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Property Management 9th Edition Robert C. Kyle, Marie S. Spodek, Floyd M. Baird - Solutions
When the tenant makes a complaint to a government agency about a housing code violation, the landlord cana. retaliate by raising the rent over fair market value to force the tenant out.b. decrease essential services to the tenant.c. bring court action against the tenant.d. correct the problem.
Generally, if the tenant and landlord do not agree on the term of the tenancy, then the tenancy is aa. tenancy at will.b. tenancy for years.c. periodic tenancy.d. tenancy at sufferance.
Lead-based paint disclosure forms must be retaineda. for one year.b. for three years.c. for ve years.d. inde nitely.
Which of the following laws requires credit bureaus to supply information to a person who has been denied credit?a. Equal Credit Opportunity Actb. Civil Rights Act of 1968c. Fair Credit Reporting Actd. Sherman Antitrust Law
If a person feels that she or he has been discriminated against by a property manager, a complaint may be led witha. the U.S. Supreme Court.b. a local magistrate.c. the real estate commission.d. the Department of Housing and Urban Development.
If someone is found guilty of violating the Fair Housing Act of 1968, he or she may be liable for actual damages and maximum punitive damages ofa. $11,000.b. $27,500.c. $55,000.d. an unlimited amount.
Which of the following acts are permitted under the federal Fair Housing Law?a. Offer different terms and conditions to young adults and families with childrenb. Refuse to rent to a single womanc. Tell an African American man that the apartment is rented, when it is notd. Refuse to rent to an Asian
The resident manager has decided to shop other properties in order to determine if her rental rates are competitive. She calls the manager of a nearby property, and nds out that the second manager is thinking about raising rates. The two of them decide to raise rates at the same time. This might
Under the federal Equal Credit Opportunity Act, the property manager who requires a credit report on a prospective tenant can do which of the following?a. Publish the report in the property manager’s association’s monthly newsletterb. Turn down the creditworthiness of the ten-ant because of his
According to the Fair Credit Reporting Act, a loan applicant maya. seek to correct errors on the report.b. not examine the credit report.c. ask that certain information not be given to lenders.d. not make any attempt to challenge incorrect information.
A property manager had two vacancies. When a single parent and her child inquired about an apartment, they were told that the building was 100% occupied. This is an example ofa. steering.b. blockbusting.c. redlining.d. a sound business practice.
Jones v. Mayer reaf rmed the Civil Rights Act of 1866 by prohibitinga. some racial discrimination.b. all racial discrimination.c. discrimination based on sex.d. discriminatory advertising.
What is the capitalization rate?a. A method to convert future income to pres-ent valueb. Usually gured at 12% for investment propertiesc. Number used to determine the return on investmentd. The ratio the appraised value of the property bears in comparison to other noncompeting properties
An apartment building has xed costs of $75,000 per year and a variable costs ratio of 25%. What is the break-even point for the property expressed in dollars per year?a. $68,750b. $75,000c. $100,000d. $300,000
A commercial property containing 35,000 square feet is rented at $6 per square foot. However, actual retail collections over the past year amounted to only $168,000. What occupancy rate should be used in the budget forecast for the next year?a. 48%b. 78%c. 80%d. 85%
Unemployment taxes are levied and must be paid when linga. FUTA.b. FICA.c. Form I-9.d. Form 941.
A manager would MOST likely want a percentage of the collected rents in which of the following situations?a. Upscale apartment building with high demandb. Condominium communityc. Rundown property that needs a lot of workd. Building with high turnover because of reputed illegal drug activity
Which statement accurately describes income tax withholding forms?a. Each employee must complete Form 941.b. Form W-2 shows total wages contracted for by the employee.c. Form W-3 sets forth the number of tax exemptions claimed by an employee.d. Form W-4 is lled out by the employee, but the
For the nal quarter of the year, all of the following tax forms concerning employees must be led by the manager EXCEPTa. Form 941.b. Form W-2.c. Form W-3.d. Form 1099.
Which of the following is a nonrecurring variable expense?a. Ad valorem taxesb. Insurance premiumc. Employee wagesd. An addition to the building
The MOST important operating record kept by the property manager isa. a personal expense account.b. quarterly and semiannual pro t and loss statements.c. monthly report on cash ow.d. annual nancial statement.
