Question 1

In simple terms, "ethics" can best be described as:

doing what the law says.

doing what is right.

following the lead of others.

whatever benefits the individual.

Question 2

Industrial property includes which of the following facilities?

Retailers

Wholesalers

Manufacturing

All answers are correct

Question 3

It is best to qualify a tenant:

when you receive the first rent check.

before the lease is signed and possession given.

at the time you hand him or her the key.

no real qualification is required if the are financially sound.

Question 4

It is discriminatory to deny equal enjoyment of goods, services, facilities, and accommodations in an existing place of public accommodation (nonresidential) under the:

12th Amendment.

Civil Rights Act of 1968.

Americans with Disabilities Act.

Holden Act.

Question 5

Items that should be included in an employee's file include:

employee's job application form.

information as to any verifications or checking on pre-employment.

a copy of the employee's employment contract.

all answers are correct.

Question 6

Lead-based paint has NOT been used in residential property since:

1978.

1980.

1982.

1985.

Question 7

Maintenance schedules tend to get in a rut when tied to:

the manager's schedule.

calendar dates.

the tenants' schedules.

the weather.

Question 8

Mega-malls are in direct competition with:

neighborhood shopping centers.

mini-malls.

factory outlet malls.

all answers are incorrect.

Question 9

Most management fees are based on a:

percentage of the gross income.

percentage of the net income.

percentage set by law.

all answers are incorrect.

Question 10

National and local economic conditions will affect which aspect(s) of your management plan?

Rents

Vacancy factors

Costs

All answers are correct

Question 11

Normal casualty insurance policies:

cover earthquakes, but not floods.

cover floods, but not earthquakes.

do not cover earthquakes or floods.

cover both earthquakes and floods.

Question 12

Owners must keep records and file reports with OSHA when they have:

1 or more employees.

2 or more employees.

7 or more employees.

30 or more employees.

Question13

Owners, Landlords, and Tenants Liability (OLT) coverage pays for damage to property and/or persons caused by:

ownership.

maintenance.

use of the property.

all answers are correct.

Question 14

Public transit ads are generally the most effective for:

industrial properties.

central city properties.

higher priced properties.

low-range and mid-range properties.

Question 15

Residential property management agreements should NOT be for a period of:

less than 6 months.

less than 1 year.

less than 18 months.

less than 2 years.

Question 16

Security deposits CANNOT be applied to:

damage to the unit.

damage to the common area.

normal wear and tear.

unpaid rent.

Question 17

The "statute of frauds" in place in every state determines, among other things:

what documents must be in writing.

who must be licensed to manage property.

what limits are placed on rental amounts.

what property falls under rent control.

Flag question: Question 58Question 18

The Civil Rights Act of 1968 is more commonly called the:

Equal Housing Act.

Fair Housing Act.

Freedom Act.

Anti-discrimination Act.

Question 19

The English Doctrine of Respondeat Superior states that:

an employee or agent is, alone, responsible for his or her actions.

owners of property can be held responsible for the actions of their employees.

one must use real property at his or her own risk.

an owner cannot be held liable for actions of contracted real estate agents.

Question 20

The best risk management is:

no risk management.

risk prevention.

risk elimination.

perfect security measures.

Question 21

The first practical elevator powered by electricity was the:

Otis elevator.

Whitney lift.

Chaney elevator.

Macintosh riser.

Question 22

The general rule of HUD limits occupancy to:

five persons per bedroom.

four persons per bedroom.

three persons per bedroom.

two persons per bedroom.

Question 23

The length of a property management contract should be related to:

the condition of the property.

the number of units managed.

the relationship of the property manager and owner.

the services provided and the owner reimbursement.

Question 24

The leverage you have in dealing with a lender will depend on:

your standing in the community.

your years in business.

the size of your trust account.

the number of buildings (or units) you manage.

Question 25

The major reason(s) a business fails is because of:

under-capitalization.

lack of knowledge about the business.

all answers are incorrect.

both under-capitalization and lack of knowledge about the business.

Question 26

The preferred security alarm system is the:

open-circuit alarm system.

closed-circuit alarm system.

peripheral alarm system.

solar powered alarm system.

Question 27

The right of a handicapped person to have a seeing-eye dog or support animal CANNOT be refused by a landlord under:

the Americans With Disabilities Act.

Title 12.

the Unruh Act.

the Fairness Act.

Question 28

The standard policy of fire insurance covers:

fire.

lightning.

loss from removal of property from the above perils.

all answers are correct.

Question 29

There is NO lease until:

the lease has been agreed to.

the lessee pays a deposit.

the lessor accepts a deposit.

all answers are incorrect.

Question 30

To be cost effective, items that are used in a building, such as faucets and locks, should be:

cheap, but effective.

standardized.

the best and most expensive.

it doesn't matter; over time costs equal out.