Real Estate Practice - Chapter 18: Property Management

Explanation
According to PA law, only a Licensed Real Estate BROKER can be a property manager.

Explanation
A property management contract and a management agreement are essentially the same thing and can be used interchangeably. Both terms refer to a legal agreement between a property owner and a property management company, outlining the responsibilities and obligations of each party. This contract/agreement typically covers tasks such as rent collection, property maintenance, tenant screening, and lease enforcement. Therefore, the statement that another name for a property management contract is a management agreement is correct.

Explanation
The management agreement sets up the rules by which the broker supervises the rental property of the owner.

Explanation
Condos and mobile home parks are considered Residential Real Property NOT Commercial

Explanation
In Pennsylvania, an employee of an owner of residential multi-family dwellings does not need a real estate license to perform various actions related to renting apartments. These actions include showing apartments, providing rental information, entering into leases with tenants, and holding rent money for the owner. However, this exemption only applies if the employee is acting on behalf of the owner and the owner retains the authority to make all decisions. Therefore, the statement "True" is correct.

Explanation
VARIABLE expenses include painting, decorating, occasional deferred maintenance and repairs.

Explanation
The statement suggests that property managers and owners should allocate additional funds to a reserve account for future capital expenses like replacing the roof or heating system. This is a responsible approach as it ensures that there is enough money set aside to cover these significant expenses when they arise. Therefore, the answer is true.

Explanation
The salesperson as an assistant may NOT independently negotiate the terms of a lease nor execute a lease on behalf of a lessor.