Unit 7 Exam: Property Management
UPDATED Exam Questions and CORRECT
Answers
If, after your one-year lease is up, you convert to a periodic lease, it is true that ____. -
CORRECT ANSWER - You must give written notice by a specific period of time prior to
the end of the period in which you wish to terminate
Which of the following statements regarding security deposits is TRUE? 1. The security deposit
funds belong to the lessor. 2. The security deposit can be used for normal wear and tear. 3.
Interest earned on the security deposit belongs to the lessee. 4. The security deposit can be used
for rent for the last month of the lease. - CORRECT ANSWER - Interest earned on the
security deposit belongs to the lessee.
A lease can terminate for all of the following reasons EXCEPT ____. 1. Merger 2. A fire
destroys the premises 3. Condemnation 4. The lessor dies - CORRECT ANSWER - The
lessor dies
A property manager has a chance for a management contract for a large commercial building that
has been vacant for 2 years. The manager should insist upon a ____. - CORRECT
ANSWER - Minimum fee
The type of lease where the landlord pays all expenses of operation and maintenance, is called
a(n) ____. - CORRECT ANSWER - Gross lease
In the case that the tenant causes minor damages to the rented property, the landlord policies
should include ____. - CORRECT ANSWER - Emergency repair personnel or contractors
to call
Monthly statements will include all of the following EXCEPT ____.
1. Income from rent 2. Security deposits 3. Income from vending machines 4. Annual debt
service - CORRECT ANSWER - Annual debt service
, When asked questions such as "How many senior citizens live here"? Your best response would
be ____. - CORRECT ANSWER - We are an equal opportunity renter. Anyone that fills
out an application and meets our qualification guidelines is welcome to live here.
The clock starts on the landlord returning the security deposit after ____. - CORRECT
ANSWER - Cessation of interest (tenant vacates)
Not included in "normal wear and tear" is ____. - CORRECT ANSWER - Repair needed
to fire damaged oven
In most states, which one of the following would a buyer need to view before entering into a
contract with a seller? - CORRECT ANSWER - Property condition disclosure
A basic residential home warranty on an existing home would cover all of the following
EXCEPT: 1. septic 2. refrigerator 3. window 4. air conditioning unit - CORRECT
ANSWER - Window
Which one is NOT correct about an employee - CORRECT ANSWER - An employee
would complete an IRS 1099 tax form
A lease that has a fixed rent with increases at certain intervals, is known as a(n) ____. -
CORRECT ANSWER - Step-up lease
A lease for a commercial property, in which a tenant agrees to pay $5,000.00 per month plus 4%
of the gross monthly sales, is called a ____. - CORRECT ANSWER - Percentage lease
An example of constructive eviction would be a ____. - CORRECT ANSWER - Landlord
cutting off the tenant's heat and water
UPDATED Exam Questions and CORRECT
Answers
If, after your one-year lease is up, you convert to a periodic lease, it is true that ____. -
CORRECT ANSWER - You must give written notice by a specific period of time prior to
the end of the period in which you wish to terminate
Which of the following statements regarding security deposits is TRUE? 1. The security deposit
funds belong to the lessor. 2. The security deposit can be used for normal wear and tear. 3.
Interest earned on the security deposit belongs to the lessee. 4. The security deposit can be used
for rent for the last month of the lease. - CORRECT ANSWER - Interest earned on the
security deposit belongs to the lessee.
A lease can terminate for all of the following reasons EXCEPT ____. 1. Merger 2. A fire
destroys the premises 3. Condemnation 4. The lessor dies - CORRECT ANSWER - The
lessor dies
A property manager has a chance for a management contract for a large commercial building that
has been vacant for 2 years. The manager should insist upon a ____. - CORRECT
ANSWER - Minimum fee
The type of lease where the landlord pays all expenses of operation and maintenance, is called
a(n) ____. - CORRECT ANSWER - Gross lease
In the case that the tenant causes minor damages to the rented property, the landlord policies
should include ____. - CORRECT ANSWER - Emergency repair personnel or contractors
to call
Monthly statements will include all of the following EXCEPT ____.
1. Income from rent 2. Security deposits 3. Income from vending machines 4. Annual debt
service - CORRECT ANSWER - Annual debt service
, When asked questions such as "How many senior citizens live here"? Your best response would
be ____. - CORRECT ANSWER - We are an equal opportunity renter. Anyone that fills
out an application and meets our qualification guidelines is welcome to live here.
The clock starts on the landlord returning the security deposit after ____. - CORRECT
ANSWER - Cessation of interest (tenant vacates)
Not included in "normal wear and tear" is ____. - CORRECT ANSWER - Repair needed
to fire damaged oven
In most states, which one of the following would a buyer need to view before entering into a
contract with a seller? - CORRECT ANSWER - Property condition disclosure
A basic residential home warranty on an existing home would cover all of the following
EXCEPT: 1. septic 2. refrigerator 3. window 4. air conditioning unit - CORRECT
ANSWER - Window
Which one is NOT correct about an employee - CORRECT ANSWER - An employee
would complete an IRS 1099 tax form
A lease that has a fixed rent with increases at certain intervals, is known as a(n) ____. -
CORRECT ANSWER - Step-up lease
A lease for a commercial property, in which a tenant agrees to pay $5,000.00 per month plus 4%
of the gross monthly sales, is called a ____. - CORRECT ANSWER - Percentage lease
An example of constructive eviction would be a ____. - CORRECT ANSWER - Landlord
cutting off the tenant's heat and water
