Course Review Part 6

Question 1

In what file would you find P&L and cash flow reports?

Answer 1

Financial file

Question 2

in what file would you find the mortgage and the management agreement?

Answer 2

Permanent property file

Question 3

Who is responsible for the inside maintenance of a condo?

Answer 3

The owner

Question 4

What type of tenancy is for a definite period or time with specific beginning and ending dates?

Answer 4

Tenancy or estate for years

Question 5

If there is no term specified in the lease, the tenancy is automatically?

Answer 5

Month to month

Question 6

The Real Estate Commission requires licenses trust accounts and education. Why?

Answer 6

To protect the public

Question 7

What are the four parts of a valid contract?

Answer 7

Mutual assent, competent parties, legal intent, consideration

Question 8

How can we terminate a lease?

Answer 8

Performance, breach by either party, surrender and acceptance impossibility etc.

Question 9

What is the purpose of the escrow or trust account?

Answer 9

To protect funds belonging to others

Question 10

Residential leases are most often what type of leases?

Answer 10

Gross leases

Question 11

What is the process called whereby a tenant formally recognizes a new owner of the property by paying rent to the new owner?

Answer 11

Attornment

Question 12

Encouraging someone to buy, rent, or not to buy or rent due to a threat of a certain group moving into a neighborhood is called?

Answer 12

Blockbusting

Question 13

What is constructive eviction?

Answer 13

Landlord fails to provide essential services and the tenant moves.

Question 14

Why do preventative maintenance?

Answer 14

Eliminate corrective maintenance later

Question 15

The largest demand for property managers is in what type of property?

Answer 15

Residential

Question 16

Socially imposed rules that go beyond the letter of the law refer to?

Answer 16

Ethics

Question 17

The financial and operational strategy for the ongoing management of a property is the?

Answer 17

Management plan

Question 18

What is the first step in preparing the management plan?

Answer 18

One year operating budget

Question 19

The exchange of goods between buyers and sellers describes?

Answer 19

A market

Question 20

Loyalty, obedience, care accounting and disclosure are what kind of duties?

Answer 20

Fiduciary

Question 21

To whom do we owe these duties?

Answer 21

Our principal or client

Question 22

What defines relationships between parties, serves as a guide for the operation of the property and provides a basis for settlement of any future disputes?

Answer 22

The management agreement or contract

Question 23

what’s the minimum length of a management agreement that most managers will accept?

Answer 23

One year

Question 24

Options to renew a lease favor whom?

Answer 24

The tenant

Question 25

A clause that calls for definite periodic increases in rent is?

Answer 25

Step up clause

Question 26

What is one of the major concessions granted by landlords?

Answer 26

Temporary free rent

Question 27

A clause that allows a tenant to operate without competition

Answer 27

A non compete clause

Question 28

To legally obtain a credit report, the landlord must?

Answer 28

Obtain the tenant's consent

Question 29

Race, color, religion,, sex. handicap, familial status and national origin are called what?

Answer 29

Protected classes

Question 30

Violation of building rules, violation of law, excessive use of utilities, non-payment of rent are all?

Answer 30

Cause for termination

Question 31

What type of maintenance is aimed at preserving the physical integrity of a property?

Answer 31

Preventative

Question 32

The ADA covers what type of property?

Answer 32

Privately owned pubic accommodations

Question 33

The ADA covers employers having how many employees?

Answer 33

15 or more

Question 34

Channeling prospective tenants to or away from a property because of race, color or religion is called?

Answer 34

Steering

Question 35

When someone purchases shares of stock in a corporation that owns an entire apartment building, it is properly called a?

Answer 35

Coopertaive

Question 36

Individual ownership in a unit and an undivided interest in the common elements is a?

Answer 36

Condo

Question 37

Technological changes make specialized industries susceptible to what kind of depreciation?

Answer 37

Functional obsolescence

Question 38

Industries that need to be near sources of raw materials are called:

Answer 38

Resource oriented industries

Question 39

When may a landlord enter the premises in an emergency?

Answer 39

Anytime

Question 40

What types of property doe the Landlord Tenant Act apply to?

Answer 40

Dwelling units

Question 41

Reasonable heat, running water and hot water are considered?

Answer 41

Essential services

Question 42

When may the landlord enter to provide regularly scheduled services such as pest control?

Answer 42

Btw 9am -6pm

Question 43

When may the landlord enter to provide requested service?

Answer 43

Btw 8am & 8pm