Leasing and Property Management Exam with Complete & Verified Solutions | Updated 2024

Leasing and Property Management Exam with Complete & Verified Solutions | Updated 2024 Jeanetta leases an apartment from Quad City Leasing. Jeanetta has filed a complaint with the state real estate licensing division stating that Marissa, Quad City's property manager, breached her fiduciary duty of loyalty to Jeanetta. Which of these statements about this situation is true? A. As a property manager, Marissa doesn't owe fiduciary duties to clients or residents. B. As a property manager, Marissa owes fiduciary duties to her client and the apartment community. C. If Marissa did breach a fiduciary duty to Jeanetta, Jeanetta has a legitimate complaint. D. Marissa owes fiduciary duties only to the landlord. - Answer ️️ -B. As a property manager, Marissa owes fiduciary duties to her client and the apartment community. A landlord refuses to show or rent an apartment to someone who is not Christian or Jewish. What type of discrimination is this? A. Disability discrimination B. Familial status discrimination C. Racial discrimination D. Religious discrimination - Answer ️️ -D. Religious discrimination All of the following are common property manager duties EXCEPT ______. A. Accepting rental applications B. Making mortgage payments C. Re-keying a property D. Showing vacant units - Answer ️️ -B. Making mortgage payments In property management, what's the legal and binding contract that spells out the duties for both the property manager and property owner? A. Power of attorney B. Property management agreement C. Property management proposal D. Service contract - Answer ️️ -B. Property management agreement Myra is preparing a monthly report pursuant to the terms of a property management agreement. This report details actual income received from rent and other fees, along with actual expenses paid. What report is she preparing? A. Budget comparison statement B. Cash flow report C. Operating budget D. Profit and loss statement - Answer ️️ -B. Cash flow report Which of these landlord actions would NOT be considered a reasonable accommodation? A. Allowing assistance animals when there's a "no pets" policy B. Assigning a parking space close to the building when the general policy is that there is no assigned parking C. Moving disabled tenants to units near an el