MT Property Management Prep

MT Property Management Prep

1. Move-In Condition Report: Not required:

✅ When there is no security deposit



2. Move-Out Cleaning Deadline:

✅ 24 hours



3. Tenant Information upon Request: Must be provided:

- a. The property owner's name and address

- b. The security deposit disposition for the prior tenant

- c. The names of their neighbors

- d. The highest and lowest rent in the building

✅ b. The security deposit disposition for the prior tenant



4. Trust Account Requirements: Which need not be kept in a trust account:

- a. Owners reserves

- b. Earned interest

- c. Rents received

- d. Security deposits

✅ b. Earned interest



5. Maximum Personal Funds in Trust Account:

✅ $1,000



6. Management Personnel: Individuals residing at the property are called:

✅ Site managers

, 7. Property Manager Title for Supervisory Role:

- a. Comptroller

- b. Asset manager

- c. Capital supervisor

- d. Fiduciary manager

✅ b. Asset manager



8. Lead Paint Disclosure Requirement: Required for buildings built in or before:

✅ 1977



9. Monthly Rent Calculation: Office space measuring 30ft X 45ft at $7.50/sq ft:

✅ $843.75



10. Property Manager Compensation Basis:

✅ Gross Income



11. Mutual Agreement: Also referred to as:

✅ Meeting of the minds



12. Illegal Practice by Property Management: If they refuse services in a Native American area:

✅ Redlining



13. Effective Gross Monthly Income of an Apartment Building:

✅ $12,673



14. Rent Deposit Timeline: Rents must be deposited into trust account within:

✅ 3 business days