CHAPTER 16: PROPERTY MANAGEMENT QUIZ
QUESTIONS WITH CORRECT ANSWERS 2026
All of the following statements about property management are correct except:
A. Property management is a specialized field within the real estate industry
B. A property manager acts as an agent of the property owner
C. The terms property manager and resident manager have the same meaning
D. A property manager is a fiduciary - correct answer -c. The terms property manager and
resident manager have the same meaning
The property management agreement is different from that of a listing agreement in which of
the following ways?
A. Property management contracts do not have to be in writing form the inception of the
agreement
B. Dual agency is not allowed in property management agreement
C. Property management contracts do not have to automatically expire at the end of the
agreement
D. Property management agreements do not have to contain anti-discrimination language -
correct answer -c. Property management contracts do not have to automatically expire at the
end of the agreement
A budget based on forecast income and anticipated expenses over a period of years is called
a(n):
A. Stabilized budget
B. Projected budget
C. Anticipated budget
D. Operating budget - correct answer -a. Stabilized budget
, Which of the following creates an agency relationship between a property manager and the
property owner?
A. Management proposal
B. Management report
C. Management agreement
D. Management plan - correct answer -c. Management agreement
A nonlicensed, salaried employee working for a licensed real estate broker who is contracted to
manage property for a property owner can perform all of the following activities without a real
estate license except:
A. Marketing
B. Showing properties
C. Negotiating terms of a lease
D. Instituting legal actions - correct answer -c. Negotiating terms of a lease
Failure of the broker to perform duties under the property management agreement:
A. Is a breach of the duty of agency
B. Would make the broker liable to the owner but not the real estate commission
C. Would make the broker liable to the real estate commission but not to the owner
D. None of the above - correct answer -a. Is a breach of the duty of agency
Agency agreements must be in writing from the time of inception with a:
A. Licensee
B. Lessor
C. Lessee
D. Lien holder - correct answer -b. Lessor
QUESTIONS WITH CORRECT ANSWERS 2026
All of the following statements about property management are correct except:
A. Property management is a specialized field within the real estate industry
B. A property manager acts as an agent of the property owner
C. The terms property manager and resident manager have the same meaning
D. A property manager is a fiduciary - correct answer -c. The terms property manager and
resident manager have the same meaning
The property management agreement is different from that of a listing agreement in which of
the following ways?
A. Property management contracts do not have to be in writing form the inception of the
agreement
B. Dual agency is not allowed in property management agreement
C. Property management contracts do not have to automatically expire at the end of the
agreement
D. Property management agreements do not have to contain anti-discrimination language -
correct answer -c. Property management contracts do not have to automatically expire at the
end of the agreement
A budget based on forecast income and anticipated expenses over a period of years is called
a(n):
A. Stabilized budget
B. Projected budget
C. Anticipated budget
D. Operating budget - correct answer -a. Stabilized budget
, Which of the following creates an agency relationship between a property manager and the
property owner?
A. Management proposal
B. Management report
C. Management agreement
D. Management plan - correct answer -c. Management agreement
A nonlicensed, salaried employee working for a licensed real estate broker who is contracted to
manage property for a property owner can perform all of the following activities without a real
estate license except:
A. Marketing
B. Showing properties
C. Negotiating terms of a lease
D. Instituting legal actions - correct answer -c. Negotiating terms of a lease
Failure of the broker to perform duties under the property management agreement:
A. Is a breach of the duty of agency
B. Would make the broker liable to the owner but not the real estate commission
C. Would make the broker liable to the real estate commission but not to the owner
D. None of the above - correct answer -a. Is a breach of the duty of agency
Agency agreements must be in writing from the time of inception with a:
A. Licensee
B. Lessor
C. Lessee
D. Lien holder - correct answer -b. Lessor
