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SAE - Property Management (Texas) Exam 2024/2025 Questions With Completed & Verified Solutions.
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SAE - Property Management (Texas) Exam 2024/2025 Questions With Completed & Verified Solutions.
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SAE - Property Management (Texas)Which statement is correct? - ANS A. Property mgmt & real estate brokerage are the same thing
B. All real estate brokers in Texas must allow sponsored agents to perform property mgmt
activities
*C. Some real estate brokers do not allow property mgmt activities by their sponsored agents
D. Property mgmt is not considered a real estate brokerage activity in Texas
In Texas, agents need to be __________ in order to show, lease or accept payment for soliciting
space for property owners. - ANS Licensed
A(n) ________ is a person who, for a fee, manages a property for someone else. - ANS
Property manager
The four phases of a business cycle are prosperity, recession, contraction, and ___________. -
ANS Recovery
Equilibrium is said to be reached if: - ANS There is high supply and high demand
Which statement is correct? - ANS *A. Real estate cycles can take longer than the general
economic cycle
B. Real estate cycles and general economic cycles always move at exactly the same pace
C. General economic cycles always take longer than real estate cycles
D. No one can ever predict real estate or economic cycles
__________ is every avenue a business pursues in order to reach out to the public to be seen. -
ANS Marketing
The ____________ is the physical location the product can be found. - ANS Place
The __________ include: product, promotion, price, and place. - ANS The Four P's of Marketing
Property management companies that operate under the __________ have dedicated property
managers who are involved with every aspect of the properties they manage. - ANS Portfolio
structure
_________ are charged to each client to cover all of the services the property manager
provides. - ANS Management fees
Which of the following is true? - ANS A. It is better to be conservative on expenses and liberal
on income
B. Owners do not usually mind if the actual budget far exceeds the estimated budget
, C. The actual budget and the estimated budget almost always match exactly
*D. When budgeting for owners, property managers need to be conservative on income and
liberal on expenses
The fiduciary duties a property manager owes to the owner are _________, loyalty, disclosure,
confidentiality, accounting, and reasonable care. - ANS Obedience
Which of the following should be included in a property management agreement? - ANS A.
Policies and procedures for the repair of the property
B. Duties and responsibilities of the property manger
C. The management term
*D. All of these
Which statement regarding reserves is incorrect? - ANS A. Reserve amounts are established
based on the age, size, and residential profile of the property
B. Older, larger properties will need more money in reserves to pay for repairs, etc.
C. Reserves are held by the property manager to pay services providers and other costs
associated with managing the property
*D. The money for reserves comes from the property manager's own business accounts
A solid, written rent collection policy should include: - ANS A. Suggestions for fire safety
*B. When to pay
C. Repair request forms
D. Lease renewal policies
Typically, most property managers will not accept __________ for rent payments - ANS Cash
A property manager may not charge a late fee unless: - ANS It is clearly stated in the written
lease
Directions: Read the scenario and answer the questions that follow. Investor Mike owns a
200-unit residential property. For the last two years, rents have stayed the same because Mike
subscribes to the philosophy that 100% occupancy is better than losing tenants to his
competitors. After attending a real estate investment seminar, Mike realizes that by not raising
rents for the last two years he has been missing out on literally thousands of dollars in profit. He
believes that the market will support a rental increase, yet he is hesitant of raising the rents so
much that his good tenants will get angry and move elsewhere. After doing some research into
raising rental rates, Mike is now motivated and wants to raise the value of his asset, so he calls
up his property manager, Jay, and informs him that he needs to raise the rent on each unit by
5% per month in the next 12 months as lease terms expire or units are re-lea - ANS A. $900
*B. $9,000
C. $2,000
D. $200
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