Question 1

Name three of the entities that are likely to have property managers on staff.

Accepted Answer

Answers will vary but may include commercial banks, development companies, REITs, large institutional investors, large companies, governments, charitable organizations, and colleges and universities.

Question 2

Name three of the most important items that a property management contract should contain.

Accepted Answer

A property management contract should spell out the duties of the property manager, his or her authority, and the compensation that he or she will receive. It should also have a term and set out the duties of the owner and enumerate the owner's goals for the property.

Question 3

Name three of the classes of individuals that are protected by the federal government.

Accepted Answer

The federal government has laws that prohibit discrimination based on race, color, sex, religion, national origin, and welfare status.

Question 4

Typically, in a lease, the landlord reserves the right to enter the premises for which of the following purposes?

Accepted Answer

A)  To inspect the premises 
B)  To show the premises to prospective tenants 
C)  To make repairs 
D)  All of the above 
A)  To inspect the premises 
B)  To show the premises to prospective tenants 
C)  To make repairs 
D)  All of the above

Question 5

A lease is a type of conveyance.

Accepted Answer

A) True 
 B)False

Question 6

The process in which a landlord so disturbs a tenant's enjoyment of the leased premised that the tenant is effectively forced to move is called:

Accepted Answer

A)  actual eviction. 
B)  forcible detainer and entry. 
C)  constructive eviction. 
D)  modification and obstruction. 
A)  actual eviction. 
B)  forcible detainer and entry. 
C)  constructive eviction. 
D)  modification and obstruction.

Question 7

The lease that allows the landlord to share in the profits of a commercial tenant is called:

Accepted Answer

A)  a gross lease. 
B)  a percentage lease. 
C)  a net lease. 
D)  a graduated lease. 
A)  a gross lease. 
B)  a percentage lease. 
C)  a net lease. 
D)  a graduated lease.

Question 8

An option clause gives the tenant the right and the duty to take some action in the future.

Accepted Answer

A) True 
 B)False

Question 9

Security deposits are given to offset a number of possible expenses that the landlord might encounter. Name two such expenses.

Accepted Answer

Answers will vary but may include accide

Question 10

A lease that contains the phrase "jointly and severally liable" means that:

Accepted Answer

A)  if there is more than one tenant, each may sever his or her interest from that of his or her roommate. 
B)  If there is more than one tenant, each may pay only his or her portion of the rent. 
C)  if there is more than one tenant, each tenant is liable for 100% of the rent. 
D)  the landlord can only accept one check for each month's rent, rather than separate checks from each tenant. 
A)  if there is more than one tenant, each may sever his or her interest from that of his or her roommate. 
B)  If there is more than one tenant, each may pay only his or her portion of the rent. 
C)  if there is more than one tenant, each tenant is liable for 100% of the rent. 
D)  the landlord can only accept one check for each month's rent, rather than separate checks from each tenant.

Question 11

You want to rent a space in a local mall for the purpose of opening a shoe store. The landlord wants a triple net combined with a percentage. What does he want? What would you negotiate for in terms of another rental amount?

Accepted Answer

The landlord is attempting to have all p

Question 12

Retaliatory eviction is:

Accepted Answer

A)  illegal. 
B)  legal if the tenant has caused a revolt among the other tenants. 
C)  legal if it is mentioned in the lease. 
D)  legal in some severe situations. 
A)  illegal. 
B)  legal if the tenant has caused a revolt among the other tenants. 
C)  legal if it is mentioned in the lease. 
D)  legal in some severe situations.

Question 13

A lease that calls for a fixed rental payment at stipulated intervals is called:

Accepted Answer

A)  a graduated lease. 
B)  a net lease. 
C)  a triple net lease. 
D)  a gross lease. 
A)  a graduated lease. 
B)  a net lease. 
C)  a triple net lease. 
D)  a gross lease.

Question 14

If no provision is made in a lease and either the tenant or landlord dies:

Accepted Answer

A)  the lease automatically terminates. 
B)  the lease may be terminated by the probate judge. 
C)  the tenant's or landlord's heirs must continue with the lease. 
D)  the lease automatically becomes month to month. 
A)  the lease automatically terminates. 
B)  the lease may be terminated by the probate judge. 
C)  the tenant's or landlord's heirs must continue with the lease. 
D)  the lease automatically becomes month to month.

Question 15

In the typical sublease situation, to whom does the sub-tenant pay rent?

Accepted Answer

A)  To the tenant who gave him or her the sublet 
B)  To the landlord 
C)  To the property manager 
D)  To the on-site manager 
A)  To the tenant who gave him or her the sublet 
B)  To the landlord 
C)  To the property manager 
D)  To the on-site manager

Question 16

Property management contracts must be in writing.

