Montana Property Management Exam Study
Guide UPDATED ACTUAL Exam
Questions and CORRECT Answers
What should be specified on a move-in condition report of a unit intended to be let?
A. The number of deductions from the prior tenant
B. If the premises have never previously been let a statement indicating a fact
C. The Contact info. of the manager and/or landlord
D. The year the property was built - CORRECT ANSWER - B. If the premises have never
previously been let a statement indicating a fact
What Montana law prohibits discrimination against familial status?
A. Family Protection Act of 1974
B. Americans with Disabilities Act
C. Human Rights Act
D. Fair Housing Act - CORRECT ANSWER - C. Human Rights Act
A property manager called 50 different families in a neighborhood, telling them that native
Americans were moving into the neighborhood and asking if they were interested in viewing
other properties around the city. This would be considered:
A. Redlining
B. Blockbusting
C. Steering
D. Familial status discrimination - CORRECT ANSWER - B. Blockbusting
Lead-Based paint disclosures are required for buildings built PRIOR to what year?
A. 1976
B. 1977
C. 1978
,D. 1988 - CORRECT ANSWER - C. 1978
You lease a commercial building that is 55X60ft. The annual price per sq. ft. is $11.50. A 5 year
lease is signed, with a disclosure of 6 months free. The management fee is 8%. What is the
average rent price per year?
A. $18,975
B. $34,155
C. $37,950
D. $170,775 - CORRECT ANSWER - B. $34,155
A property manager who manages the financials and oversight of multiple sites and leasing
agents is called a:
A. Comptroller
B. Capital supervisor
C. Fiduciary manager
D. Asset manager - CORRECT ANSWER - D. Asset manager
How much is the monthly rent for the office space that measures 30ft X 45ft., with a yearly rent
price of $7.50/sq. ft.?
A. $843.75
B. $912.50
C. $1012.50
D. $10,125.00 - CORRECT ANSWER - A. $843.75
Compensation for property managers is typically based off:
A. net income
B. gross potential income
C. effective gross income
D. sales commission - CORRECT ANSWER - C. effective gross income
, Which of the following need not be kept in a trust account:
A. security deposits
B. manager commission
C. owners reserve
D. rent received - CORRECT ANSWER - B. manager commission
How many year must all doc. relating to a real estate transaction be kept for?
A. 3
B. 7
C. 8
D. 10 - CORRECT ANSWER - C. 8
When a property management company decided that they will not offer their services in an area
of town that is predominately jewish that are conducting an illegal practice called:
A. Steering
B. Redlining
C. Neighborhood Discrimination
D. Discrimination of familial status - CORRECT ANSWER - B. Redlining
If a tenant is found to have a pet dog twice in 6 months at a property that doesn't allow pets, the
landlord can give written notice to:
A. Vacate within 24 hrs
B. Correct or Vacate within 48 hrs
C. Vacate within 3 days
D. Vacate within 5 days - CORRECT ANSWER - D. Vacate within 5 days
If no length is specified, the default lease length for commercial properties is:
Guide UPDATED ACTUAL Exam
Questions and CORRECT Answers
What should be specified on a move-in condition report of a unit intended to be let?
A. The number of deductions from the prior tenant
B. If the premises have never previously been let a statement indicating a fact
C. The Contact info. of the manager and/or landlord
D. The year the property was built - CORRECT ANSWER - B. If the premises have never
previously been let a statement indicating a fact
What Montana law prohibits discrimination against familial status?
A. Family Protection Act of 1974
B. Americans with Disabilities Act
C. Human Rights Act
D. Fair Housing Act - CORRECT ANSWER - C. Human Rights Act
A property manager called 50 different families in a neighborhood, telling them that native
Americans were moving into the neighborhood and asking if they were interested in viewing
other properties around the city. This would be considered:
A. Redlining
B. Blockbusting
C. Steering
D. Familial status discrimination - CORRECT ANSWER - B. Blockbusting
Lead-Based paint disclosures are required for buildings built PRIOR to what year?
A. 1976
B. 1977
C. 1978
,D. 1988 - CORRECT ANSWER - C. 1978
You lease a commercial building that is 55X60ft. The annual price per sq. ft. is $11.50. A 5 year
lease is signed, with a disclosure of 6 months free. The management fee is 8%. What is the
average rent price per year?
A. $18,975
B. $34,155
C. $37,950
D. $170,775 - CORRECT ANSWER - B. $34,155
A property manager who manages the financials and oversight of multiple sites and leasing
agents is called a:
A. Comptroller
B. Capital supervisor
C. Fiduciary manager
D. Asset manager - CORRECT ANSWER - D. Asset manager
How much is the monthly rent for the office space that measures 30ft X 45ft., with a yearly rent
price of $7.50/sq. ft.?
A. $843.75
B. $912.50
C. $1012.50
D. $10,125.00 - CORRECT ANSWER - A. $843.75
Compensation for property managers is typically based off:
A. net income
B. gross potential income
C. effective gross income
D. sales commission - CORRECT ANSWER - C. effective gross income
, Which of the following need not be kept in a trust account:
A. security deposits
B. manager commission
C. owners reserve
D. rent received - CORRECT ANSWER - B. manager commission
How many year must all doc. relating to a real estate transaction be kept for?
A. 3
B. 7
C. 8
D. 10 - CORRECT ANSWER - C. 8
When a property management company decided that they will not offer their services in an area
of town that is predominately jewish that are conducting an illegal practice called:
A. Steering
B. Redlining
C. Neighborhood Discrimination
D. Discrimination of familial status - CORRECT ANSWER - B. Redlining
If a tenant is found to have a pet dog twice in 6 months at a property that doesn't allow pets, the
landlord can give written notice to:
A. Vacate within 24 hrs
B. Correct or Vacate within 48 hrs
C. Vacate within 3 days
D. Vacate within 5 days - CORRECT ANSWER - D. Vacate within 5 days
If no length is specified, the default lease length for commercial properties is:
