Unit 19 real estate Flashcards


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1

Typically, a corporate property manager is an employee of the corporation and NOT an independent contractor.

true

2

Homes built in factories and meeting HUD specifications are technically identified as manufactured homes.

true

3

The property management agreement should be in writing and include compensation provisions that comply with antitrust laws.

true

4

The property manager under the management agreement is usually considered a general agent.

true

5

Net operating income (NOI) is the income that remains after all expenses and the debt service have been deducted.

false

6

Tenant improvements are also called add-ons.

false

7

The property manager typically is responsible for determining whether a building meets the accessibility requirements of the Americans with Disabilities Act (ADA).

true

8

The Equal Credit Opportunity Act (ECOA) does not prohibit a landlord from denying a rental application based on a person's receipt of public assistance.

false

9

Commercial tenants need an HO-4 or renter's policy to insure their personal property.

false

10

Property managers may want to carry errors and omissions (E&O) insurance to protect against any financial management mistakes.

true

11

Title III of the Americans with Disabilities Act (ADA) impacts which type of property?

Commercial and public accommodations

12

An example of complying with the Americans with Disabilities Act (ADA) could be

installing auditory signals in elevators.

13

Successful property managers do all of the following EXCEPT

keep on good terms with tenants by overlooking infractions of the building rules.

14

A management agreement is to a property manager as

a client representation agreement is to a broker.

15

Residential leases are usually expressed as

a monthly rate per unit

16

Rental rates are influenced primarily by the principle of

supply and demand.

17

Managers who monitor a portfolio of properties similar to a securities portfolio by analyzing the performance of the properties and making recommendations to the owners of the properties are called

asset managers.

18

Property management begins with

a management plan.

19

The channeling of protected class members to certain buildings or neighborhoods is called

steering

20

All of the following should be a consideration in selecting tenants for the property EXCEPT

ethnic background of the tenants and their employees.

21

A property manager repairs a leaking sink. This is classified as which type of maintenance?

Corrective

22

A property manager's primary obligation is to

the owner

23

When senior housing includes subsidized units, the property manager needs to be familiar with

state and federal rules pertaining to eligibility requirements and income verification.

24

Avoid, control, transfer, or retain are the four alternative techniques of

risk management.

25

The manager of a commercial building has many responsibilities in connection with the operation and maintenance of the structure. The manager would normally be considered the agent of

the building's owner.

26

A property manager is expected to

maintain the value of and generate income from the property.

27

A property manager who enters into a management agreement with an owner is usually

a general agent.

28

The person who assists a corporation with real estate investments, usually as an employee and not an independent contractor, is

a corporate property manager.

29

Personal, as well as business-related, services may be provided to building tenants under the umbrella of

concierge services

30

An insurance policy package that includes standard commercial property coverage such as fire, hazard, public liability, and casualty is called what kind of policy?

Multiperil

31

Which type of insurance coverage insures an employer against MOST claims for job-related injuries?

Workers' compensation

32

All of the following are alternative risk management techniques EXCEPT

ignoring it.