Property Management study guide
UPDATED ACTUAL Exam Questions and
CORRECT Answers
Associated Licensee - CORRECT ANSWER - licensee who is affiliated with a broker in
charge or a property manager in charge
branch office - CORRECT ANSWER - A sub office of a company in which full-service
real estate activities are conducted and at which a broker-in-charge or property manager-in-
charge is licensed to conduct real estate transactions.
Broker - CORRECT ANSWER - a wholesaler who does not take title to goods and whose
function is to bring buyers and sellers together and assist in negotiation
broker-in-charge (BIC) - CORRECT ANSWER - Broker who is designed as having
responsibility over all associated licensees and also has the responsibility and control over and
liability for any trust accounts
client - CORRECT ANSWER - A person with who a licensee has established an agency
relationship
Real Estate Commission - CORRECT ANSWER - A state board that advises and sets
policies regarding real estate licensees and transaction procedures
customer - CORRECT ANSWER - Person with who a licensee has NOT established a
agency relationship with
Department of LLR - CORRECT ANSWER - Department of labor licensing and
regulations
, Licensee - CORRECT ANSWER - Individual currently under this chapter
office - CORRECT ANSWER - The principal office location where a BIC or PMIC is
licensed to conduct real estate business
Property Manager - CORRECT ANSWER - A person or company hired to maintain and
manage property on behalf of the property owner
Property manager in charge - CORRECT ANSWER - Responsibility over associated
Property Managers and Real Estate Trust Accounts
Trust Account - CORRECT ANSWER - escrow account maintained by a real estate broker
for the deposit of other peoples money
How many members of the real estate commission and who elects them? - CORRECT
ANSWER - 6 who actively practice real estate from congressional districts
2 appointed by the governor-non real estate
1 elected by the other 8- real estate member
What are the powers and duties of the real estate commission? - CORRECT ANSWER - 1.
Determine standards for licensure
2. Enforce standards for licensure with disciplinary hearings and etc.
3. Establishing fee schedule
What do you have to do to qualify for a license - CORRECT ANSWER - A. Attained the
age of 21 for PMIC
B. Age of 18 for PM
C. Pass credit report
D. Graduated from high school or GED
E. Submit proof of education requirements
UPDATED ACTUAL Exam Questions and
CORRECT Answers
Associated Licensee - CORRECT ANSWER - licensee who is affiliated with a broker in
charge or a property manager in charge
branch office - CORRECT ANSWER - A sub office of a company in which full-service
real estate activities are conducted and at which a broker-in-charge or property manager-in-
charge is licensed to conduct real estate transactions.
Broker - CORRECT ANSWER - a wholesaler who does not take title to goods and whose
function is to bring buyers and sellers together and assist in negotiation
broker-in-charge (BIC) - CORRECT ANSWER - Broker who is designed as having
responsibility over all associated licensees and also has the responsibility and control over and
liability for any trust accounts
client - CORRECT ANSWER - A person with who a licensee has established an agency
relationship
Real Estate Commission - CORRECT ANSWER - A state board that advises and sets
policies regarding real estate licensees and transaction procedures
customer - CORRECT ANSWER - Person with who a licensee has NOT established a
agency relationship with
Department of LLR - CORRECT ANSWER - Department of labor licensing and
regulations
, Licensee - CORRECT ANSWER - Individual currently under this chapter
office - CORRECT ANSWER - The principal office location where a BIC or PMIC is
licensed to conduct real estate business
Property Manager - CORRECT ANSWER - A person or company hired to maintain and
manage property on behalf of the property owner
Property manager in charge - CORRECT ANSWER - Responsibility over associated
Property Managers and Real Estate Trust Accounts
Trust Account - CORRECT ANSWER - escrow account maintained by a real estate broker
for the deposit of other peoples money
How many members of the real estate commission and who elects them? - CORRECT
ANSWER - 6 who actively practice real estate from congressional districts
2 appointed by the governor-non real estate
1 elected by the other 8- real estate member
What are the powers and duties of the real estate commission? - CORRECT ANSWER - 1.
Determine standards for licensure
2. Enforce standards for licensure with disciplinary hearings and etc.
3. Establishing fee schedule
What do you have to do to qualify for a license - CORRECT ANSWER - A. Attained the
age of 21 for PMIC
B. Age of 18 for PM
C. Pass credit report
D. Graduated from high school or GED
E. Submit proof of education requirements
