Property Management Quiz

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Question 1 of 15

1. Question
What are the three types of budgets a manager should establish?
- Operating budget , stabilized budget, Capital reserved
- Operating budget, rent budget, Capital reserved
- Emergency budget, Stabilized budget, Rent Budget
- Financial Budget, Operating Budget, Capital Reserved
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Question 2 of 15

2. Question
What are the three kinds of maintenance a manager has to carry out for a property?
- Scheduled, Planned, Improvised
- Preventive, Corrective, Constriction
- Emergency, Elective, Optional
- Construction, Deconstructive, Reconstructive
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Question 3 of 15

3. Question
Which of the following is an essential element of a property management agreement?
- The owners net worth
- The property managers career coals
- Property Managers Scope of Authority
- Property Managers Action Plan
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Question 4 of 15

4. Question
Commercial fire and hazard insurance policies require coverage to at least 80 percent of the property
- Depreciation Cost
- Total Value
- Reproduction Value
- Replacement Value
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Question 5 of 15

5. Question
A guest slips on a banana peel and on the apartment steps and is hospitalized. A claim against the building owner for medical expenses may be paid under which of the following policies held by the owner?
- Workers compensation
- Casualty
- Liability
- Fire Hazard
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Question 6 of 15

6. Question
An owner’s house was engulfed in flames and burned to the ground. What type of insurance covers the landlord against the result of losing rent?
- Fire and Hazard
- Liability
- Consequential loss, use, and occupancy
- Casualty
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Question 7 of 15

7. Question
A property manager repairs a bathroom sink that is leaking. This is classified as what type of maintenance?
- Preventive
- Corrective
- Routine
- Construction
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Question 8 of 15

8. Question
Which type of Insurance is supposed to insure employees from MOST claims for job-related accidents?
- Casualty
- Workers Compensation
- Liability
- Surety Bond
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Question 9 of 15

9. Question
A property manager who ______ must have a license.
- Collects rent
- Manages multiple properties for one owner as an employee, but doesn’t collect rent
- Manages rental property for a single owner as an employee, but doesn’t collect rent
- Manages personal rental properties
- None of the above
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Question 10 of 15

10. Question
Which type of property manager is most likely to work for real estate developers and investors?
- Real estate development
- Residential
- Retail
- Office
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Question 11 of 15

11. Question
Which person in the following scenarios holds a real estate license?
- Henry manages rental property for a single owner as an employee. There is no rent collection involved.
- Miles works for more than one owner for a fee.
- Lila manages her own rental properties.
- Jennifer manages multiple properties for one owner as an employee, but doesn't collect rent.
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Question 12 of 15

12. Question
Which of the following is not included in the management agreement
- A description of the property
- The extent of the manager's authority
- Compensation
- Restrictions regarding ages of children
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Question 13 of 15

13. Question
One of the Property manager
- Obtaining construction loans for the owner
- Finding a buyer for the property
- Financial reporting to the owner
- All of the Above
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Question 14 of 15

14. Question
Property managers have a(n) ______relationship with the property owner
- Non-binding
- Fiduciary
- Loyal
- Partnership
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Question 15 of 15

15. Question
Which of the following provisions would typically not be included in a property management agreement?
- business bank account information and banking authorizations.
- policy for the return of security deposits.
- start date, termination date, and renewal options.
- authorization for the manager to receive referral fees from service providers.
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