Leasing and Property Management
UPDATED ACTUAL Exam Questions and
CORRECT Answers
When it comes to landlord-tenant relations, a property manager needs to know _______. -
CORRECT ANSWER - Fair housing laws
Brittany has a small office in a professional building. She has a set monthly lease payment that
has been calculated to include maintenance of the common areas in the building, such as the
restroom and small kitchen, and all nets, utilities, and janitorial charges for her space. The
payment also includes taxes and insurance. The landlord takes these payments and pays the
individual expenses himself. What type of lease does Brittany have? - CORRECT
ANSWER - Gross lease
The property manager for a senior living community refuses to show a rental to a family with a
young child. Does this violate fair housing law? - CORRECT ANSWER - No, senior
communities may refuse to sell or rent properties to families.
Property managers must recognize the federally protected classes under ADA and the federal
Fair Housing Act. Which list most accurately lists these classes? - CORRECT ANSWER -
Race, color, religion, national origin, sex, familial status, or disability
Which act encompasses a series of laws intended to lay out the standardized responsibilities and
rights of both tenants and landlords but isn't mandatory? - CORRECT ANSWER - The
Uniform Residential Landlord Tenant Act
One of the following licensee's actions would constitute commingling. Which is it? - CORRECT
ANSWER - Cynthia deposited her client's earnest money check into the firm's operating
account.
Which of these statements about statutory duties and fiduciary duties is true? - CORRECT
ANSWER - Statutory duties spring from state statutes and tend to be more specific than
fiduciary duties.
, Taxes, insurance, and maintenance are property expenses that are sometimes covered in a
tenant's lease payment. These are collectively referred to as the ________. - CORRECT
ANSWER - Nets
Tanner, a property owner, wants Gina, a real estate licensee, to manage the property he owns
while he's living out of state for a few years. In return, Tanner will pay Gina a flat monthly fee.
What type of agreement must be in place between Tanner and Gina? - CORRECT
ANSWER - Property management agreement
Which of the following is an example of constructive eviction? - CORRECT ANSWER -
A tenant moves out of the apartment after repeated unsuccessful requests to the landlord to repair
the broken water heater.
Charlie rented a single-family residence from Hal and Mary. The lease specifies that Charlie
can't conduct any type of business out of the property. Which clause includes this prohibition? -
CORRECT ANSWER - The use clause
Morris needs to pay for some repairs made to one of the units in his apartment complex. Which
bank account should he use? - CORRECT ANSWER - The firm's operating account
Jeanetta leases an apartment from Quad City Leasing. Jeanetta has filed a complaint with the
state real estate licensing division stating that Marissa, Quad City's property manager, breached
her fiduciary duty of loyalty to Jeanetta. Which of these statements about this situation is true? -
CORRECT ANSWER - As a property manager, Marissa owes fiduciary duties to her
client and the apartment community.
Simon is looking for a facility for a large grocery distribution operation. He found two options,
one of which is offering him a triple net lease and the other an absolute net lease. Why is his
attorney arguing against the latter? - CORRECT ANSWER - An absolute net lease has no
legal defenses if Simon fails to pay.
What, in addition to ensuring that rent is paid on time, is a tenant obligated to do? - CORRECT
ANSWER - Take reasonable care of the property.
UPDATED ACTUAL Exam Questions and
CORRECT Answers
When it comes to landlord-tenant relations, a property manager needs to know _______. -
CORRECT ANSWER - Fair housing laws
Brittany has a small office in a professional building. She has a set monthly lease payment that
has been calculated to include maintenance of the common areas in the building, such as the
restroom and small kitchen, and all nets, utilities, and janitorial charges for her space. The
payment also includes taxes and insurance. The landlord takes these payments and pays the
individual expenses himself. What type of lease does Brittany have? - CORRECT
ANSWER - Gross lease
The property manager for a senior living community refuses to show a rental to a family with a
young child. Does this violate fair housing law? - CORRECT ANSWER - No, senior
communities may refuse to sell or rent properties to families.
Property managers must recognize the federally protected classes under ADA and the federal
Fair Housing Act. Which list most accurately lists these classes? - CORRECT ANSWER -
Race, color, religion, national origin, sex, familial status, or disability
Which act encompasses a series of laws intended to lay out the standardized responsibilities and
rights of both tenants and landlords but isn't mandatory? - CORRECT ANSWER - The
Uniform Residential Landlord Tenant Act
One of the following licensee's actions would constitute commingling. Which is it? - CORRECT
ANSWER - Cynthia deposited her client's earnest money check into the firm's operating
account.
Which of these statements about statutory duties and fiduciary duties is true? - CORRECT
ANSWER - Statutory duties spring from state statutes and tend to be more specific than
fiduciary duties.
, Taxes, insurance, and maintenance are property expenses that are sometimes covered in a
tenant's lease payment. These are collectively referred to as the ________. - CORRECT
ANSWER - Nets
Tanner, a property owner, wants Gina, a real estate licensee, to manage the property he owns
while he's living out of state for a few years. In return, Tanner will pay Gina a flat monthly fee.
What type of agreement must be in place between Tanner and Gina? - CORRECT
ANSWER - Property management agreement
Which of the following is an example of constructive eviction? - CORRECT ANSWER -
A tenant moves out of the apartment after repeated unsuccessful requests to the landlord to repair
the broken water heater.
Charlie rented a single-family residence from Hal and Mary. The lease specifies that Charlie
can't conduct any type of business out of the property. Which clause includes this prohibition? -
CORRECT ANSWER - The use clause
Morris needs to pay for some repairs made to one of the units in his apartment complex. Which
bank account should he use? - CORRECT ANSWER - The firm's operating account
Jeanetta leases an apartment from Quad City Leasing. Jeanetta has filed a complaint with the
state real estate licensing division stating that Marissa, Quad City's property manager, breached
her fiduciary duty of loyalty to Jeanetta. Which of these statements about this situation is true? -
CORRECT ANSWER - As a property manager, Marissa owes fiduciary duties to her
client and the apartment community.
Simon is looking for a facility for a large grocery distribution operation. He found two options,
one of which is offering him a triple net lease and the other an absolute net lease. Why is his
attorney arguing against the latter? - CORRECT ANSWER - An absolute net lease has no
legal defenses if Simon fails to pay.
What, in addition to ensuring that rent is paid on time, is a tenant obligated to do? - CORRECT
ANSWER - Take reasonable care of the property.
