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Property Management Ch11-Ch17 questions with 100% correct answers
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Property Management Ch11-Ch17 questions with 100% correct answers
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Property Management Ch11-Ch1720. Proper maintenance of MOST office buildings differs from the maintenance of residential buildings in
which of the following ways?
a. Maintaining proper lighting
b. Elevator operation
c. Nighttime cleaning of tenant spaces
d. Cleaning of common areas - correct answer ✔✔c Management is usually responsible for
cleaning tenants' interior spaces. They must
clean at night because the offices are used
and occupied during the day
19. A recapture provision
a. is used by the IRS in assessing penalties for
undeclared rental income.
b. gives the tenant maximum control over
space that may not be needed in the future.
c. is for the benefit of the landlord.
d. allows the tenant to sublease to a subtenant
of his or her choice. - correct answer ✔✔c A recapture provision gives the landlord the
right to recover any space that the tenant is
unable to occupy or sublease and gives the
landlord maximum control of the length of
tenants' leases and the economic terms of
tenancy agreements.
17. Generally, the cost of tenant alterations and remodeling expenses above the building standard in an
office property is the responsibility of the
,a. property manager who negotiated the lease.
b. split equally between the lessee and lessor.
c. lessor.
d. lessee. - correct answer ✔✔d Tenants requiring alterations or additions
beyond those itemized on the building
standard list must contract and pay for these
services independently.
18. The purpose of a building standard is to
a. ensure that the building is finished in compliance
with fire codes.
b. fix the amount the prospective tenant must
pay, in addition to rent, for all alterations
that need to be made to the space.
c. fix insurance rates uniformly in any given
state.
d. list those amenities and alterations that a
building owner will provide to an incoming
tenant without charg - correct answer ✔✔d The building standard outlines the amenities
and alterations that the landlord
furnishes as part of the rent. Tenants
(lessees) requiring alterations or additions
beyond those itemized on the building
standard list must contract and pay for these
services independently
16. If an office building lease does not prohibit assignment or subletting, the tenant may assign the space
a. freely.
b. only to an associated corporation.
,c. only with any increase being split with the
owner.
d. after hiring an attorney to obtain full rights
to assign the lease. - correct answer ✔✔a A tenant may assign the space freely unless
the lease contains a provision requiring the
landlord's written approval and sufficient
notice for subletting or assignment
14. Open or closed work spaces for more than one person are referred to as
a. office space.
b. special facilities space.
c. miscellaneous areas.
d. multipersonnel areas. - correct answer ✔✔d Multipersonnel areas are open or closed
work spaces for more than one person, as
opposed to single office spaces, which are
meant to serve a single occupant
15. The manager measures all of the space on one floor. Then the manager subtracts the square footage
for the restrooms, janitor closets, and elevator. The resulting square footage is called
a. dominant area.
b. construction area.
c. usable area.
d. rentable area - correct answer ✔✔c The usable area is the number of square feet
that can actually be occupied. It excludes
portions of the building normally associated
with the core of the building, such as restrooms,
janitor closets, and rooms containing
equipment for the building.
, 13. When preparing a market analysis on an office property, the manager should pay close attention to
present market conditions and
a. average vacancy rates.
b. past economic trends.
c. current economic trends.
d. accessibility to public transportation - correct answer ✔✔c Current economic trends are as significant
as present market conditions when assessing
the supply and demand for office space in an
area.
11. Condominium and cooperative managers generally use the same financial reporting system as that
used by
a. certified public accountants.
b. treasurers of corporations.
c. managers of apartment buildings.
d. owners of single-family homes. - correct answer ✔✔c Condominium and cooperative managers
must prepare an annual operating budget,
monthly income and expenditure statements,
and yearly cash flow reports, but
these reports are modifications of the financial
reports used by apartment managers due
to the complex system of ownership and
that the residents are also the owners
14.
Which of the following should be carefully explained to tenants?
a.
When rental payments can be late
b.
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