Property Management Exam Questions
with Correct Answers
Management Agreements include - ANSWER-(1) Identification of the parties and
property
(2)Period over which the contract is to run
(3)Authority & responsibilities of the manager
(4)Responsibilities of the owner
(5)Fees & Leasing/sales commissions
(6)Signatures of the Parties
Long term movements in the business cysle are normally measured over how many
years? - ANSWER-50
Fiduciary Duties to an Owner by agent - ANSWER-OLD CAR
(1) Obedience
(2) Loyalty
(3) Disclosure
(4) Confidentiality
(5) Reasonable Care
(6) Diligence
(7) Accounting
Principal - Agent Relationship, who is the agent - ANSWER-PMIC
Random Changes - ANSWER-Variations in the market that occur at any time
4 Classification of Real Estate - ANSWER-(1) Residential
(2) Commercial
(3)Industrial
(4) Special Purpose
A surety bond protects the? - ANSWER-Agent from owner default
Technical Oversupply - ANSWER-When there are more available units than there
are prospective residents
Primary Goals of the Professional Property Manager - ANSWER-generate income
while achieving the owners objectives, always preserving the value of the property.
Real Property begins - ANSWER-at the surface of the parcel of land & extends to the
air above the surface & the minerals below as well as anything permanently attached
to the land.
Curb Appeal - ANSWER-the appearance of your property from the street
, Requirements for obtaining PM license - ANSWER-(1) must attend 30 hours of
approved class
(2) must submit to a credit chk
(3) must pass exam
(4) must be 18 years of age
Dunn & Bradstreet Reference Report - ANSWER-Business credit information
reporting agency. Used when obtaining credit for a company interested in renting
retail space
Difference in trends in General Business & Real Estate Market - ANSWER-Trends in
Real Estate lag significantly behind trends in the general economy
Federal Fair Housing Act or Title VIII 1968 - ANSWER-FRESHCORN - Prohibits
discrimination based on race, religion, color, national origin, sex, familial status &
handicap. 1988 added familial status & handicapped.
PMIC - ANSWER-Must have ownership in the company or be actively involved.
duties of PMIC or BMIC - ANSWER-adequately supervise employees to ensure
compliance, establish and maintain written office policy, welcome form, and display
fair housing poster, maintain trust accounts.
Agency disclosure brochure - ANSWER-should be given at the first point of contact
unlicensed persons may for multi unit property - ANSWER-(1) preform maintenance
(2) clerical or admin
(3) collection of rents
(4) show units
(5) furnish published info
(6) provide app and lease forms
(7) receive apps and lease forms
Unlicensed person may not - ANSWER-collect a management fee for services it
violates SC License Law
Lead Base Paint Hazard Reduction Act (LBPHRA) - ANSWER-The federal act that
seeks to control exposure to lead-based paint hazards, specifically mentioning
protecting children younger than six. It requires that landlords of properties built
before 1978 make certain disclosures before entering into a lease. Tenant has 10
days to change mind to lease.
Rent - ANSWER-payable w/out demand at the time and place agreement was made
Tenancy at Will - ANSWER-An estate that gives the tenant the right of possession
for an indefinite period until the estate is terminated by either party or the death of
either party.
Tenancy at Sufferance - ANSWER-A rental situation in which a tenant who originally
obtained possession of the premises legally continues to occupy the property after
with Correct Answers
Management Agreements include - ANSWER-(1) Identification of the parties and
property
(2)Period over which the contract is to run
(3)Authority & responsibilities of the manager
(4)Responsibilities of the owner
(5)Fees & Leasing/sales commissions
(6)Signatures of the Parties
Long term movements in the business cysle are normally measured over how many
years? - ANSWER-50
Fiduciary Duties to an Owner by agent - ANSWER-OLD CAR
(1) Obedience
(2) Loyalty
(3) Disclosure
(4) Confidentiality
(5) Reasonable Care
(6) Diligence
(7) Accounting
Principal - Agent Relationship, who is the agent - ANSWER-PMIC
Random Changes - ANSWER-Variations in the market that occur at any time
4 Classification of Real Estate - ANSWER-(1) Residential
(2) Commercial
(3)Industrial
(4) Special Purpose
A surety bond protects the? - ANSWER-Agent from owner default
Technical Oversupply - ANSWER-When there are more available units than there
are prospective residents
Primary Goals of the Professional Property Manager - ANSWER-generate income
while achieving the owners objectives, always preserving the value of the property.
Real Property begins - ANSWER-at the surface of the parcel of land & extends to the
air above the surface & the minerals below as well as anything permanently attached
to the land.
Curb Appeal - ANSWER-the appearance of your property from the street
, Requirements for obtaining PM license - ANSWER-(1) must attend 30 hours of
approved class
(2) must submit to a credit chk
(3) must pass exam
(4) must be 18 years of age
Dunn & Bradstreet Reference Report - ANSWER-Business credit information
reporting agency. Used when obtaining credit for a company interested in renting
retail space
Difference in trends in General Business & Real Estate Market - ANSWER-Trends in
Real Estate lag significantly behind trends in the general economy
Federal Fair Housing Act or Title VIII 1968 - ANSWER-FRESHCORN - Prohibits
discrimination based on race, religion, color, national origin, sex, familial status &
handicap. 1988 added familial status & handicapped.
PMIC - ANSWER-Must have ownership in the company or be actively involved.
duties of PMIC or BMIC - ANSWER-adequately supervise employees to ensure
compliance, establish and maintain written office policy, welcome form, and display
fair housing poster, maintain trust accounts.
Agency disclosure brochure - ANSWER-should be given at the first point of contact
unlicensed persons may for multi unit property - ANSWER-(1) preform maintenance
(2) clerical or admin
(3) collection of rents
(4) show units
(5) furnish published info
(6) provide app and lease forms
(7) receive apps and lease forms
Unlicensed person may not - ANSWER-collect a management fee for services it
violates SC License Law
Lead Base Paint Hazard Reduction Act (LBPHRA) - ANSWER-The federal act that
seeks to control exposure to lead-based paint hazards, specifically mentioning
protecting children younger than six. It requires that landlords of properties built
before 1978 make certain disclosures before entering into a lease. Tenant has 10
days to change mind to lease.
Rent - ANSWER-payable w/out demand at the time and place agreement was made
Tenancy at Will - ANSWER-An estate that gives the tenant the right of possession
for an indefinite period until the estate is terminated by either party or the death of
either party.
Tenancy at Sufferance - ANSWER-A rental situation in which a tenant who originally
obtained possession of the premises legally continues to occupy the property after
