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Property Management Questions And Answers With Verified Solutions 100% Correct!!!
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Property Management Questions And Answers With Verified Solutions 100% Correct!!!
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Property Management Questions AndAnswers With Verified Solutions 100%
Correct!!!
Arizona law exempts three of these individuals from licensure requirements. One
of these individuals, however, must hold a license. Which one must be licensed? -
ANSWER✔✔ Residential managers who live off-site
Residential property managers who live off-site are not exempt from licensure
requirements. The primary exceptions to the licensure requirement are property
managers who live onsite, HOA property managers, commercial property
managers, and short-term rental managers (such as timeshares).
Which of the following statements regarding trust funds in Arizona is FALSE? -
ANSWER✔✔ A broker may use money in the trust account to invest in a REIT as
long as they share the profits with the property owners.
Brokers must handle trust funds only for their intended purpose and may only put
personal funds into a trust account in order to maintain a required minimum
balance to be commingled funds (and even then, this amount can only be up to
$3,000).
Which type of lawsuit do tenants commonly file against property managers? -
ANSWER✔✔ Fair housing violations
What is the name of the set of regulations used to enforce the Equal Credit
Opportunity Act? - ANSWER✔✔ Regulation B
Residential property managers spend most of their time _________. -
ANSWER✔✔ Managing tenants
Which one of these commercial property manager's duties requires the property
manager to secure a profitable deal for the landlord and also to negotiate a lease the
commercial tenant can afford? - ANSWER✔✔ Negotiate leases.
Which of the following would property managers be expected to personally do as
part of their assigned duties? - ANSWER✔✔ Budget preparation and oversight
, As part of their assigned duties, property managers are expected to prepare and
oversee a budget for managing the property.
Which of the following is not required to appear on a broker's property
management trust account deposit slip? - ANSWER✔✔ The name of the
brokerage firm
Deposit slips must include the date of the transaction, the amount of the deposit,
and the names of the parties who were involved in the transaction.
Upon the termination of the property management agreement the property
management firm must return all owner monies remaining in property accounts
except for money needed to pay obligations related to the property during the term
of the property management agreement. The money must be returned to the owner
within _____. - ANSWER✔✔ 35 days
Which of the following types of claims would be covered by a property manager's
professional liability insurance policy? - ANSWER✔✔ Wrongful eviction
Professional liability insurance covers claims of wrongful eviction. Worker's
compensation and business use of a vehicle are separate types of coverage.
Which type of insurance can property managers carry to cover accidents that occur
in the office? - ANSWER✔✔ Commercial general liability
Property manager Tom is managing a large rental property for Mrs. Battson. One
of the tenants, Harriett, has a dead bolt lock that is not functioning. The person
responsible for providing a new lock is _______. - ANSWER✔✔ Tom
As Mrs. Battson's representative, property manager Tom must be sure that all locks
are functional. He must also be accessible to the tenant.
Gretchen receives a call from a prospective employer wanting information on one
of her tenants. In accordance with the FTC privacy rule, Gretchen can do which of
the following? - ANSWER✔✔ Share information about her tenant with the
prospective employer without her tenant's written consent.
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