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Property Management 9th Edition Robert C. Kyle, Marie S. Spodek, Floyd M. Baird - Solutions
What kind of tenants should Yu be looking for?
Accounting statistics of centers may be compared to other centers by referring to thea. Experience Exchange Report.b. International Council of Shopping Centers’Standard Marketing for Shopping Centers.c. reports of the National Association of Certi- ed Public Accountants.d. Dollars & Cents of
The Standard Manual of Accounting for Shopping Center Operations is published by thea. Urban Land Institute.b. Institute of Certi ed Public Accountancy.c. International Council of Shopping Centers.d. Building Owners and Managers Institute.
Negotiations for tenant improvements are the MOST complex ina. newly opened centers.b. centers where a long-term tenant has vacated.c. triple net lease negotiations for a freestand-ing building.d. buildings where there is little deferred maintenance.
A recapture clause in a shopping center leasea. is the same as one in an of ce lease.b. refers to assignment and subletting.c. allows the landlord to terminate a percent-age lease if a certain level of gross sales has not been achieved.d. refers to provisions in the Internal Revenue Code.
Overlapping obligations of landlords, co-owners, and tenants are customarily set forth ina. the property manager’s rules and regulations for tenant conduct.b. franchise agreements.c. reciprocal easement agreements.d. Library of Shopping Center Forms for Man-agement and Operations.
A variable scale percentage lease sets the monthly rental rate at 6% of gross sales up to and including$15,000, plus 5% of gross sales in excess of $15,000 but not in excess of $30,000, plus 4% of gross sales in excess of $30,000. What would the rental payment be if gross monthly sales were
A merchant signs a lease that sets a minimum monthly rental rate of $600, or 6% of gross sales.If rent is computed on a monthly basis, what is the total amount of rent paid in the fourth quarter if gross sales were $8,000 in October, $11,000 in November, and $12,000 in December?a. $1,860b. $1,800c.
When evaluating a prospective tenant in terms of tenant mix, the manager should look at a variety of the tenant’s needs, including the tenant’s need fora. access for the disabled.b. parking facilities.c. less expensive rent.d. good manager-tenant relations.
Studies of tenant mix with regard to percentage of space allocated to various types of stores, based on their merchandise line, have been made bya. Building Owners and Managers Institute.b. International Council of Shopping Centers.c. Institute of Real Estate Management.d. National Association of
The prevailing concern in leasing retail space in a shopping center is thea. business experience of the tenant.b. nancial quali cations of the tenants.c. requirement of an equal mix between regional chains and local rms.d. mix of tenant types.
Large retail properties are promoted through display ads usually placed ina. newspaper pullout sections.b. the real estate advertising section of newspapers.c. ads in the classi ed section of the local newspaper.d. the nancial section of metropolitan newspapers.
The MOST effective method for nding shopping center tenants isa. brochures.b. personal contact.c. direct mail.d. use of public relations rms.
In general, persons looking for retail property to renta. read classi ed ads.b. look for signs.c. listen to the radio.d. respond to display ads.
MOST prospective tenants interested in retail space nd it bya. looking for leasing sites in the classi ed ads.b. responding to canvassing by the property manager.c. driving through the area in which they wish to locate.d. getting referrals from brokers.
A mixed-use development encompassesa. single-family, duplex, and multifamily hous-ing in one subdivision.b. a mixture of light, medium, and heavy indus-try in a single development.c. tenants of various ethnic backgrounds.d. a combination of two or more types of uses, such as retail, of ce, and
Which of the following businesses require the greatest number of parking places?a. Fabric storeb. Bike shopc. Dry cleanersd. Restaurant
Which type of shopping center draws customers from a ve-mile radius?a. Neighborhoodb. Regionalc. Communityd. Strip
MOST regional shopping centers area. U-shaped.b. cluster-design.c. T-shaped.d. dumbbell-shaped.
Which of the following is typical of a neighborhood center?a. Incorporates shopping for about 100,000 peopleb. Serves an area approximately three miles in diameterc. Contains about 10,000 to 30,000 square feetd. Anchored by a junior department store
Before the advent of shopping centers, retail merchants tended to congregatea. in scattered neighborhood centers.b. along major roads leading into town.c. in a central business district near major pub-lic transportation junctions.d. in no particular pattern.
How could the property manager try to solve some of the other problems mentioned?
Is there anything Palmer or his property manager could do about the lack of escalation clauses?
