property manager working for a property owner owes their client which of the following
duties?
1. Loyalty, confidentiality and reasonable care.
2. Loyalty, confidentiality while under contract, and reasonable care.
3. Loyalty, confidentiality, reasonable care and honesty and trustworthy when handling the
owners funds.
4. Loyalty, confidentiality, reasonable care, honesty and trustworthy when handling the owners
funds by using a Clients' Trust account for both depositing and disbursing funds. - CORRECT
ANSWER - 4. Loyalty, confidentiality, reasonable care, honesty and trustworthy when
,handling the owners funds by using a Clients' Trust account for both depositing and disbursing
funds.
To abide by Oregon Administrative Rules a properly drafted property management agreement
should include which of the following?
1. A legal description of the property and a separate sale agreement if the owner should choose to
sell at some time during the signed management agreement.
2. A beginning and ending date and a provision for termination prior to the end date.
3. Instructions on how to obtain funds from the owner's personal banking account to cover
unexpected fees or charges.
4. A list of former tenants. - CORRECT ANSWER - 2. A beginning and ending date and a
provision for termination prior to the end date.
Which of the following is NOT a common characteristic for management agreements?
1. Names of parties to the agreement
2. Provision for monthly reports
3. Specification for management fees
4. Long-term contract period - CORRECT ANSWER - 4. Long-term contract period
A property manager
1. is obligated to ensure maximum occupancy .
,2. must provide the highest level of tenant services, without regard to cost.
3. must keep rents slightly higher than market rates to avoid overcrowding.
4. must increase gross receipts in a period of rising and continuing
vacancies. - CORRECT ANSWER - 1. is obligated to ensure maximum occupancy .
A property manager's duties typically include all but which one of the following?
1. Collecting rents
2. Making minor repairs
3. Marketing vacant space
4. Investing profits from client's properties - CORRECT ANSWER - 4. Investing profits
from client's properties
Property Manager Obligations
1. A property manager has affirmative obligations to the property owner.
, 2. A property manager has affirmative obligations to the property owner and the tenants of the
property. - CORRECT ANSWER - 1. A property manager has affirmative obligations to
the property owner.
Under Oregon law, in a month-to-month tenancy, the landlord has a right to
1. terminate a tenant's occupancy after 30 days' written notice.
2. show the unit to a prospective renter without giving the tenant prior notice.
3. quadruple damages from a tenant who willfully refuses to move after adequate written notice
has been given.
4. raise the rent of a tenant in retaliation for forming a tenant's union - CORRECT
ANSWER - 1. terminate a tenant's occupancy after 30 days' written notice.
Tenancy at sufferance is intended to prevent acquisition of title by _______________
__________________. - CORRECT ANSWER - Adverse possession
When real estate under lease is sold, the lease
1. terminates automatically.
2. is binding on the new owners.
3. must be renewed.
Questions and CORRECT Answers
The basic goal of the professional property manager is to
1. maintain the property in as perfect a condition as possible.
2. get the highest possible long-term, net return.
3. obtain tenants who will stay for long periods of time.
4. keep administration costs to a minimum. - CORRECT ANSWER - 2. get the highest
possible long-term, net return.
A property manager working for a property owner owes their client which of the following
duties?
1. Loyalty, confidentiality and reasonable care.
2. Loyalty, confidentiality while under contract, and reasonable care.
3. Loyalty, confidentiality, reasonable care and honesty and trustworthy when handling the
owners funds.
4. Loyalty, confidentiality, reasonable care, honesty and trustworthy when handling the owners
funds by using a Clients' Trust account for both depositing and disbursing funds. - CORRECT
ANSWER - 4. Loyalty, confidentiality, reasonable care, honesty and trustworthy when
,handling the owners funds by using a Clients' Trust account for both depositing and disbursing
funds.
To abide by Oregon Administrative Rules a properly drafted property management agreement
should include which of the following?
1. A legal description of the property and a separate sale agreement if the owner should choose to
sell at some time during the signed management agreement.
2. A beginning and ending date and a provision for termination prior to the end date.
3. Instructions on how to obtain funds from the owner's personal banking account to cover
unexpected fees or charges.
4. A list of former tenants. - CORRECT ANSWER - 2. A beginning and ending date and a
provision for termination prior to the end date.
Which of the following is NOT a common characteristic for management agreements?
1. Names of parties to the agreement
2. Provision for monthly reports
3. Specification for management fees
4. Long-term contract period - CORRECT ANSWER - 4. Long-term contract period
A property manager
1. is obligated to ensure maximum occupancy .
,2. must provide the highest level of tenant services, without regard to cost.
3. must keep rents slightly higher than market rates to avoid overcrowding.
4. must increase gross receipts in a period of rising and continuing
vacancies. - CORRECT ANSWER - 1. is obligated to ensure maximum occupancy .
A property manager's duties typically include all but which one of the following?
1. Collecting rents
2. Making minor repairs
3. Marketing vacant space
4. Investing profits from client's properties - CORRECT ANSWER - 4. Investing profits
from client's properties
Property Manager Obligations
1. A property manager has affirmative obligations to the property owner.
, 2. A property manager has affirmative obligations to the property owner and the tenants of the
property. - CORRECT ANSWER - 1. A property manager has affirmative obligations to
the property owner.
Under Oregon law, in a month-to-month tenancy, the landlord has a right to
1. terminate a tenant's occupancy after 30 days' written notice.
2. show the unit to a prospective renter without giving the tenant prior notice.
3. quadruple damages from a tenant who willfully refuses to move after adequate written notice
has been given.
4. raise the rent of a tenant in retaliation for forming a tenant's union - CORRECT
ANSWER - 1. terminate a tenant's occupancy after 30 days' written notice.
Tenancy at sufferance is intended to prevent acquisition of title by _______________
__________________. - CORRECT ANSWER - Adverse possession
When real estate under lease is sold, the lease
1. terminates automatically.
2. is binding on the new owners.
3. must be renewed.
