PRACTICE OF PROPERTY MANAGEMENT REAL ESTATE
COUNCIL OF ALBERTA EXAM COMPLETE 100
QUESTIONS AND CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) | ALREADY GRADED A+
Property manager primary goal - ANSWER: Produce greatest net return for the
owner/ act on property owner clients best behalf
What agreement needs to be in place if a licensee wants to be paid to manage
properties for others - ANSWER: Written property agreement
What agreement establishes a general agency relationship between licensee and
property owner - ANSWER: Property management agreement
Description of property, start/end date of agreement, all manager duties, what
owner wants manager to accomplish, owner's responsibilities, managers authority,
any reporting manager owes, compensation to be paid, management costs the
manager will pay, equal opportunity statement - ANSWER: Included in property
management agreement
Maintaining/delivering financial reports, renting properties, marketing properties,
screening/selecting tenants, handling security deposits, maintaining relations with
tenants, maintaining property, complying with state/local/federal regulations -
ANSWER: Property manager duties
Lease - ANSWER: Binding contract that allows tenant to occupy a property
Estate at Sufferance, estate at will, estate for years, periodic estate - ANSWER: Types
of leases
Estate at Sufferance - ANSWER: Tenant remains on the property, without the
landlord's permission, after the lease has expired
Estate at will - ANSWER: The lease's duration is unknown when it's created.
Estate for years - ANSWER: Terminates automatically when specified period ends
ADA - ANSWER: Americans with Disabilities Act
ADA requirements impact any organization that provides what - ANSWER: Goods or
services to general public
Community spaces in apartments built before what year must be ADA compliant -
ANSWER: 1990
, SAD - ANSWER: Standards for accessible design
HUD - ANSWER: U.S. Department of Housing and Urban Development
Landlords and property managers are subject to what fair housing laws - ANSWER:
State, local, federal
race, color, religion, sex, national origin, familial status - ANSWER: Protected classes
Blockbusting - ANSWER: Encouraging owners to sell their properties because
minorities are moving into a neighborhood
Steering - ANSWER: Channeling prospective buyers or tenants to particular
neighborhoods based upon their race, religion, national origin, or ancestry.
Mrs. Murphy Exemption - ANSWER: An exemption to the Federal Fair Housing Act for
an owner occupied dwelling of four units or less provided the owner occupies one
unit, does not use discriminatory advertising, and does not use real estate agent.
Uniform Residential Landlord and Tenant Act (URLTA) - ANSWER: a sample law that
states may follow in enacting their own landlord-tenant legislation. The purpose of
this act is to base landlord-tenant law on contract law instead of common law,
thereby providing more specific guidance to both landlords and tenants.
Abide by fair housing, civil rights, and ADA laws, prepare/oversee budgets,
receive/account for/disburse security deposits, account for prepaid rent, ensure unit
is vacant for new tenant, check for damages/cleanliness, keep property
safe/habitable, adhere to building codes, adhere to legal eviction process - ANSWER:
Landlords duties
Actual Eviction - ANSWER: The legal process that results in the tenant's being
physically removed from the leased premises.
Self-Help Eviction - ANSWER: The landlord takes matters into his own hands and
evicts the tenant without using legal procedures.
Constructive Eviction - ANSWER: The tenant is prohibited from quiet enjoyment of
the premises and vacates prior to termination of the lease agreement.
Common fiduciary duties performed by property managers include (OLD CAR): -
ANSWER: Obedience, loyalty, disclosure, confidentiality, accounting, reasonable skill
and care
Property manager is usually considered a what - ANSWER: General agent
deed - ANSWER: the official document transferring ownership from seller to buyer
COUNCIL OF ALBERTA EXAM COMPLETE 100
QUESTIONS AND CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) | ALREADY GRADED A+
Property manager primary goal - ANSWER: Produce greatest net return for the
owner/ act on property owner clients best behalf
What agreement needs to be in place if a licensee wants to be paid to manage
properties for others - ANSWER: Written property agreement
What agreement establishes a general agency relationship between licensee and
property owner - ANSWER: Property management agreement
Description of property, start/end date of agreement, all manager duties, what
owner wants manager to accomplish, owner's responsibilities, managers authority,
any reporting manager owes, compensation to be paid, management costs the
manager will pay, equal opportunity statement - ANSWER: Included in property
management agreement
Maintaining/delivering financial reports, renting properties, marketing properties,
screening/selecting tenants, handling security deposits, maintaining relations with
tenants, maintaining property, complying with state/local/federal regulations -
ANSWER: Property manager duties
Lease - ANSWER: Binding contract that allows tenant to occupy a property
Estate at Sufferance, estate at will, estate for years, periodic estate - ANSWER: Types
of leases
Estate at Sufferance - ANSWER: Tenant remains on the property, without the
landlord's permission, after the lease has expired
Estate at will - ANSWER: The lease's duration is unknown when it's created.
Estate for years - ANSWER: Terminates automatically when specified period ends
ADA - ANSWER: Americans with Disabilities Act
ADA requirements impact any organization that provides what - ANSWER: Goods or
services to general public
Community spaces in apartments built before what year must be ADA compliant -
ANSWER: 1990
, SAD - ANSWER: Standards for accessible design
HUD - ANSWER: U.S. Department of Housing and Urban Development
Landlords and property managers are subject to what fair housing laws - ANSWER:
State, local, federal
race, color, religion, sex, national origin, familial status - ANSWER: Protected classes
Blockbusting - ANSWER: Encouraging owners to sell their properties because
minorities are moving into a neighborhood
Steering - ANSWER: Channeling prospective buyers or tenants to particular
neighborhoods based upon their race, religion, national origin, or ancestry.
Mrs. Murphy Exemption - ANSWER: An exemption to the Federal Fair Housing Act for
an owner occupied dwelling of four units or less provided the owner occupies one
unit, does not use discriminatory advertising, and does not use real estate agent.
Uniform Residential Landlord and Tenant Act (URLTA) - ANSWER: a sample law that
states may follow in enacting their own landlord-tenant legislation. The purpose of
this act is to base landlord-tenant law on contract law instead of common law,
thereby providing more specific guidance to both landlords and tenants.
Abide by fair housing, civil rights, and ADA laws, prepare/oversee budgets,
receive/account for/disburse security deposits, account for prepaid rent, ensure unit
is vacant for new tenant, check for damages/cleanliness, keep property
safe/habitable, adhere to building codes, adhere to legal eviction process - ANSWER:
Landlords duties
Actual Eviction - ANSWER: The legal process that results in the tenant's being
physically removed from the leased premises.
Self-Help Eviction - ANSWER: The landlord takes matters into his own hands and
evicts the tenant without using legal procedures.
Constructive Eviction - ANSWER: The tenant is prohibited from quiet enjoyment of
the premises and vacates prior to termination of the lease agreement.
Common fiduciary duties performed by property managers include (OLD CAR): -
ANSWER: Obedience, loyalty, disclosure, confidentiality, accounting, reasonable skill
and care
Property manager is usually considered a what - ANSWER: General agent
deed - ANSWER: the official document transferring ownership from seller to buyer
