RE Leasing and Property Management
UPDATED ACTUAL Exam Questions and
CORRECT Answers
Which of the following is a reason for a tenant remedy to be applied?
The tenant had a party, and a window got broken. After two days, the window was still not fixed.
The tenant hadn't informed the landlord about the issue.
The tenant had the issue repaired without telling the landlord and deducted the cost of repair
from the next month's rent.
The tenant informed the landlord of the problem, and it's still not fixed more than 30 days later. -
CORRECT ANSWER - The tenant informed the landlord of the problem, and it's still not
fixed more than 30 days later.
(The Uniform Residential Landlord Tenant Act provides for tenants to remedy the situation only
after first notifying the landlord in writing and allowing reasonable time for the landlord to
correct the issue.)
Which one of the following meets the definition of a trust fund?
Commission money the licensee has earned for their work on a real estate transaction
Money given as a gift to a real estate broker as a gesture of appreciation
Other people's money held for a specific purpose in the course of a real estate transaction
,Rent paid by a tenant to a broker for a property that the broker owns personally - CORRECT
ANSWER - Other people's money held for a specific purpose in the course of a real estate
transaction
Why do many property managers have separate operating and trust accounts?
All states have laws requiring separate accounts.
Federal law requires separate accounts.
It increases the amount of management fees that can be charged to the property owner.
It prevents the misuse of tenant funds for operating expenses. - CORRECT ANSWER - It
prevents the misuse of tenant funds for operating expenses.
(Property managers must be careful not to commingle client trust funds with operating funds.
Many property managers strongly believe these funds should be kept in separate accounts. Some
states even require it.)
Which of the following is a duty of a property manager?
Handling domestic disputes between tenants
Maintaining the property
Picking up after tenants' pets
Referring all interested tenants directly to the owner - CORRECT ANSWER - Maintaining
the property
, A tenant violated the terms of his lease by having pets, so the property manager has started
______ proceedings to get him removed from the apartment.
Abandonment
Eviction
Expiration
Termination - CORRECT ANSWER - Eviction
Which of the following describes an estate at sufferance?
Tenancy for an unknown period of time, with either party permitted to terminate the lease by
giving notice.
Tenancy for a specified period of time that automatically renews itself for the same length of
time unless one party terminates.
Tenancy of definite duration that terminates automatically and is inheritable.
The tenant stays after the right to possess has terminated. - CORRECT ANSWER - The
tenant stays after the right to possess has terminated.
Leases may be terminated by expiration, eviction, or ______.
Death
Extermination
UPDATED ACTUAL Exam Questions and
CORRECT Answers
Which of the following is a reason for a tenant remedy to be applied?
The tenant had a party, and a window got broken. After two days, the window was still not fixed.
The tenant hadn't informed the landlord about the issue.
The tenant had the issue repaired without telling the landlord and deducted the cost of repair
from the next month's rent.
The tenant informed the landlord of the problem, and it's still not fixed more than 30 days later. -
CORRECT ANSWER - The tenant informed the landlord of the problem, and it's still not
fixed more than 30 days later.
(The Uniform Residential Landlord Tenant Act provides for tenants to remedy the situation only
after first notifying the landlord in writing and allowing reasonable time for the landlord to
correct the issue.)
Which one of the following meets the definition of a trust fund?
Commission money the licensee has earned for their work on a real estate transaction
Money given as a gift to a real estate broker as a gesture of appreciation
Other people's money held for a specific purpose in the course of a real estate transaction
,Rent paid by a tenant to a broker for a property that the broker owns personally - CORRECT
ANSWER - Other people's money held for a specific purpose in the course of a real estate
transaction
Why do many property managers have separate operating and trust accounts?
All states have laws requiring separate accounts.
Federal law requires separate accounts.
It increases the amount of management fees that can be charged to the property owner.
It prevents the misuse of tenant funds for operating expenses. - CORRECT ANSWER - It
prevents the misuse of tenant funds for operating expenses.
(Property managers must be careful not to commingle client trust funds with operating funds.
Many property managers strongly believe these funds should be kept in separate accounts. Some
states even require it.)
Which of the following is a duty of a property manager?
Handling domestic disputes between tenants
Maintaining the property
Picking up after tenants' pets
Referring all interested tenants directly to the owner - CORRECT ANSWER - Maintaining
the property
, A tenant violated the terms of his lease by having pets, so the property manager has started
______ proceedings to get him removed from the apartment.
Abandonment
Eviction
Expiration
Termination - CORRECT ANSWER - Eviction
Which of the following describes an estate at sufferance?
Tenancy for an unknown period of time, with either party permitted to terminate the lease by
giving notice.
Tenancy for a specified period of time that automatically renews itself for the same length of
time unless one party terminates.
Tenancy of definite duration that terminates automatically and is inheritable.
The tenant stays after the right to possess has terminated. - CORRECT ANSWER - The
tenant stays after the right to possess has terminated.
Leases may be terminated by expiration, eviction, or ______.
Death
Extermination
