Property Management Mock Exam #4/ 100 Qs
with Certified Ans.
Generally, state laws require which of the following to obtain a real estate license?
- Answer: An agent of a company managing property for several owners---The
other three choices are exempt.
To properly identify the subject property in a management contract, all of the
following are correct EXCEPT - Answer: the full legal description is always
required---The management contract must simply identify the property.
When disbursements exceed receipts for a certain month, usually the manager
can - Answer: pay costs from reserve funds previously established---Reserve funds
are monies set aside for expenditures not covered by insurance.
Page 1 of 19
,Since display ads generally cost more, they - Answer: carry greater visual impact
than classified ads.---Display ads offer graphics, elaborate design and may be a
quarter page in size.
Which of the following forms of advertising is available to prospects 24/7
regardless of their location? - Answer: Internet websites---Prospects may pull up a
website at will 24/7
When comparing different forms of advertising, the property manager should
realize that - Answer: direct mail is favored by industrial and commercial property
owners---Industrial and commercial property owners and managers can compile a
list of potential tenants making direct mail a cost effective method of advertising.
An advertising brochure will be MOST effective if - Answer: all of the above---With
a theme and good appearance, it will leave a lasting impression. Easy to
comprehend will appeal to a larger audience.
When working with outside brokers in marketing space, the property manager
may expect - Answer: to share a portion of the leasing fee---There would
commonly be a split negotiated.
An estate owned by the tenant that continues for a specified period of time is
called - Answer: estate for years---An estate for years must have a definite
termination date. The estate does not have to be for years. A six month lease is an
estate for years.
Page 2 of 19
, A couple is renting an apartment from an owner while their house is being built.
The couple's lease is about to expire but the owner has agreed to allow them to
remain in the apartment on a month-to-month basis until their house is
completed. What type of estate will the couple have? - Answer: Tenancy at will---
A tenancy at will has no specific end date. The end of the tenancy often is based
on an event happening completion of the house...
The demand for professional property management around the end of the
nineteenth century resulted primarily from - Answer: the invention of the high-
speed elevator---Also steel framed buildings, development of suburban areas and
investment opportunities.
What organization awards the designation Certified Property Manager (CPM)? -
Answer: Institute of Real Estate Management (IREM)---IREM offers opportunities
for property managers to share ideas and programs to instruct those coming into
the business. They are an affiliate group of NAR
Which of the following BEST defines real property? - Answer: Land, including its
subsurface and airspace above and all improvements---Land from subsurface
rights (oil, gas, mineral) to air rights above plus all man made improvements
(buildings, streets, sewers) equals real property
Page 3 of 19
with Certified Ans.
Generally, state laws require which of the following to obtain a real estate license?
- Answer: An agent of a company managing property for several owners---The
other three choices are exempt.
To properly identify the subject property in a management contract, all of the
following are correct EXCEPT - Answer: the full legal description is always
required---The management contract must simply identify the property.
When disbursements exceed receipts for a certain month, usually the manager
can - Answer: pay costs from reserve funds previously established---Reserve funds
are monies set aside for expenditures not covered by insurance.
Page 1 of 19
,Since display ads generally cost more, they - Answer: carry greater visual impact
than classified ads.---Display ads offer graphics, elaborate design and may be a
quarter page in size.
Which of the following forms of advertising is available to prospects 24/7
regardless of their location? - Answer: Internet websites---Prospects may pull up a
website at will 24/7
When comparing different forms of advertising, the property manager should
realize that - Answer: direct mail is favored by industrial and commercial property
owners---Industrial and commercial property owners and managers can compile a
list of potential tenants making direct mail a cost effective method of advertising.
An advertising brochure will be MOST effective if - Answer: all of the above---With
a theme and good appearance, it will leave a lasting impression. Easy to
comprehend will appeal to a larger audience.
When working with outside brokers in marketing space, the property manager
may expect - Answer: to share a portion of the leasing fee---There would
commonly be a split negotiated.
An estate owned by the tenant that continues for a specified period of time is
called - Answer: estate for years---An estate for years must have a definite
termination date. The estate does not have to be for years. A six month lease is an
estate for years.
Page 2 of 19
, A couple is renting an apartment from an owner while their house is being built.
The couple's lease is about to expire but the owner has agreed to allow them to
remain in the apartment on a month-to-month basis until their house is
completed. What type of estate will the couple have? - Answer: Tenancy at will---
A tenancy at will has no specific end date. The end of the tenancy often is based
on an event happening completion of the house...
The demand for professional property management around the end of the
nineteenth century resulted primarily from - Answer: the invention of the high-
speed elevator---Also steel framed buildings, development of suburban areas and
investment opportunities.
What organization awards the designation Certified Property Manager (CPM)? -
Answer: Institute of Real Estate Management (IREM)---IREM offers opportunities
for property managers to share ideas and programs to instruct those coming into
the business. They are an affiliate group of NAR
Which of the following BEST defines real property? - Answer: Land, including its
subsurface and airspace above and all improvements---Land from subsurface
rights (oil, gas, mineral) to air rights above plus all man made improvements
(buildings, streets, sewers) equals real property
Page 3 of 19
