Property Management Exam 2025 Questions and Answers 100% Pass

Property Management Exam 2025 Questions and Answers 100% Pass Ch 9 - The managers office should be on the building premises when - most of the management operations are conducted there Most property managers divide their office records into how many general categories for filing purposes - Five: lease, general correspondence, work estimates, financial and permanent The permanent property file should include - the management contract Which of the following should be considered when purchasing a computer system? - One the spot maintenance and repairs What is an example of a direct cost - Payroll for the management personnel at the building If management operations are too limited to justify hiring a comptroller, the comptrollers tasks should be assumed by the - executive property manager Who performs the general admin and daily ops of the property - field manager Managment fees may be computed on a percentage basis or - by the per unit cost method Total cost 2,500/month Gross income 50,000/month 2COPYRIGHT © 2025 BY SOPHIA BENNETT, ALL RIGHTS RESERVED 30% of direct costs to cover overhead What percentage fee? - 6.5% Monthly management fee / gross income 2500 + 2500*.3 / 50,000 Direct costs 35000 Indirect costs 20000 750 units 20% profit Minimum per unit fee? - 35,000+20,000 / 750 *.20 $88 50 units Gross income $300,000 Vacancy 6% Per unit fee $300 Percentage management fee? - 300 * 50 = 15,000 300,000*.06 = 282,000 15/282 = 5% The most important operating record kept by the property manager is - monthly report on cash flow 3COPYRIGHT © 2025 BY SOPHIA BENNETT, ALL RIGHTS RESERVED Which of the following is a nonrecurring variable expense? - An addition to the building For the final quarter of the year, all of the following tax forms concerning employees must be filed by the manager except - Form 1099 Which statement accurately described income tax withholding forms - Form W-4 is filled out by the employee, but the responsibility for obtaining it is on the employer A manager would MOST likely want a percentage of the collected rents in which of the following situations? - Upscale apartment building with high demand Unemployment taxes are levied and must be paid when filing - FUTA A commercial prop containing 35,000 sq. ft. is rented at 6$ per foot. Actual collected only $168,000. What occupancy rate should be used in budget forecast for next year - 80% An apartment building has fixed costs of $75,000 per year and a variable cost ratio of 25%. What is the breakeven point? - 100,000 What is the cap rate? - A method to convert future income to present value A property manager had two vacancies. When a single parent and her child inquired about an apartment they were told that the building was 100% occupied. This is... - Steering According to the Fair Credit REporting Act, a loan applicant may - Seek to correct errors on the report Ch 10 - Jones v Mayer reaffirmed the CRA of 1866 by prohibiting - All racial discrimination 4COPYRIGHT © 2025 BY SOPHIA BENNETT, ALL RIGHTS RESERVED Under the federal ECOA the property manager who requires a credit report on a prospective tenant can do which of the following - Evaluate the tenant based on income and debt ratios The resident manager has decided to shop other properties in order to determine if her rental rates are competitive. She calls the magers of a nearby property, and finds out that the second manager is thinking about raising raters. The two of them decide to raise rates at the same time. This might be construed as an example of - the illegal practice of price-fixing Which of the following acts are permitted under the federal Fair Housing Law - Refuse to rent to an Asian American man because he has a poor credit history If someone is found guilt of violating the Fair Housing Act of 1968, he or she may be liable for actual damages and max punitive damages of - an unlimited amount If a person feels that she or he has been discriminated against by a property manager, a complaint may be filed with - the Department of Housing and Urban Development Which of the following laws requires credit bureaus to supply information to a person who has been denied credit - Fair Credit Reporting Act Lead-based paint disclosure forms must be retained for - t