Assuming that the shopping center is a one-story straight brick wall structure in a U-shaped con guration with a canopy running the full length of the building, what are some options for renovations?
Proper maintenance of MOST of ce buildings differs from the maintenance of residential buildings in which of the following ways?a. Maintaining proper lightingb. Elevator operationc. Nighttime cleaning of tenant spacesd. Cleaning of common areas
A recapture provisiona. is used by the IRS in assessing penalties for undeclared rental income.b. gives the tenant maximum control over space that may not be needed in the future.c. is for the bene t of the landlord.d. allows the tenant to sublease to a subtenant of his or her choice.
The purpose of a building standard is toa. ensure that the building is nished in com-pliance with re codes.b. x the amount the prospective tenant must pay, in addition to rent, for all alterations that need to be made to the space.c. x insurance rates uniformly in any given state.d. list those
Generally, the cost of tenant alterations and remodeling expenses above the building standard in an of ce property is the responsibility of thea. property manager who negotiated the lease.b. split equally between the lessee and lessor.c. lessor.d. lessee.
If an of ce building lease does not prohibit assignment or subletting, the tenant may assign the spacea. freely.b. only to an associated corporation.c. only with any increase being split with the owner.d. after hiring an attorney to obtain full rights to assign the lease.
The manager measures all of the space on one oor. Then the manager subtracts the square footage for the restrooms, janitor closets, and elevator.The resulting square footage is calleda. dominant area.b. construction area.c. usable area.d. rentable area.
Open or closed work spaces for more than one person are referred to asa. of ce space.b. special facilities space.c. miscellaneous areas.d. multipersonnel areas.
When preparing a market analysis on an of ce property, the manager should pay close attention to present market conditions anda. average vacancy rates.b. past economic trends.c. current economic trends.d. accessibility to public transportation.
The ratio of rentable space to usable space is sometimes called thea. loss factor.b. BOMA method.c. lead factor.d. New York factor.
The New York method has NOT achieved wide acceptance becausea. the measurement is too complicated.b. most property managers are suspicious of big-city innovations.c. it accounts for all of the construction area of a building and is dif cult to “sell” to prospects.d. landlords resist it.
According to the BOMA method of measuring of ce space,a. rentable space includes elevator shafts and lobbies.b. columns used to support the building are deducted from the total area.c. a factor must be included giving weight to the availability of in-building parking.d. construction area is
An older building, recently completely renovated, is located in a popular area amid several prestigious brand new buildings. By BOMA standards, the older building would be classi ed asa. A.b. B.c. C.d. D.
The base rate for an of ce buildinga. should re ect the amenities of the space and competition in the area.b. is the lowest possible dollar-per-square foot gure.c. is set according to BOMA/ANSI criteria.d. should be calculated according to the New York method.
Of ce space is designated Class A, B, C, or D on the basis of guidelinesa. based on absorption rate.b. of cially approved by law and published by BOMA.c. set by the local zoning boards.d. based on age, location, and market position.
Which of the following factors was MOST important in the selection of of ce facilities, according to one survey?a. Costb. Bus and highway accessibilityc. Property environmentd. Labor for building maintenance
The absorption rate is determineda. from the property analysis.b. from the neighborhood analysis.c. from the class of the building (i.e., Class A, B, C, or D).d. by calculating the number of square feet that have historically been leased per year.
One of the MOST effective methods to locate a new tenant for an of ce property isa. direct mail to businesses in a select ZIP code.b. canvassing a list of quali ed prospects.c. a classi ed ad in a trade newspaper such as the Wall Street Journal.d. display ads in a local newspaper.
An employee of an of ce building tenant who is responsible for the internal arrangement and furnishing of the leased space is called aa. facilities manager.b. property manager.c. ADA manager.d. compliance of cer.
While longer lease terms are most desirable, to protect the owner from missing out on rising mar-ket rates, the lease should containa. a recapture clause.b. right to assign clause.c. an escalation clause.d. right to sublet clause.
All of the following are useful when marketing of ce property EXCEPTa. brochures.b. signs.c. direct maild. classi ed ads.
After a thorough study, Gonzalez realized that setting a new rental schedule and increasing marketing efforts will be crucial to decreasing the vacancy rate. What can he do to market the property effectively?
What is the rst step Gonzalez should take to solve the high-vacancy problem?
What are some possible reasons for the high vacancy rate?
