Property Management 02.01.2013
25 Questions
| Attempts: 273
Fundamentals of Property Management
Questions and Answers
- 1.
Above all else, who does the property manager work for?
Correct Answer
The Owner
Owner
Owners - 2.
What do you call ongoing expenses for running a property?
Correct Answer
Operating expenses
Operating expense
Operating - 3.
Replacing a roof is an example of what kind of expense?
Correct Answer
Capital expense
Capital - 4.
What is calculated by subtracting operating expenses from revenue?
Correct Answer
Net operating income (NOI)
NOI
Net operating income - 5.
True or False: It is okay for a property management company to directly contract with a service provider?
- A.
True
- B.
False
Correct Answer
B. False -
- 6.
How would you classify a premier building with above average rents and state-of-the-art systems?
Correct Answer
Class A building
Class A
A - 7.
What is the most common type of net lease?
Correct Answer
Triple net (NNN)
Triple net
NNN - 8.
True or False: A lease agreement is a binding agreement between the tenant and the owner of a building.
- A.
True
- B.
False
Correct Answer
A. True -
- 9.
Define "turn-key" tenant improvement project
- A.
Landlord pays for the entire construction cost
- B.
Tenant pays for the entire construction cost
- C.
Landlord and Tenant split the construction cost
- D.
None of the above
Correct Answer
A. Landlord pays for the entire construction cost -
- 10.
True or false: A billback refers to an overdue account
- A.
True
- B.
False
Correct Answer
B. False -
- 11.
Which of the following are man-made emergencies? (check all that apply)
- A.
Bomb threat
- B.
Fire
- C.
Theft
- D.
Tornado
- E.
Workplace violence
- F.
Medical Emergency
- G.
Vehicle accident
- H.
Murder
- I.
Blizzard
Correct Answer(s)
A. Bomb threat
B. Fire
C. Theft
E. Workplace violence
F. Medical Emergency
G. Vehicle accident
H. Murder -
- 12.
True or false: The limits of an insurance policy refer to the types of losses that are covered or not covered
- A.
True
- B.
False
Correct Answer
B. False -
- 13.
In accounting, an entry for payments received is called what?
- A.
Debit
- B.
Credit
- C.
Balance due
- D.
NOI
Correct Answer
B. Credit -
- 14.
Which of the following are examples of operating expenses? (check all that apply)
- A.
Payroll
- B.
Repair and maintenance
- C.
Roof replacement
- D.
Utilities
- E.
Real estate taxes
- F.
Tenant improvements
- G.
Landscaping contracts
Correct Answer(s)
A. Payroll
B. Repair and maintenance
D. Utilities
E. Real estate taxes
G. Landscaping contracts -
- 15.
What system-generated report only lists account numbers and account names?
- A.
Income Statement
- B.
Chart of Accounts
- C.
Rent roll
- D.
Balance Sheet
Correct Answer
B. Chart of Accounts -
- 16.
What do you call charges for expenses incurred to maintain sidewalks, parking lots, and other common areas and common building systems?
Correct Answer
Common Area Maintenance Charges
CAM Charges
CAM - 17.
True or false: "Budget" and "business plan" are synonymous
- A.
True
- B.
False
Correct Answer
B. False -
- 18.
Which of the following is a componant of an HVAC system?
- A.
Heating
- B.
Ventilation
- C.
Air Conditioning
- D.
All of the above
- E.
None of the above
Correct Answer
D. All of the above -
- 19.
True or false: Ideally, the air pressure outside a building should be slightly lower than the air pressure inside a building?
- A.
True
- B.
False
Correct Answer
A. True -
- 20.
In real estate, a neighborhood or other small geographical region is referred to as what?
Correct Answer
Submarket
Sub Market
Sub-market - 21.
Which of the following is not an example of routine cleaning tasks?
- A.
Vacuuming
- B.
Window washing
- C.
Emptying trash
- D.
Cleaning restrooms
Correct Answer
B. Window washing -
- 22.
True or false: Plants and flowers that bloom year-to-year are called Perennials
- A.
True
- B.
False
Correct Answer
A. True -
- 23.
Which of the following pests pose health risks? (check all that apply)
- A.
Ants
- B.
Spiders
- C.
Rodents
- D.
Birds
- E.
Dust bunnies
Correct Answer(s)
B. Spiders
C. Rodents
D. Birds -
- 24.
Which of the following is not found on a rent roll?
- A.
Owner name
- B.
Monthly rent
- C.
Building square footage
- D.
Tenant name
Correct Answer
A. Owner name -
- 25.
What is the general term for space in a building shared by some or all building tenants?
Correct Answer
Common area
Common
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Mar 09, 2013Quiz Edited by
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Feb 01, 2013Quiz Created by
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