COMPLETE QUESTIONS AND SOLUTIONS
GRADED A+
●● in order to maximize rental revenues.
Answer: it is necessary to set competitive rents
●● gross potential rent (GPR).
Answer: is a total of all current market rents for each unit and can also
be used as a rent roll . take the total number of units , multiply by the
market rent rate of each unit and multiply by 12 for annual gross revenue
projection.
●● gross annual rent (GAR).
Answer: is a total of all current actual rental rates for occupied units and
a current market rent for vacant units (multiply by 12 for a yearly
calculation) this formula is use to calculate revenue for budgeting
purposes .
●● rent per square foot..
Answer: is the current rent divided by the unit square footage. (example
: $1050 divided by 800 sq. ft= $1.31 per sq ft.) this formula is use to
compare actual pricing with competitors .
,●● when applying concessions.
Answer: is not necessary to give the discount of the first month's rent
discounts can be given off the last month or as a discounted rental rate
for each month of the tenancy.
●● ancillary income.
Answer: refers to sources of revenue other than rents .
●● A reasonable accommodation is required when ?.
Answer: a request for a reasonable acomodation can be made a any time
, from the initial contact with a prospect to the final stages of the
eviction process.
●● occupancy standards.
Answer: are highly debated issues within the industry , since there are
mot set laws or regulations stating how many occupants an owner must
allow in a rental unit.
●● if 18 years or older.
Answer: A separate application should be required of each adult
applicant .
●● a standard goal should be?.
Answer: to convert 75% of all calls to walk - in traffic.
,●● all emails.
Answer: should be responded to immediately ( within the 2 hour time
frame ) prospects communicating email experts a quick reply .
●● what is the important objective of a prospect visit ?.
Answer: to demonstrate the product, benefits, and service of the
property.
●● steering.
Answer: is an attempt to control the outcome of where a person will live
based on their protected class or your personal opinion.
●● there are two types of objections. conditions and stalls.
Answer: conditions : are something that prevents the prospect from
purchasing until their stipulation is met.
stalls: occur when the prospect is putting off making a decision.
●● criminal background checks.
Answer: if criminal background checks are performed, they must be
performed on every applicant.
●● there must be a legal reason to deny an application such as.
, Answer: incomplete or false information on the application ,
unverifiable information, poor rental history or poor credit.
●● california law states security deposit.
Answer: charge can be no more than three times the monthly rent if the
unit is furnished . or more than twice the monthly rent if the unit is
unfurnished .
●● effective January 2013.
Answer: the law prohibits a landlord from requiring tenants pay rent or
the security deposit by electronic founds transfer (EFT) or cash only . A
least one other form of payment must be allowed, such as checks or
money orders.
●● how prospects can fill out a application.
Answer: go through the screening and approval process and fully
execute their lease agreements using e- signature.
●● three items that should be included in a market survey.
Answer: Age, lease and occupancy level.
●● fair housing law prohibits.
Answer: Encouraging families with young children to leave near to the
pool.