Real Estate Practice - Chapter 18: Property Management

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Sseveland
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Quizzes Created: 21 | Total Attempts: 27,639
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Property Management Quizzes & Trivia

Questions and Answers
  • 1. 

    Anyone with just a Pennsylvania Real Estate Salesperson License can be a property manager.

    • A.

      True

    • B.

      False

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

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  • 2. 

    Another name for a property management contract is a management agreement.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    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.

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  • 3. 

    The management agreement is a monetary contract between the property manager and the tenants who rent the property. It includes rental fees, commissions and other fiduciary matters involved in the contract.

    • A.

      True

    • B.

      False

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

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  • 4. 

    There are many different types of real property that can be managed. The following are examples of Commercial real property: shopping malls, strip centers, condos, and mobile home parks.

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    Condos and mobile home parks are considered Residential Real Property NOT Commercial

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  • 5. 

    In Pennsylvania, an employee of an owner of residential multi-family dwellings does NOT need a real estate license to show apartments, transmit information regarding rental amounts, enter into leases with tenants and hold rent money for the owner as long as the employee is performing such action on behalf of the owner and the owner retains the authority to make all decisions.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    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.

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  • 6. 

    All of the following are examples of the routine, annual, fixed operating expenses: real property taxes, insurance, utility bills, and management fees.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    VARIABLE expenses include painting, decorating, occasional deferred maintenance and repairs.

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  • 7. 

    Additional monies should also be put into a reserve account by the property manager and the owner for long-range capital expenses such as roof or heating system replacements.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    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.

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  • 8. 

    In Pennsylvania, a licensed salesperson, as a property manager assistant may independently negotiate the terms of a lease on behalf of the lessor.

    • A.

      True

    • B.

      False

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

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  • Current Version
  • Mar 21, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Aug 30, 2011
    Quiz Created by
    Sseveland
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