HUD contracts with property managers of subsidized housinga. vary widely from place to place.b. require the property manager to develop report forms.c. are generally for a term of years.d. are without regard to quali cation for the work.
Collection of rent from tenants in subsidized unitsa. should follow the same rm policy as in privately owned housing.b. may be exible because of the subsidies being paid.c. is not of concern because subsidies paid will make up for any losses.d. should allow longer grace periods than a private
Under HUD Section 8 housing,a. the tenant gets housing at no cost.b. housing is rented on a subsidized basis.c. the tenant pays up to 50% of his or her adjusted monthly income.d. the standards for eligibility based on income are the same throughout the United States.
The manager of low-cost housing should consider employing a person to handle tenant relations becausea. tenants try to take advantage of manage-ment with their complaints.b. this person can save the manager time by screening tenant complaints.c. this person can provide extra service to the tenants
Public housing projects for low-income familiesa. have traditionally been the responsibility of local government.b. include only newly built projects.c. do not involve participation with the pri-vate sector.d. were authorized by HUD in the 1940s.
Fannie Mae regulates condominiumsa. through the Community Associations Institute.b. in cooperation with HUD.c. by prescribing standards for condominium mortgages that it purchases in the secondary market.d. by veto power over the actions of the board of directors.
The initial sellout of cooperative and condominium properties isa. best done with television advertising.b. often handled by the rst homeowners to buy units.c. usually accomplished through display and classi ed ads.d. rst registered with the Securities and Exchange Commission.
The management fee for a condominium generally isa. prorated among the occupants according to their interests in the property.b. expressed as a percentage of revenue.c. divided on a per-unit basis.d. greater on units sublet by their owners.
With regard to insurance, the condominium owner musta. buy separate ood insurance.b. provide extra liability insurance.c. be written in as a co-insured on the com-mon elements.d. purchase an HO-6 condominium policy.
Condominium and cooperative managers generally use the same nancial reporting system as that used bya. certi ed public accountants.b. treasurers of corporations.c. managers of apartment buildings.d. owners of single-family homes.
The initial agreement for management of a new condominium is usually between the manager and thea. president of the owners’ association.b. developer of the project.c. board of directors of the owners’association.d. mortgage company.
When a manager is concerned with the physical design of the property and who may have to handle social events and medical emergencies, he or she may be managing aa. condominium.b. cooperative.c. housing for the elderly.d. planned unit development.
In MOST states, the Articles of Incorporationa. are more stringent than rules and regula-tions for most cooperatives.b. establish owners’ associations under most state laws.c. prohibit time-share arrangements.d. require independent professional manage-ment of the owners’ association.
Developing a sense of community spirit is often useful in encouraging referrals ina. a loft building.b. subsidized housing.c. manufactured home parks.d. of ce parks.
When managing a manufactured home park, income can come from all of the following sources EXCEPTa. providing nursing services.b. renting the site.c. renting the house.d. providing a laundromat on-site.
Generally, property taxes are assessed separately on each unit in aa. cooperative.b. condominium.c. limited partnership project.d. time-share project.
The condominium legal structure has been more popular than the cooperative becausea. more condominiums have been built.b. the occupant is responsible for the interior of the unit occupied.c. condominium owners do not risk losing their units in event of default of the owning association.d.
In managing condominiums and cooperatives, emphasis is on managing fora. value.b. pro t.c. the short term.d. absentee owners.
A PUD is similar in management to a(n)a. triplex.b. public housing development.c. condominium.d. investor-owned apartment project.
Unlike a manager of an investor-owned apartment building, the manager of a cooperative or condominium has no responsibility for maintaininga. occupancy levels.b. common areas.c. communication with owners.d. administrative functions.
How can Kelleher improve the social conditions of the project?
What can Kelleher do to reduce drug dealing and crime in the project?
Although cash ow projections appear to be complexa. they are based on gures from the data already gathered.b. the property manager can get the owner’s assistance in preparing them.c. they are simple in design and do not contrib-ute to the owner’s decision making.d. they are not complex,
All of the following could be used as an additional revenue stream EXCEPTa. cleaning deposits.b. parking and storage fees.c. vending and laundry machines.d. deposits per child.
Specialists who can MOST effectively market the property area. resident managers.b. leasing agents.c. manager’s assistants.d. supervising property managers.
Preventive and corrective maintenance of residential units is generally coordinated by thea. maintenance supervisor.b. supervising property manager.c. resident manager.d. assigned maintenance person.
