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Principles 2: Unit 8: Property Management Questions And Answers With Verified Solutions 100% Correct!!! $12.99   Add to cart
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Principles 2: Unit 8: Property Management Questions And Answers With Verified Solutions 100% Correct!!!
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Principles 2: Unit 8: Property Management Questions And Answers With Verified Solutions 100% Correct!!!

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  • November 20, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • principles 2 unit 8 property management question
  • it is the obligation of the property manager to re
  • to minimize the liability risk associated with the
  • a property manager for warehouses is considered
  • a

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  • Certified Professional Property Specialist
  • Certified Professional Property Specialist

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Principles 2: Unit 8: Property
Management Questions And Answers
With Verified Solutions 100% Correct!!!
It is the obligation of the property manager to reach agreement with the property
owner that the building - ANSWER✔✔ will be strategically marketed and
maintained according to neighborhood quality, local demographics, need, and
capacity to pay.

To minimize the liability risk associated with the property's swimming pool, the
manager could hire lifeguards, restrict the hours of operation, or both. This is an
example of - ANSWER✔✔ The answer is controlling the risk. The manager can
control the risk by taking preventive measures to minimize the risk.

A property manager for warehouses is considered - ANSWER✔✔ an industrial
property manager.

An owner-manager agreement between Jeffrey, a property manager, and Pete, a
property owner, should include all of the following EXCEPT - ANSWER✔✔ The
answer is a listing of previous owners of the property. The management agreement
should be in writing and should cover
description of the property,
time period the agreement will cover,
definition of management's responsibilities,
statement of owner's goals,
extent of manager's authority,
reporting,
management fee, and
allocation of costs. A list of previous owners is not relevant to the property
manager's duties and responsibilities to the current owner.

When determining where risks lie in a building (such as pools, fire hazards,
security issues, etc.), professional property managers should consult with -
ANSWER✔✔ insurance professionals.

A real estate license is NOT required for those who, for a fee, rent or lease or
procure tenants for a property unless they - ANSWER✔✔ The answer is collect or
deposit rent for a single-family residence. The Real Estate License Act states that a

, real estate license is required when a person, for a fee, rents or leases or procures
tenants for a property, unless that person is an onsite apartment manager or an
employee of the owner of the property. The TREC Enforcement Division issued
the following statement: "Property managers who merely collect rent [unless
collecting or depositing rent for a single-family residence], do billing statements,
and make maintenance arrangements do not need to be licensed. If a property
management company is also going to lease and list for lease real property
belonging to others, then the people who do the leasing and listing of the properties
must be properly licensed." A person who controls the acceptance or deposit of
rent from a resident of a single-family residence must be licensed.

Which is NOT a provision of the FTC "Red Flag" FACTA rule? - ANSWER✔✔
The answer is if a property manager cannot resolve address discrepancies in a
credit report and/or application, the manager may still lease to the rental applicant.
Under certain circumstances, if a property manager verifies a correct address, it
must be reported to the consumer reporting agency. If the manager cannot resolve
the discrepancies, the rule states that the rental application is to be denied.

How are apartment rental rates typically expressed? - ANSWER✔✔ In monthly
amounts

Renovations have begun on a large apartment complex. Which statement applies to
the property manager's responsibility for toxic fumes from the paint and carpeting
and lack of proper ventilation? - ANSWER✔✔ These are environmental concerns
that a property manager will need to address.

The frequency and detail of the manager's periodic reports to the owner about the
operations and financial position of the property should be determined by -
ANSWER✔✔ the owner and the manager together.

What is a growing trend among building owners and property managers (especially
in the commercial and retail sections) to reduce liability and insurance costs? -
ANSWER✔✔ Transferring risk to tenants by requiring them to have their own
insurance

Faulty wiring causes a fire. The owner pays a $1,000 deductible, and the insurance
company pays the rest. This is an example of - ANSWER✔✔ transferring or
sharing the risk.

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