Property Management Exam 2- with complete solutions

Property Management Exam 2- with complete solutions High tenant turnover means increases for the landlord in - Answer️️ - advertising expenses A record of lease renewal dates should be kept so that the property manager will know when to - Answer️️ - contact good tenants in an attempt to retain them The establishment of good tenant relations begins with - Answer️️ - joint inspection of the premises by the manager and tenant before move-in In which property is inspection of the premises with new tenant the most important? - Answer️️ - residential What is most important in establishing tenant loyalty and friendliness? - Answer️️ - the manager's personal efforts Tenant relations can be aided by - Answer️️ - reviewing rent collection procedures with the tenant in a conference at the beginning of the lease The basic prerequisite for enlightened property maintenance is - Answer️️ - getting the tenant's service requests to the appropriate parties What should be done when a tenant makes a service request? - Answer️️ - Tenant should be told when it will be taken care of, or why it will not be What is the foundation of a good landlord and tenant relationship? - Answer️️ - Good reputation for maintenance and management What should the manager do if a good tenant terminated the lease? - Answer️️ - Immediately contact the tenant to find out why he is moving and, if possible, correct the situation The most critical factor in determining whether and how much of a rent increase to make is - Answer️️ - the total net increase in income after accounting for move-outs due to the increase If rents are increased, the manager should - Answer️️ - learn the logic behind the increase so he or she can explain it to the tenants The best way to get prompt payment of rent is to - Answer️️ - have a clear-cut understanding of the requirements for payment and provisions for default The time between the rent due date and the announcement of action for recovery should be - Answer️️ - a fixed, determined period Three copies of an eviction notice should be prepared- one for the tenant, one for the manager's attorney and a third for the - Answer️️ - manager's file Upon termination by a tenant, the property manager should - Answer️️ - inspect the space after the tenant has removed all personal property What form should the manager use when inspecting the property after the tenant has vacated? - Answer️️ - move-in/move-out checklist In most states, detailed and stringent security deposit statutes have been passed. What must the landlord do? - Answer️️ - He must itemize the deductions in a written statement. Deductions from the security deposit are authorized by - Answer️️ - nonpayment of rent, nonstandard decorating, excessive cleaning charges, and damages to the premises. Leases should be written to prohibit using security deposits as - Answer️️ - last months rent Jones vs. Mayer reaffirmed the Civil Rights Act of 1866 by prohibiting - Answer️️ - all racial discrimination Telling a potential tenant that there are no vacancies when there are is an example of - Answer️️ - steering According to the Fair Credit Reporting Act, a loan applicant may - Answer️️ - seek to correct errors on the report Under the federal Equal Opportunity Act, the property manager who requires a credit report on a prospective tenant can - Answer️️ - evaluate the tenant based on income and debt ratios When two managers negotiate rental rates it is known as - Answer️️ - price fixing Which of the following acts are permitted under the federal Fair Housing Law? - Answer️️ - refuse to rent to an Asian American man because he has a poor credit history If someone is found guilty of violating the Fair Housing Act of 1968, he or she may be liable for actual damages and maximum punitive damages of - Answer️️ - an unlimited amount If a person feels that he has been discriminated against by a property manager, a complaint may be filed with - Answer️️ - the Department of Housing and Urban Development Which of the following laws requires credit bureaus to supply information to a person who has been denied credit? - Answer️️ - Fair Credit Reporting Act Lead based paint disclosure forms must be retained - Answer️️ - for three yea