Responsibility for controlling the daily operations of an apartment building rests with thea. on-site janitor.b. property manager.c. resident manager.d. on-site maintenance employee.
Of the following, which is MOST likely to be prepared by the resident manager?a. Monthly income expense statementb. Semiannual balance sheetc. Operating budgetd. Property condition, work performed, and jobs anticipated in the following week
Which of the following should be carefully explained to tenants?a. When rental payments can be lateb. Racial composition of the complexc. When and where rent must be paidd. How to unstop a toilet
A manager who assumes maintenance responsibilities because there is no on-site help is MOST likely found ina. luxury high-rise.b. large garden apartments.c. medium-size garden apartments.d. small walkup apartments.
Which is the MOST effective method of renting apartments?a. Classi ed adsb. Display adsc. Billboardsd. Radio commercials
What tool can the manager use as a control for marketing and as a source of feedback on marketing success or failure?a. Ready-to-rent listb. Show listc. Maintenance supervisor’s completed work order listd. Price list
The show list of apartments to be renteda. should include all vacant apartments.b. is designed for use by the manager.c. is for use by the owner.d. is updated monthly.
An apartment building consists of ten onebedroom apartments renting for $180; ten two-bedroom units renting for $210; and ten three-bedroom units that rent for $240. All of the units are rented except for four three-bedroom units. The vacancy rate of the three-bedroom apartments can be expected to
Maintaining litter-free grounds and well-trimmed lawns are examples ofa. show lists.b. a rental center.c. curb appeal.d. ready-to-rent.
What is the basis for sound tenant relations?a. Numerous rulesb. Open lines of communicationc. Employing a public relations specialistd. Slow response to maintenance requests
On which factor of the market analysis should rents should be based?a. Comparable value to other propertiesb. Age of the propertyc. Employment and income datad. U.S. Census Bureau statistics on population density
Neighborhood boundaries are important in a residential market analysis becausea. they in uence transportation facilities.b. they affect employment data.c. they dictate the type of construction by affecting zoning.d. economic conditions in the neighborhood may affect the rental schedule.
Which is a special consideration when managing duplexes and triplexes?a. Showings to prospective tenants do not require many trips to the property.b. Tenants should have a high degree of compatibility.c. Return on investment is quite high.d. Repairs do not require much management time.
Which of the following are generally less pro table because they require more management time?a. Scattered site housingb. Loft conversionsc. Multifamily elevator buildingd. Garden apartments
A tenant receiving minimal services MOST likely lives in aa. garden apartment.b. walkup apartment.c. multistory elevator building.d. luxury apartment building.
Which of the following types of apartment community is MOST likely to be located in downtown urban areas?a. Garden apartment complexb. Walkup apartmentsc. Multistory elevator buildingd. High-rise luxury property
What should Montgomery do about Fitzgerald?
What procedures can Montgomery implement to ward off complaints like this in the future?
How should Montgomery respond to Han’s complaint? Is it a discrimination complaint?
All of the following may be required by the Americans with Disabilities Act EXCEPTa. install ramps to outside doors.b. someone to assist a wheelchair user in the restroom.c. grab bars added to restroom stalls.d. braille letters on elevator buttons.
Which of the following requests may a property manager ask on the tenant application?a. Birth control practicesb. Intent to get marriedc. Whether income is welfare moneyd. Other landlord references
The Uniform Landlord Tenant Act generally covers all of the following EXCEPTa. how to handle security deposits.b. when to declare the unit abandoned.c. removal of structural barriers.d. retaliatory behavior.
Which law requires that sex offenders register their address with the police?a. Equal Credit Opportunity Actb. Megan’s Lawc. Uniform Landlord Tenant Actd. There is no law; once people serve their time, they are free.
The lead-based paint disclosures must be made on a house that was builta. last year.b. between 1900 and 1940.c. between 1940 and 1978.d. any time before 1978.
How would a parent discover that a child has lead poisoning?a. Blood testb. Urine testc. Lung x-rayd. Unsatisfactory school reports
The Landlord Tenant Act establishesa. base rents for apartments.b. the owner’s responsibilities.c. minimum amenities required for commercial properties.d. maximum amount required for a security deposit.
Usually, if a re destroys part of a residential property, the tenant maya. vacate immediately.b. lose his prepaid rent and security deposit.c. sue the owner for damages.d. prorate the rent deducting the portion he cannot use.
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