PROPERTY MANAGEMENT STUDY
GUIDE QUESTIONS & CORRECT
ANSWERS PASSED 100%
Associated Licensee - Correct Answer ✔✔ licensee who is affiliated with a broker in
charge or a property manager in charge
branch office - Correct Answer ✔✔ A sub office of a company in which full-service real
estate activities are conducted and at which a broker-in-charge or property manager-in-
charge is licensed to conduct real estate transactions.
Broker - Correct Answer ✔✔ a wholesaler who does not take title to goods and whose
function is to bring buyers and sellers together and assist in negotiation
broker-in-charge (BIC) - Correct Answer ✔✔ Broker who is designed as having
responsibility over all associated licensees and also has the responsibility and control
over and liability for any trust accounts
client - Correct Answer ✔✔ A person with who a licensee has established an agency
relationship
Real Estate Commission - Correct Answer ✔✔ A state board that advises and sets
policies regarding real estate licensees and transaction procedures
customer - Correct Answer ✔✔ Person with who a licensee has NOT established a
agency relationship with
Department of LLR - Correct Answer ✔✔ Department of labor licensing and regulations
Licensee - Correct Answer ✔✔ Individual currently under this chapter
office - Correct Answer ✔✔ The principal office location where a BIC or PMIC is
licensed to conduct real estate business
Property Manager - Correct Answer ✔✔ A person or company hired to maintain and
manage property on behalf of the property owner
Property manager in charge - Correct Answer ✔✔ Responsibility over associated
Property Managers and Real Estate Trust Accounts
Trust Account - Correct Answer ✔✔ escrow account maintained by a real estate broker
for the deposit of other peoples money
, How many members of the real estate commission and who elects them? - Correct
Answer ✔✔ 6 who actively practice real estate from congressional districts
2 appointed by the governor-non real estate
1 elected by the other 8- real estate member
What are the powers and duties of the real estate commission? - Correct Answer ✔✔ 1.
Determine standards for licensure
2. Enforce standards for licensure with disciplinary hearings and etc.
3. Establishing fee schedule
What do you have to do to qualify for a license - Correct Answer ✔✔ A. Attained the
age of 21 for PMIC
B. Age of 18 for PM
C. Pass credit report
D. Graduated from high school or GED
E. Submit proof of education requirements
F. Pass the applicable exam
Is there an educational requirement for the property manager license - Correct Answer
✔✔ No
What is required to be a PMIC - Correct Answer ✔✔ Has an owner interest in the
applicants company or actively engaged in the operation or management of the
company
How soon must the department be notified if a PM becomes disassociated with the
PMIC? - Correct Answer ✔✔ The PMIC must notify the department immediately by
letter and furnish a forwarding address
How long do you have to wait and what do you have to do if your license gets revoked
and you want it back? - Correct Answer ✔✔ A year
1. Submit proof you are trustworthy and honest
2. Submit proof of educational requirements if file is more than 5 years old
3. Meet any other qualifications and conditions which apply to someone who has never
been licensed
How can you put your license on inactive status and for how long ? - Correct Answer
✔✔ Notify the department in writing and pay your renewal fees each year. Can be
inactive indefinitely
If your license has lapsed his king do you have to pay your renewal dues before you
have to reapply and test again ? - Correct Answer ✔✔ 6-months plus all penalties and
fees
How often do you have to renew? - Correct Answer ✔✔ Bi- annually on June 30th
GUIDE QUESTIONS & CORRECT
ANSWERS PASSED 100%
Associated Licensee - Correct Answer ✔✔ licensee who is affiliated with a broker in
charge or a property manager in charge
branch office - Correct Answer ✔✔ A sub office of a company in which full-service real
estate activities are conducted and at which a broker-in-charge or property manager-in-
charge is licensed to conduct real estate transactions.
Broker - Correct Answer ✔✔ a wholesaler who does not take title to goods and whose
function is to bring buyers and sellers together and assist in negotiation
broker-in-charge (BIC) - Correct Answer ✔✔ Broker who is designed as having
responsibility over all associated licensees and also has the responsibility and control
over and liability for any trust accounts
client - Correct Answer ✔✔ A person with who a licensee has established an agency
relationship
Real Estate Commission - Correct Answer ✔✔ A state board that advises and sets
policies regarding real estate licensees and transaction procedures
customer - Correct Answer ✔✔ Person with who a licensee has NOT established a
agency relationship with
Department of LLR - Correct Answer ✔✔ Department of labor licensing and regulations
Licensee - Correct Answer ✔✔ Individual currently under this chapter
office - Correct Answer ✔✔ The principal office location where a BIC or PMIC is
licensed to conduct real estate business
Property Manager - Correct Answer ✔✔ A person or company hired to maintain and
manage property on behalf of the property owner
Property manager in charge - Correct Answer ✔✔ Responsibility over associated
Property Managers and Real Estate Trust Accounts
Trust Account - Correct Answer ✔✔ escrow account maintained by a real estate broker
for the deposit of other peoples money
, How many members of the real estate commission and who elects them? - Correct
Answer ✔✔ 6 who actively practice real estate from congressional districts
2 appointed by the governor-non real estate
1 elected by the other 8- real estate member
What are the powers and duties of the real estate commission? - Correct Answer ✔✔ 1.
Determine standards for licensure
2. Enforce standards for licensure with disciplinary hearings and etc.
3. Establishing fee schedule
What do you have to do to qualify for a license - Correct Answer ✔✔ A. Attained the
age of 21 for PMIC
B. Age of 18 for PM
C. Pass credit report
D. Graduated from high school or GED
E. Submit proof of education requirements
F. Pass the applicable exam
Is there an educational requirement for the property manager license - Correct Answer
✔✔ No
What is required to be a PMIC - Correct Answer ✔✔ Has an owner interest in the
applicants company or actively engaged in the operation or management of the
company
How soon must the department be notified if a PM becomes disassociated with the
PMIC? - Correct Answer ✔✔ The PMIC must notify the department immediately by
letter and furnish a forwarding address
How long do you have to wait and what do you have to do if your license gets revoked
and you want it back? - Correct Answer ✔✔ A year
1. Submit proof you are trustworthy and honest
2. Submit proof of educational requirements if file is more than 5 years old
3. Meet any other qualifications and conditions which apply to someone who has never
been licensed
How can you put your license on inactive status and for how long ? - Correct Answer
✔✔ Notify the department in writing and pay your renewal fees each year. Can be
inactive indefinitely
If your license has lapsed his king do you have to pay your renewal dues before you
have to reapply and test again ? - Correct Answer ✔✔ 6-months plus all penalties and
fees
How often do you have to renew? - Correct Answer ✔✔ Bi- annually on June 30th
