Property Management Exam Questions with Complete Solutions | 100% Correct | Updated 2024

Property Management Exam Questions with Complete Solutions | 100% Correct | Updated 2024 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. - 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. - 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. - 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 - 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. - 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 - 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. - 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 - Answer ️️ -1. terminate a tenant's occupancy after 30 days' written notice. Tenancy at sufferance is intended to prevent acquisition of title by _______________ __________________. - 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. 4. is voidable. - Answer ️️ -2. is binding on the new owners. Gross leases are most often used with 1. apartments. 2. retail space. 3. office space 4. industrial property - Answer ️️ - The remedy of Forcible Entry and Detainer is