Real Estate Practice - Chapter 18: Property Management

8 Questions

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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

  • 2. 
    Another name for a property management contract is a management agreement.
    • A. 

      True

    • B. 

      False

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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