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10 Cards in this Set
- Front
- Back
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Which of the following is not a part of a property management agreement? |
Americans with Disabilities Act (ADA) |
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Penny and Joe rent an apartment in the Trade Winds apartment complex. They moved in one month earlier and signed a one year lease. Today the couple received a notice stating the complex has been sold and their lease will terminate at the end of thirty days. Is this a violation? |
Yes, it is a violation. Leases do not terminate because a property is sold. |
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The duties of a property manager to an owner include which of the following? |
Obtaining maximum profit on the property.Evaluating the Rental MarketHandling Tenant Complaints and Conflicts |
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Sam is the owner of a ten-unit apartment complex. He has just hired a new property manager to run the property. Serena, the new property manager, has been drawing up a new set of management plans for the property. What should be the deciding factor in the adoption of the new plans? |
The Owner's ObjectivesThe Fair Housing Laws |
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Pelican Bay Apartments is a complex consisting of 80 units. The units are available in studio and one-, two-, and three-bedroom apartments. Kimberly Bracco is the property manager of Pelican Bay. She has decided to stay in her condo and not reside at Pelican Bay. She is also pursuing her California real estate license as she manages the property. Is anything wrong with this scenario? |
Yes, in California any apartment complex that has sixteen or more rental units must have a manager that lives on-site. In addition, Kimberly, as an off-site manager, must hold a real estate broker license. If she decides to hire a residential manager, who lives on the property, they do not need a broker's license. |
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Rafe is an assistant property manager of a large residential community. He wants someday to be promoted to property manager. Rafe needs to consistently learn his duties and responsibilities to the owner and demonstrate them accordingly. What duties/responsibilities should he focus on? |
Fiduciary Responsibility to the OwnerAchieving the Highest Rate of Return for the Owner |
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Peter has been offered the position of property manager for a large apartment complex. These apartments are upscale with impeccable maintenance programs and beautiful amenities for its residents. His contract has a clause that states, "If at any time during our agreement the property has a vacancy rate of more than 12%, our agreement is cancelled." Should this clause give Peter pause in accepting the position? Does this type of clause have a name? |
Yes, Peter should be giving this position a second thought based on the clause. This type of clause is an Allowable Vacancy Rate. |
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How many, if any, escrow or trust accounts must a property manager maintain? |
Two - One is for security deposits and one for current rents and management. |
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Amy suffered a spinal cord injury. She is partially paralyzed and confined to a wheel chair. She is self-sufficient in day-to-day living, has a career, and is looking for a new apartment. She decides to take a tour of Golden Gate Gables apartments. She was very happy with the two-bedroom unit and wants to put in an application for the unit. She has a special van—to accommodate her wheelchair--that requires an extra-wide disabled parking space. The Golden Gate Gables does not provide any special parking for the disabled. If Amy's application is approved for the apartment, does the apartment complex have to install a special parking spot for Amy? |
Yes, according to the ADA, the first priority is the "get to the door standard" that includes installing ramps, widening entrances, and providing accessible parking spaces. |
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XYZ Development, Inc. leases commercial space to businesses. Most of the leases are long-term, from five to fifteen years in length and have fixed rents. XYZ's contracts contain a clause in which both parties agree to annual adjustments of rent based on tax increases and other operating costs. If the previous year did not see more than a five percent increase in these costs, there is no change in the rent. What is the clause? |
Escalator Clause |
