Property Management Operations Quiz, 1 - 16 Multi Choice

Giving someone a key to a resident's apartment solely based on recognition and knowing they are friends or staying with the resident is not okay. It is important to follow proper protocols and procedures for granting access to someone's apartment, such as obtaining permission from the resident or the property management. This ensures the safety and security of the residents and their belongings.

A Budget Control Log or other purchasing record is necessary regardless of whether your budget is tight or not. It helps in keeping track of expenses, monitoring spending patterns, and ensuring that purchases are within the allocated budget. Even if the budget is not tight, having a record of purchases can provide valuable insights and help in making informed financial decisions. Therefore, the statement that a budget control log is only necessary if the budget is tight is incorrect.

Service requests should be completed in the order they are received with emergencies taking precedence. This means that the requests should be addressed based on the time they were received, ensuring that the earliest requests are attended to first. However, if there is an emergency situation that requires immediate attention, it should be given priority over other requests. This approach ensures that all service requests are handled efficiently and that urgent matters are addressed promptly.

The beginning of each day should include all of the above activities. A quick staff meeting is important to ensure everyone is aware of the day's activities and any important information. A thorough walk of the tour route, models, and amenities is necessary to ensure everything is in order and presentable for potential customers. Checking all market readys for trash, dead bugs, and other issues is crucial to maintain a clean and attractive environment. Therefore, all of these activities are necessary at the beginning of each day.

Preventative maintenance refers to the proactive approach of regularly inspecting, servicing, and repairing equipment, buildings, and assets to prevent breakdowns and ensure their optimal functioning. A systematic, scheduled task list is an essential component of preventative maintenance as it outlines the specific tasks to be performed at regular intervals. This helps in identifying and addressing potential issues before they escalate into major problems, thereby reducing downtime and increasing the lifespan of the assets. The other options mentioned, such as ensuring the maintenance team is early for work, a tool buying schedule, or a signed apartment inspection report, are not directly related to preventative maintenance.

This statement is false. Even if a vendor is an independent contractor, they may still need to have worker's compensation insurance depending on the laws and regulations of the jurisdiction they operate in. Worker's compensation insurance provides coverage for medical expenses and lost wages in the event of a work-related injury or illness, and it is typically required for businesses that have employees, including independent contractors in some cases.

The given options suggest different authorities that vendors who work regularly at the community should have. However, the correct answer is "None of the above," indicating that vendors should not have any of these authorities. This implies that vendors should not be given access keys to vacant apartments, should not be allowed to charge supplies to the community account, and should not have access to maintenance shop supplies and work space.

A lease expiration matrix or lease expiration management tool is a graph or spreadsheet that tracks when and how many leases expire each month. This tool helps to effectively manage lease expirations by providing a visual representation of the lease expiration dates and the number of expirations in each month. By using this tool, landlords or property managers can plan ahead and take necessary actions to limit the number of expirations, such as renewing leases in advance or finding new tenants to fill the vacant units.

It is not okay to hold post-dated checks if a resident asks you to do so because it can create legal and financial complications. Post-dated checks are checks that are dated for a future date, and holding them can lead to issues such as bounced checks or potential fraud. On the other hand, if a prospect asks you to hold post-dated checks, it is generally acceptable as it shows their commitment to renting the property. However, it is important to clarify any specific policies or procedures regarding post-dated checks with the property management or leasing office.

An apartment inspection should be completed by both the resident and a designated team member at move-in, as well as by the property manager when he or she walks the unit. This ensures that both parties are present during the inspection to identify any potential issues or damages in the apartment. The resident's presence allows them to point out any existing problems that may have been missed, while the designated team member can provide their expertise and document the condition of the unit. The property manager's inspection serves as a final check to ensure that everything is in order before the resident moves in.

The correct answer states that it is never okay to expense minor supplies as capital items. This means that regardless of the amount spent, whether it is over $500 or on one invoice over $250, or if they are maintenance parts, minor supplies should not be capitalized. Capital expenditures are typically larger investments in long-term assets that provide future benefits, while minor supplies are considered as expenses that are consumed or used up in the current period. Therefore, they should be expensed as operating expenses rather than capitalized.

It is not okay to tour a prospect if the apartment is not ready. This can create a negative impression and potentially lead to the prospect losing interest in renting the apartment. It is important to ensure that the apartment is in a presentable condition before showing it to potential renters.

Curb appeal should be addressed every morning and daily by all associates. This means that it should be taken care of consistently and regularly. By addressing curb appeal every morning, it ensures that the exterior of a property is always presentable and attractive. Additionally, involving all associates in this task ensures that everyone takes responsibility for maintaining the curb appeal, which can have a positive impact on the overall image and reputation of the property.

Guest cards should include follow-up information including where a prospect leased, if not with you. This information is important for tracking and analyzing the leasing process. It helps to understand the prospect's preferences and choices, as well as identify potential areas for improvement in the leasing process. Additionally, knowing where a prospect leased can provide insights into the competition and market trends.

A Market Survey should not be limited to only communities within a short distance of your own community. It is important to gather information and insights from a wider range of communities, including those that may be further away, in order to get a comprehensive understanding of the market and its potential. By limiting the survey to only nearby communities, you may miss out on valuable data and insights that could impact your business decisions.

A community should not have more than 5-7% of leases on a month-to-month basis. This is because having a high percentage of month-to-month leases can lead to instability and uncertainty for both tenants and landlords. Month-to-month leases provide flexibility for tenants, but they also allow for frequent turnover and can make it difficult for landlords to plan and manage their properties effectively. By keeping the percentage of month-to-month leases low, a community can maintain a more stable and predictable rental market.