Team Ski Property Management 1

50 Questions

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Property Management Quizzes & Trivia

A combination of questions


Questions and Answers
  • 1. 
    The Civil Rights Act was created in
    • A. 

      1968

    • B. 

      1972

    • C. 

      1947

    • D. 

      1866

  • 2. 
    An estate for years would be created by:
    • A. 

      Express agreement

    • B. 

      Adverse possession

    • C. 

      Operation of the law

    • D. 

      Holding over

  • 3. 
    The tenant who remains in possession after the lease expires:
    • A. 

      Is on a periodic tenancy

    • B. 

      Has a freehold interest

    • C. 

      Is a tennant at sufferance

    • D. 

      Has a servient tenement

  • 4. 
    A lease prohibited assignment or subletting without the owner's prior approval.  The lessee assigned without asking the lessor.  The assignment is
    • A. 

      Void

    • B. 

      Voidable

    • C. 

      Unenforceable

    • D. 

      Illegal

  • 5. 
    The uniform residential landlord and Tenant Act provides that the tenant
    • A. 

      Can agree to hold the landlord harmless for actions of the landlord

    • B. 

      May apply the security deposit to the last month's rent

    • C. 

      May not unreaasonably withhold permission for the landlord to enter the premises

    • D. 

      Will make the repairs necessary to keep the premises fit for habitation

  • 6. 
    A sublessee is a(n)
    • A. 

      Assignee

    • B. 

      Owner

    • C. 

      Tenant

    • D. 

      Lessor on a sublease

  • 7. 
    An advantage offered to an investor buying a structure subject to a ground lease rather than buying the structure and the land is
    • A. 

      Not having to pay for an unneeded structure

    • B. 

      Lower investment requirements

    • C. 

      Being able to deduct interest payments

    • D. 

      The advantage of a continued rental income

  • 8. 
    A clause in a three year lease provides that should the tenant retain possession after expiration of the lease, it will be on a month to month basis with a significant increase in rent.  This clause is intended to discourage a
    • A. 

      Lease renewal

    • B. 

      Lease extension

    • C. 

      Tenancy at sufferance

    • D. 

      Surrender of the premises

  • 9. 
    A lease in which the lessee's total monthly rent costs remain unchanged for the term of the lease is what type of lease?
    • A. 

      Gross

    • B. 

      Net

    • C. 

      Percentage

    • D. 

      Graduated

  • 10. 
    The lessee pays for fire insurance under what type of lease?
    • A. 

      Gross

    • B. 

      Percentage

    • C. 

      Triple net

    • D. 

      Graduated Payment

  • 11. 
    What type of long term lease is best for a commercial tenant during an inflationary period?
    • A. 

      Gross

    • B. 

      Percentage

    • C. 

      Index

    • D. 

      Net

  • 12. 
    A mineral formerly used in home construction that can cause lung cancer is
    • A. 

      Asbestos

    • B. 

      Lead

    • C. 

      Radon

    • D. 

      Urea formaldehyde foam

  • 13. 
    A former owner could be liable for the physical condition of the premises even after ten years
    • A. 

      If a warranty deed was used to convey title

    • B. 

      If the owner failed to specify "as is"

    • C. 

      Under the federal Comprehensive Environmental Response Compensation and Liability Acto f 1980

    • D. 

      Under the Uniform Residential Landlord and Tenant Act

  • 14. 
    One reason a company would sell and then lease back its real property would be
    • A. 

      The deductibility of interest

    • B. 

      To reduce monthly expenses

    • C. 

      Liquidity

    • D. 

      The tax benefits of depreciation

  • 15. 
    When a lease is assigned, who is responsible for rent obligations?
    • A. 

      The assignee becomes primarily liable under the lease, and the assignor is released

    • B. 

      The assignor remains primarily liable under the lease

    • C. 

      The assignee becomes primarily liable under the lease, and the assignor retains secondary liability

    • D. 

      The assignee is liable only to the assignor and the assignor is liable to the lessor

  • 16. 
    A commercial lease for a definite period of time is terminated by
    • A. 

      Death of the lessor

    • B. 

      Death of the lessee

    • C. 

      A sale by the lessor

    • D. 

      Surrender

  • 17. 
    A lessor believes the desirability and sales volume of a large retail store will increase dramatically in the next few years.  In negotiating a long term lease for the premises, the lessor would ask for what type of lease?
    • A. 

      Flat

    • B. 

