Utah Real Estate School - Brokerage Agreements and Management Practice Exam Questions With 100% Verified Answers.
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Course
Utah Real Estate
Institution
Utah Real Estate
Utah Real Estate School - Brokerage
Agreements and Management Practice Exam
Questions With 100% Verified Answers.
Procuring Cause - answeris traceable by an uninterrupted series of casual events.
A transaction broker agreement may have a clause to automatically extend the agreement -
answerif ...
Utah Real Estate School - Brokerage
Agreements and Management Practice Exam
Questions With 100% Verified Answers.
Procuring Cause - answer✔is traceable by an uninterrupted series of casual events.
A transaction broker agreement may have a clause to automatically extend the agreement -
answer✔if a transaction is underway when the agreement expires.
An agent contacted an owner to see if they might want to sell the property. The agent said, "I
think I can get you $250,000," which surprised the owner. The owner said, "Ok, and anything
over that can be your commission." This is: - answer✔a net listing and could be grounds for
disciplinary action against the agent.
Which of the following risk management strategies involves the purchase of insurance? -
answer✔Transference.
Which of the below listed lease termination procedures is enacted only by the tenant, and leaves
the landlord with the option to terminate the lease or seek damages? - answer✔Abandonment of
the premises.
What clause in a lease would you use to increase rent payments over time? - answer✔an
escalator clause.
What are the three kinds of maintenance a manager has to carry out for a managed property? -
answer✔Routine, preventive, and corrective.
An example of consequential loss would be - answer✔Loss of income
A consequential loss occurs secondarily to the primary loss.
EX: a fire forces the business to close for repairs, thus costing the business a loss of income until
the business can reopen
In order for a tenant to legally claim constructive eviction which of the following conditions
must apply? - answer✔The property becomes uninhabitable.
The Americans with Disabilities Act requires property managers to - answer✔ensure that
disabled employees have the same level of access to facilities that all employees have.
How does a constructive eviction occur? - answer✔A tenant declares a landlord in default and
vacates the leased premises.
A basic responsibility of a landlord is to - answer✔deliver a habitable property.
Trust funds to be handled by a property manager are likely to include all of the following except
- answer✔cash for the management firm's operating expenses.
If a landlord fails to maintain a property in livable condition, and the tenants are forced to move
out for safety reason, this is called - answer✔constructive eviction.
The BEST final screening process in selecting tenants is which of the following: -
answer✔Background and credit check.
Which of the following statements is not true concerning security deposits? - answer✔The
security deposit is landlord property until and unless it must be refunded.
Which of the following rights does the landlord typically retain when leasing a property? -
answer✔Disposition.
Property managers have a ______ relationship with the property owner. - answer✔Fiduciary.
Cash flow is more accurately defined by which of the following statements? - answer✔The cash
available for distribution to owners during any period, after all periodic expenses and obligations
are paid.
A reserve fund is often included in a management contract to allow the manager to -
answer✔pay for small repairs on the property.
The property manager's principal objective is to: - answer✔maximize value.
Investors almost always want the highest return on their investment. The property manager's
principal objective on behalf of the owner investor, in most cases, is to maximize value
Which of the following property rights is not commonly transferred to the tenant under a lease? -
answer✔Disposition.
A property management contract should include each of these items: Property description, term
of the contract, the manager's responsibilities, terms of compensation, reporting requirements,
and - answer✔the manager's authority.
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