Accepted Answer

A) True 
 B)False

Question 17

A lease that specifies both the beginning and the expiration date of the lease is called:

Accepted Answer

A)  periodic tenancy. 
B)  a net lease. 
C)  tenancy for years. 
D)  tenancy at will. 
A)  periodic tenancy. 
B)  a net lease. 
C)  tenancy for years. 
D)  tenancy at will.

Question 18

Why would anyone want to do a sale and leaseback?

Accepted Answer

In the usual sale and leaseback, the ten

Question 19

A property management fee is usually:

Accepted Answer

A)  a percentage of the property's net income. 
B)  a percentage of the property's gross income. 
C)  set by state law. 
D)  a flat fee. 
A)  a percentage of the property's net income. 
B)  a percentage of the property's gross income. 
C)  set by state law. 
D)  a flat fee.

Question 20

Typically, a site manager (resident manager):

Accepted Answer

A)  collects rent. 
B)  does minor repairs. 
C)  responds to tenant complaints. 
D)  all of the above. 
A)  collects rent. 
B)  does minor repairs. 
C)  responds to tenant complaints. 
D)  all of the above.

Name three of the entities that are likely to have property managers on staff.

Name three of the most important items that a property management contract should contain.

Name three of the classes of individuals that are protected by the federal government.

Typically, in a lease, the landlord reserves the right to enter the premises for which of the following purposes?

A lease is a type of conveyance.

The process in which a landlord so disturbs a tenant's enjoyment of the leased premised that the tenant is effectively forced to move is called:

The lease that allows the landlord to share in the profits of a commercial tenant is called:

An option clause gives the tenant the right and the duty to take some action in the future.

Security deposits are given to offset a number of possible expenses that the landlord might encounter. Name two such expenses.

A lease that contains the phrase "jointly and severally liable" means that:

You want to rent a space in a local mall for the purpose of opening a shoe store. The landlord wants a triple net combined with a percentage. What does he want? What would you negotiate for in terms of another rental amount?

Retaliatory eviction is:

A lease that calls for a fixed rental payment at stipulated intervals is called:

If no provision is made in a lease and either the tenant or landlord dies:

In the typical sublease situation, to whom does the sub-tenant pay rent?

Property management contracts must be in writing.

A lease that specifies both the beginning and the expiration date of the lease is called:

Why would anyone want to do a sale and leaseback?

A property management fee is usually:

Typically, a site manager (resident manager):

Introduction to the Real Estate Business

Concepts of Home Ownership

Interests in Real Estate

Forms of Real Estate Ownership

Real Estate, Taxes and Other Liens

Legal Descriptions

Real Estate Financing

Real Estate Foreclosures

Real Estate Agency and Brokerage

Real Estate Appraisal

Real Estate Contracts

Closing the Real Estate Transaction

Property Management and Leasing

Federal Income Taxes and Real Estate

Understanding Real Estate: A Comprehensive Guide to Ownership, Rights, and Legalities

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Exam 14: Land-Use Controls and Property Development

Name three of the entities that are likely to have property managers on staff.

Name three of the most important items that a property management contract should contain.

Name three of the classes of individuals that are protected by the federal government.

Typically, in a lease, the landlord reserves the right to enter the premises for which of the following purposes?

A lease is a type of conveyance.

The process in which a landlord so disturbs a tenant's enjoyment of the leased premised that the tenant is effectively forced to move is called:

The lease that allows the landlord to share in the profits of a commercial tenant is called:

An option clause gives the tenant the right and the duty to take some action in the future.

Security deposits are given to offset a number of possible expenses that the landlord might encounter. Name two such expenses.

A lease that contains the phrase "jointly and severally liable" means that:

You want to rent a space in a local mall for the purpose of opening a shoe store. The landlord wants a triple net combined with a percentage. What does he want? What would you negotiate for in terms of another rental amount?

Retaliatory eviction is:

A lease that calls for a fixed rental payment at stipulated intervals is called:

If no provision is made in a lease and either the tenant or landlord dies:

In the typical sublease situation, to whom does the sub-tenant pay rent?

Property management contracts must be in writing.

A lease that specifies both the beginning and the expiration date of the lease is called:

Why would anyone want to do a sale and leaseback?

A property management fee is usually:

Typically, a site manager (resident manager):

Introduction to the Real Estate Business

Concepts of Home Ownership

Interests in Real Estate

Forms of Real Estate Ownership

Real Estate, Taxes and Other Liens

Legal Descriptions

Real Estate Financing

Real Estate Foreclosures

Real Estate Agency and Brokerage

Real Estate Appraisal

Real Estate Contracts

Closing the Real Estate Transaction

Property Management and Leasing

Federal Income Taxes and Real Estate

Understanding Real Estate: A Comprehensive Guide to Ownership, Rights, and Legalities

Filters