Class 14 Flashcards Preview

Real Estate Exam > Class 14 > Flashcards

Flashcards in Class 14 Deck (28)
Loading flashcards...
1
Q

Another name for panic peddling

A

Blockbusting

2
Q

An illegal act

A

Discrimination

3
Q

Something offered to a tenant

A

Concession

4
Q

Leading people to neighborhoods

A

steering

5
Q

property managers are considered to be ________ agents

A

General

6
Q

A word that means trust

A

fiduciary

7
Q

A real estate licensee who is acting as a property manager is act as what kind of agent?

A

Gener

8
Q

How is the income earned by a property manager determined?

A

Determined by agreement in the management contract

9
Q

A concession can be best described as….

A

a negotiable point, often given by a landlord to a prospective tenant’s favor

10
Q

What are the fiduciary duties owed to a client

A

Obedience
Loyalty
Disclosure

Confidentiality
Accounting
Reasonable care

11
Q

Note: Americans with disabilities act would not apply to residential housing or condominiums, etc. it DOES apply to places of employment, access to shopping centers, management office of an apartment complex, etc

A
12
Q

The primary goal of a property manager is to…

A

earn the highest net return possible for the owner

second goal is to maintain or preserve the owner’s investment

13
Q

A contract for personal services, a management agreement spells out the duties and responsibilities of the parties. As a general rule, a management agreement will contain what?

A
Names and addresses of parties (broker and owner)
address of property
terms
compensation
responsibilities of each
how to handle security deposits
schedule of rent
14
Q

The relationship between an owner and agent is a __________ relationship.

A
15
Q

A general agent is one who what?

A

acts for another in on-going relationships

has authority to as for the client

16
Q

Kentucky law requires property managers to keep records in a ________ ledger and a __________ ledger

A

owner’s ledger

tenant’s/unit ledger

17
Q

Concessions are sometimes used to attract tenants. What are some examples of concessions?

A

use of microwave

free rent

18
Q

What is included in an operating budget?

A

estimated gross income
estimated rent loss and vacancy
estimated expenses

19
Q

tenants are selected based on what three things?

A

rental history
financial/income status
references

20
Q

If a lease does not specify the due date of the rent, it becomes due on the __________

A

last day of the leasing period

21
Q

Familial status is a protected group in the Fair Housing. What is familial status?

A

Familial status refers to anyone under 18 years of age. A landlord cannot deny occupancy to families with children, nor charge higher rent or deposits to families with children. occupancy may be based on the number of people in a unit

22
Q

Housing for senior citizens is exempt from familial status and children may be barred from occupancy if all occupants are _____ or older; or, _____% of the units are occupied by someone who is at least 55 years of age

A

62

80%

23
Q

If a residential building is built after ___________ and it has elevators, all units int he building must be built to handicapped specifications, if there are no elevators in the building, only the first floor units must be built to handicapped specifications

A

March 12, 1991

24
Q

Violations of Fair Housing laws include:

A

Blockbusting
Steering
Advertising that indicates a preference or limitation

25
Q

An aggrieved party may file a complaint with HUD within ______ year of the alleged act of discrimination. Civil action may also be taken by filing with a US District Court within ___ years of the alleged discriminatory act. Complains filed under the 1866 Civil Rights Act are taken directly to federal court

A

1 year

2 years

26
Q

Civil penalties up to $________ may be imposed by the courts if the US Attorney General files a complaint against anyone or a group who may be engaged in a pattern of discrimination. In addition, fines and jail terms may be imposed for threats, coercion or intimidation

A

$100,000

27
Q

Under the Americans with Disabilities Act, an employer who is financially capable and has ___ or more employees must provide help and support to handicap employees.

A

15

28
Q

Fines for violation of ADA may be up to _____ for the first offense and _____ for the next

A

$75,000

$150,000