NEW YORK PROPERTY MANAGER LICENSING EXAM
QUESTIONS AND CORRECT ANSWERS (VERIFIED
ANSWERS) Q&A 2026|INSTANT DOWNLOAD PDF
1. What is the primary responsibility of a property manager?
A. Increase construction speed
B. Maximize property value and tenant satisfaction
C. Provide legal representation in court
D. Set government tax rates
Rationale: Property managers oversee operations, tenant
relations, and asset value.
Correct answer: B
2. A lease agreement is best defined as:
A. A verbal promise
B. A mortgage contract
C. A legal contract between landlord and tenant
D. A zoning permit
Rationale: A lease is a binding rental agreement.
Correct answer: C
3. Which is considered operating income?
A. Rent collected
B. Property purchase price
C. Loan principal
D. Depreciation
,Rationale: Operating income includes rental revenue.
Correct answer: A
4. Security deposits are primarily used for:
A. Renovations
B. Marketing
C. Covering tenant damages or unpaid rent
D. Property taxes
Rationale: Deposits protect landlords from losses.
Correct answer: C
5. Vacancy rate measures:
A. Tenant satisfaction
B. Percentage of unoccupied units
C. Total rent collected
D. Maintenance costs
Rationale: Vacancy rate reflects occupancy efficiency.
Correct answer: B
6. Fair Housing Act prohibits discrimination based on:
A. Building age
B. Race, religion, sex, disability
C. Rent amount
D. Property size
Rationale: Federal law protects against discrimination.
Correct answer: B
7. Gross rent multiplier (GRM) is used to:
A. Calculate taxes
B. Estimate property value
, C. Determine loan eligibility
D. Set insurance premiums
Rationale: GRM evaluates investment value.
Correct answer: B
8. Maintenance requests should be handled:
A. Randomly
B. Based on urgency and safety risk
C. Only monthly
D. By tenants
Rationale: Safety issues require priority.
Correct answer: B
9. What is deferred maintenance?
A. Immediate repair work
B. Maintenance postponed to a later time
C. New construction
D. Tenant responsibility
Rationale: It refers to delayed upkeep.
Correct answer: B
10. A sublease occurs when:
A. Landlord sells property
B. Tenant rents to another tenant
C. Property is demolished
D. Lease is voided
Rationale: Subleasing involves a secondary tenant.
Correct answer: B
QUESTIONS AND CORRECT ANSWERS (VERIFIED
ANSWERS) Q&A 2026|INSTANT DOWNLOAD PDF
1. What is the primary responsibility of a property manager?
A. Increase construction speed
B. Maximize property value and tenant satisfaction
C. Provide legal representation in court
D. Set government tax rates
Rationale: Property managers oversee operations, tenant
relations, and asset value.
Correct answer: B
2. A lease agreement is best defined as:
A. A verbal promise
B. A mortgage contract
C. A legal contract between landlord and tenant
D. A zoning permit
Rationale: A lease is a binding rental agreement.
Correct answer: C
3. Which is considered operating income?
A. Rent collected
B. Property purchase price
C. Loan principal
D. Depreciation
,Rationale: Operating income includes rental revenue.
Correct answer: A
4. Security deposits are primarily used for:
A. Renovations
B. Marketing
C. Covering tenant damages or unpaid rent
D. Property taxes
Rationale: Deposits protect landlords from losses.
Correct answer: C
5. Vacancy rate measures:
A. Tenant satisfaction
B. Percentage of unoccupied units
C. Total rent collected
D. Maintenance costs
Rationale: Vacancy rate reflects occupancy efficiency.
Correct answer: B
6. Fair Housing Act prohibits discrimination based on:
A. Building age
B. Race, religion, sex, disability
C. Rent amount
D. Property size
Rationale: Federal law protects against discrimination.
Correct answer: B
7. Gross rent multiplier (GRM) is used to:
A. Calculate taxes
B. Estimate property value
, C. Determine loan eligibility
D. Set insurance premiums
Rationale: GRM evaluates investment value.
Correct answer: B
8. Maintenance requests should be handled:
A. Randomly
B. Based on urgency and safety risk
C. Only monthly
D. By tenants
Rationale: Safety issues require priority.
Correct answer: B
9. What is deferred maintenance?
A. Immediate repair work
B. Maintenance postponed to a later time
C. New construction
D. Tenant responsibility
Rationale: It refers to delayed upkeep.
Correct answer: B
10. A sublease occurs when:
A. Landlord sells property
B. Tenant rents to another tenant
C. Property is demolished
D. Lease is voided
Rationale: Subleasing involves a secondary tenant.
Correct answer: B
