SAE PROPERTY MANAGEMENT TEXAS REAL
ESTATE OPERATIONS AND TENANT
RELATIONS 2026 COMPLETE STUDY GUIDE
AND SOLUTIONS
◉ In Texas, agents need to be __________ in order to show, lease or
accept payment for soliciting space for property owners.
Answer: Licensed
◉ A(n) ________ is a person who, for a fee, manages a property for
someone else.
Answer: Property manager
◉ The four phases of a business cycle are prosperity, recession,
contraction, and ___________.
Answer: Recovery
◉ Equilibrium is said to be reached if:
Answer: There is high supply and high demand
,◉ Which statement is correct?
Answer: *A. Real estate cycles can take longer than the general
economic cycle
B. Real estate cycles and general economic cycles always move at
exactly the same pace
C. General economic cycles always take longer than real estate cycles
D. No one can ever predict real estate or economic cycles
◉ __________ is every avenue a business pursues in order to reach out
to the public to be seen.
Answer: Marketing
◉ The ____________ is the physical location the product can be found.
Answer: Place
◉ The __________ include: product, promotion, price, and place.
Answer: The Four P's of Marketing
◉ Property management companies that operate under the __________
have dedicated property managers who are involved with every
aspect of the properties they manage.
Answer: Portfolio structure
, ◉ _________ are charged to each client to cover all of the services the
property manager provides.
Answer: Management fees
◉ Which of the following is true?
Answer: A. It is better to be conservative on expenses and liberal on
income
B. Owners do not usually mind if the actual budget far exceeds the
estimated budget
C. The actual budget and the estimated budget almost always match
exactly
*D. When budgeting for owners, property managers need to be
conservative on income and liberal on expenses
◉ The fiduciary duties a property manager owes to the owner are
_________, loyalty, disclosure, confidentiality, accounting, and
reasonable care.
Answer: Obedience
◉ Which of the following should be included in a property
management agreement?
Answer: A. Policies and procedures for the repair of the property
B. Duties and responsibilities of the property manger
C. The management term
ESTATE OPERATIONS AND TENANT
RELATIONS 2026 COMPLETE STUDY GUIDE
AND SOLUTIONS
◉ In Texas, agents need to be __________ in order to show, lease or
accept payment for soliciting space for property owners.
Answer: Licensed
◉ A(n) ________ is a person who, for a fee, manages a property for
someone else.
Answer: Property manager
◉ The four phases of a business cycle are prosperity, recession,
contraction, and ___________.
Answer: Recovery
◉ Equilibrium is said to be reached if:
Answer: There is high supply and high demand
,◉ Which statement is correct?
Answer: *A. Real estate cycles can take longer than the general
economic cycle
B. Real estate cycles and general economic cycles always move at
exactly the same pace
C. General economic cycles always take longer than real estate cycles
D. No one can ever predict real estate or economic cycles
◉ __________ is every avenue a business pursues in order to reach out
to the public to be seen.
Answer: Marketing
◉ The ____________ is the physical location the product can be found.
Answer: Place
◉ The __________ include: product, promotion, price, and place.
Answer: The Four P's of Marketing
◉ Property management companies that operate under the __________
have dedicated property managers who are involved with every
aspect of the properties they manage.
Answer: Portfolio structure
, ◉ _________ are charged to each client to cover all of the services the
property manager provides.
Answer: Management fees
◉ Which of the following is true?
Answer: A. It is better to be conservative on expenses and liberal on
income
B. Owners do not usually mind if the actual budget far exceeds the
estimated budget
C. The actual budget and the estimated budget almost always match
exactly
*D. When budgeting for owners, property managers need to be
conservative on income and liberal on expenses
◉ The fiduciary duties a property manager owes to the owner are
_________, loyalty, disclosure, confidentiality, accounting, and
reasonable care.
Answer: Obedience
◉ Which of the following should be included in a property
management agreement?
Answer: A. Policies and procedures for the repair of the property
B. Duties and responsibilities of the property manger
C. The management term