      Triple net

    • C. 

      Percentage

    • D. 

      Gross

  • 18. 
    An example of constructive eviction would be a
    • A. 

      Tenant who refuses to pay rent

    • B. 

      Tenant being given a notice to quit or pay rent

    • C. 

      Landlord cutting off the tenants heat and water

    • D. 

      Tenant who remains in possession after termination of the lease

  • 19. 
    After receiving a three year lease,  a residential tenant moved in and paid the first month's rent, but failed to sign and return a copy to the lessor.  As to the tenant's obligations the
    • A. 

      Tenant can cease the tenancy after a 30 day notice

    • B. 

      Lease is inivalid because it is an oral lease for more than one year

    • C. 

      Tenant can leave but must forfeit any security deposit

    • D. 

      Tenant remains bound to the provisions of the lease

  • 20. 
    A valid lease must include
    • A. 

      An exculpatory provision

    • B. 

      The specified use of the premises

    • C. 

      A definite termination date

    • D. 

      A description of the premises

  • 21. 
    A tenancy based on permissive occupancy without any tenancy ageement would be
    • A. 

      Month to month lease

    • B. 

      Freehold interest

    • C. 

      Tenancy at sufferance

    • D. 

      Tenancy at will

  • 22. 
    An owner died, which immediately ended a tenant's rights.  What kind of tenancy was it?
    • A. 

      Tenancy at will

    • B. 

      Tenancy at sufferance

    • C. 

      Periodic tenancy

    • D. 

      Estate for years

  • 23. 
    A lease that ends on a specified date without the requirement of notice is a(n)
    • A. 

      Tenancy at will

    • B. 

      Estate for years

    • C. 

      Tenancy at sufferance

    • D. 

      Periodic tenancy

  • 24. 
    A residential tenant on a month to month tenancy generally has a
    • A. 

      Gross lease

    • B. 

      Net lease

    • C. 

      Percentage lease

    • D. 

      Graduated lease

  • 25. 
    In the absence of a notice to terminate, a lease that automatically renews itself would be a
    • A. 

      Periodic tenancy

    • B. 

      Tenancy for years

    • C. 

      Gross lease

    • D. 

      Ground lease

  • 26. 
    A tenant has the right to meet the terms offered by any prospective new tenant when the current lease expires.  What is this right called?
    • A. 

      Holdover provision

    • B. 

      Option

    • C. 

      Right of first refusal

    • D. 

      Extension agreement

  • 27. 
    A lease provids that every June 1 the monthly rent will increase by $50.  what itype of lease is this?
    • A. 

      Flat lease

    • B. 

      Net lease

    • C. 

      Graduated lease

    • D. 

      Index lease

  • 28. 
    A property management contract should include
    • A. 

      A list of properties currently managed by the manager

    • B. 

      The obligations and responsibilities of the manager

    • C. 

      The managers professional qualifications

    • D. 

      An ethnic breakdown of current tenants

  • 29. 
    What colorless, odorless gas causes cancer and enters a home throug the foundation
    • A. 

      PCB's

    • B. 

      EMF's

    • C. 

      Radon

    • D. 

      Urea formaldehyde

  • 30. 
    A landlord failed to deal with a serious rodent problem, claiming she could not afford an exterminator.  A tenant could break a lease based on
    • A. 

      Commercial frustration

    • B. 

      Constructive eviction

    • C. 

      Merger

    • D. 

      Destruction of premises

  • 31. 
    A tenant suffered from lead poisoning relating to the occupancy of an older apartment.  The cause was likely
    • A. 

      Insulation

    • B. 

      Radon leakage

    • C. 

      Flaking paint

    • D. 

      Related to EMF

  • 32. 
    In South Carolina, a person who manages the property of others:
    • A. 

      Need not be licensed

    • B. 

      May be licensed as a salesman and property manager

    • C. 

      Must have a sponsoring broker

    • D. 

      Must be licensed as a property manager, salesman or broker

  • 33. 
    The major responsibility of the property manager is to:
    • A. 

      Maintain high oppcupancy rate

    • B. 

      Preserve the building

    • C. 

      Obtain listings for possible re-sale

    • D. 

      Obtain the higest possible return on the investment for the owner

  • 34. 
    Risk management of a property involves:
    • A. 

      Advising an owner to take the lowest deductible on every insurance policy

    • B. 

      Insure the owner against every possible loss, both minor and major

    • C. 

