Leasing and Property Management
UPDATED Exam Questions and CORRECT
Answers
When property with a pre-existing lease is sold, the new owner ______. - CORRECT
ANSWER - Must honor the lease terms unless the lease states otherwise
Which of these is an example of a trust fund belonging to a tenant? - CORRECT
ANSWER - Security deposit
Stella owns a building in an area of town that's being revitalized. Local property owners believe
property values will increase considerably over the next 10 years. Stella wants to entice long-
term tenants with a low initial rent but have the flexibility to increase rent as her property's value
increase. What type of lease should she consider? - CORRECT ANSWER - Graduated
Lance is a property manager who receives his management fees on a bi-monthly basis. He draws
them from a trust account set up in the property owner's name. What gives him the authority to
take these disbursements as his fee? - CORRECT ANSWER - The property management
agreement
A disabled tenant has requested reasonable accommodations be made inside his unit to improve
his ability to move around and enjoy the unit. Under ADA, which of these actions MUST the
landlord take? - CORRECT ANSWER - The landlord must permit the tenant to make the
reasonable accommodations and can require the tenant to pay for the changes and return the unit
to its original condition when vacating.
Property managers must recognize the federally protected classes under ADA and the federal
Fair Housing Act. Which list most accurately lists these classes? - CORRECT ANSWER -
Race, color, religion, national origin, sex, familial status, or disability
Landlords must abide by all fair housing, civil rights, and ADA regulations as well as comply
with all state and federal landlord-tenant legislation. What responsibility does the property
manager have related to this? - CORRECT ANSWER - The property manager, as the
UPDATED Exam Questions and CORRECT
Answers
When property with a pre-existing lease is sold, the new owner ______. - CORRECT
ANSWER - Must honor the lease terms unless the lease states otherwise
Which of these is an example of a trust fund belonging to a tenant? - CORRECT
ANSWER - Security deposit
Stella owns a building in an area of town that's being revitalized. Local property owners believe
property values will increase considerably over the next 10 years. Stella wants to entice long-
term tenants with a low initial rent but have the flexibility to increase rent as her property's value
increase. What type of lease should she consider? - CORRECT ANSWER - Graduated
Lance is a property manager who receives his management fees on a bi-monthly basis. He draws
them from a trust account set up in the property owner's name. What gives him the authority to
take these disbursements as his fee? - CORRECT ANSWER - The property management
agreement
A disabled tenant has requested reasonable accommodations be made inside his unit to improve
his ability to move around and enjoy the unit. Under ADA, which of these actions MUST the
landlord take? - CORRECT ANSWER - The landlord must permit the tenant to make the
reasonable accommodations and can require the tenant to pay for the changes and return the unit
to its original condition when vacating.
Property managers must recognize the federally protected classes under ADA and the federal
Fair Housing Act. Which list most accurately lists these classes? - CORRECT ANSWER -
Race, color, religion, national origin, sex, familial status, or disability
Landlords must abide by all fair housing, civil rights, and ADA regulations as well as comply
with all state and federal landlord-tenant legislation. What responsibility does the property
manager have related to this? - CORRECT ANSWER - The property manager, as the