      Not putting up a jungle gym in the playground

    • D. 

      Recommending that an owner can seek his/her own advice on insurance

  • 35. 
    An Appartment building has fixed costs of $80,000 per year and a variable costs ratio of 25%. What is the break-even point for teh property expressed in dollars?
    • A. 

      $100,000

    • B. 

      $106,600

    • C. 

      $320,000

    • D. 

      $103,125

  • 36. 
    A $250-per month appartment requires seven prospects before it is leased during active market conditions.  If a $30 classsified ad must be run for two days to attract this number of propective tennants, the prospect-per-ad cost figure for this marketing effort would be:
    • A. 

      $4.28

    • B. 

      $30

    • C. 

      $8.57

    • D. 

      $60

  • 37. 
    Which of the following represents all of the protected classes of the Fair Housing Act?
    • A. 

      Race, color, religion, sex, national origin

    • B. 

      Race, national origin, religion, color, sex, handicap, and familial status

    • C. 

      Race, national origin, religion, color, age, handicap, and familial status

    • D. 

      Race, national origin, religion, color, sex, handicap, age, and familial status

  • 38. 
    A Property Manager who usually has the power to sign contracts is a/an:
    • A. 

      Special agent

    • B. 

      Consignee

    • C. 

      General agent

    • D. 

      Attorney

  • 39. 
    The Fair Housing Act was enacted in?
    • A. 

      1978

    • B. 

      1992

    • C. 

      1968

    • D. 

      1965

  • 40. 
    A Commercial lease for more than one year must be in writing to be enforceable because the:
    • A. 

      Statute of Frauds requires it

    • B. 

      Lease can then be assigned to another person

    • C. 

      Tenant must sign the agreeement to pay rent

    • D. 

      Landloard or tenant might forget the terms

  • 41. 
    An Estate at Will is a/an:
    • A. 

      Limited partnership

    • B. 

      Inheritance by will

    • C. 

      Tenancy of uncertain duration

    • D. 

      Life tenancy

  • 42. 
    The Standard residentail lease creats which type of tenancy?
    • A. 

      Periodic tenancy

    • B. 

      Tenancy at sufferance

    • C. 

      Holdover tenancy

    • D. 

      Tanancy at will

  • 43. 
    Which of the following actions on the part of the landnoard would be considered "Distraint"?
    • A. 

      Attach the wages of a tenant for rent in arrears

    • B. 

      Seizing a tenant's personal property for rent in arrears

    • C. 

      Preventing agents from showing a rented unit to a sales prospect

    • D. 

      Restricting the use of the rental property by prohibiting certain uses

  • 44. 
    A property generates annual net (operating) income of $6,600.  At a capitalization rate of 12%, the estimated propery value is
    • A. 

      $13,300

    • B. 

      $48,400

    • C. 

      $55,000

    • D. 

      $79,200

  • 45. 
    A cooperative is classified as:
    • A. 

      Residential

    • B. 

      Commercial

    • C. 

      Heavy industrial

    • D. 

      Light industrial

  • 46. 
    Preventive maintenance should be geared toward:
    • A. 

      Making actual repairs to keep the facilities functioning.

    • B. 

      Eliminating corrective maintenance costs

    • C. 

      Keeping common area and grounds cleaned and patrolled daily

    • D. 

      Installing alterations requested by the tenanat during occupancy to prevent a move-out

  • 47. 
    Which of the following statements is correct?
    • A. 

      The tenant is known as the lessor

    • B. 

      The owner leasing property is the lessee

    • C. 

      The tenant is the lessee

    • D. 

      None of the above

  • 48. 
    Who enforces the Fair Housing laws in South Carolina
    • A. 

      The South Carolina Human Affairs Commission and HUD

    • B. 

      DHEC and The South Carolina Human Affairs Commission

    • C. 

      The South Carolina Fair Housing Commission

    • D. 

      The South Carolina Fair Housing Commission and HUD

  • 49. 
    When a leased property is sold, what effect does the sale have upon the tenant?
    • A. 

      The tenant must record the lease in recorder's office

    • B. 

      The tenant must obtain an assignment from the purchaser

    • C. 

      It will have not effect

    • D. 

      The tenant must move out after a resonable notice

  • 50. 
    Which of the following will not terminate an Estate For Years?
    • A. 

      Performance

    • B. 

      Breach

    • C. 

      Abandonment

    • D. 

      Death of the landlord