An apartment building with 50 units has a gross possible annual income of $300,000 per year and an estimated vacancy rate of 6%. The management rm has computed an adjusted per-unit fee of $300 for this property. What percentage management fee should be charged?a. 5%b. 6%c. 7%d. 8%
A small management operation has direct costs of$35,000 and indirect costs of $20,000 annually. It can handle about 750 units and wishes to make a 20% pro t. What is the minimum per unit fee that should be charged?a. $47b. $73c. $88d. $164
In computing a management fee using the pricing worksheet, a manager determines that the total direct and indirect cost for all management activities for that property is $2,500 per month.If the gross collectible income from the property is $50,000 per month and the manager needs an additional 30%
Management fees may be computed on a percentage basis ora. on a square-foot by property-type basis.b. on a cost-plus basis.c. by the per-unit-cost method.d. by the BOMA or IREM systems.
Who performs the general administration and daily operation of the property?a. Field managerb. On-site managerc. Of ce managerd. Property management executive
If management operations are too limited to justify hiring a comptroller, the comptroller’s tasks should be assumed by thea. purchasing agent.b. resident manager.c. bookkeeper.d. executive property manager.
What is an example of a direct cost?a. Occupancy costs of the general management of ceb. General of ce overheadc. Accounting overheadd. Payroll for the management personnel at the building
Which of the following should be considered when purchasing a computer system?a. Amount of space it takes upb. Ability to liquidate it quicklyc. On-the-spot maintenance and repairsd. Popularity of brand name
The permanent property le should includea. the management contract.b. the yearly budgets.c. employment contracts.d. income tax records.
MOST property managers divide their of ce records into how many general categories for ling purposes?a. Three: in, out, and holdb. Four: lease, general correspondence, sus-pense, and permanentc. Six: lease, general correspondence, suspense, permanent, revolving, and “13”d. Five: lease, general
The manager’s of ce should be on the building premises whena. there is surplus space.b. most of the management operations are conducted there.c. the building is in a central location in the city.d. the building has direct access to the inter-state highway network.
Assuming Emerson’s boss agrees to computerize the office, what kind of system should Emerson get?
Should Emerson try to convince his boss that a computer system is required? If so, how can he do this?
What should Emerson keep in mind as he sets up a new ling system?
Which of the following protects the owner from a contractor who goes out of business before nishing the contract?a. Surety bondb. Negotiated contractc. Performance bondd. Fast-track construction
All of the following management situations would most likely have to comply with ADA EXCEPTa. single-family dwelling.b. commercial buildings.c. new high-rise apartment building.d. regional mall.
A type of building that is made up of nonspecialized interior oor space is called a(n)a. conversion.b. retro t.c. loft.d. open building.
How are computers used in maintenance applications?a. Limited to certain maintenance functionsb. Useful in monitoring, scheduling, control-ling, and operating functionsc. Declining use as they are a fadd. Only useful in multistory buildings
Life-cycle costinga. compares the salvage value of similar pieces of equipment.b. considers both initial and operating costs over the useful life of equipment.c. measures costs over the life of the average tenancy.d. compares estimated life of new equipment against actual life of equipment being
Often, the greatest savings come from energy management systems or measures thata. involve computerization to eliminate human error.b. are simple and cost little or nothing.c. allow the property manager to demonstrate professional ability.d. are a result of retro tting.
When the term retro t is used in connection with energy management, it encompassesa. increasing the size or number of electric lights.b. repainting existing storm windows.c. monitoring air-conditioning and heating equipment currently in use in the building.d. replacing or upgrading heating and
Of the following, which is the MOST important in determining the property manager’s effectiveness as a maintenance administrator?a. His or her knowledge of detailed mainte-nance procedures and techniquesb. Having an experienced and competent maintenance foremanc. Being able to perform many
What is the rst step in designing a preventive maintenance program?a. Read the instruction manuals that come with the building equipment.b. Make a complete inventory of all equipment.c. Confer with the maintenance superinten-dent to determine what types of inspection and what tasks are to be
A contract for construction work typically states thata. front money will be provided to contractors before the work is started.b. a percentage of the fee will be held back until all work has been completed.c. the contractor is to be the judge of the quality of the work.d. the owner will have hire
A type of construction that proceeds as plans are being drawn is calleda. tenant nish-out.b. fast-track.c. competitive bid.d. retro t.
Which of the following is TRUE of negotiated contracts?a. They are far more prevalent than competi-tive bid contracts.b. They are often used in smaller construction contracts.c. Contractors often avoid sharing costs with subcontractors or the owner.d. The estimate of cost should be the end result
The rst decision confronting the property manager when contracting for construction is toa. draw up a at-fee contract.b. calculate the total cost of a cost-plus contract.c. decide whether to use competitive bidding or to hire the company that has the most employees.d. decide whether to act as the
Which of the following is considered when hiring outside services on a regular basis?a. The race, color, or religion of the contractorb. Whether the contract should include a breach clausec. Whether the contractor is disabledd. Whether the cost of the contract service is greater than the cost of
The MOST critical factor in deciding whether to hire on-site maintenance personnel or contract out for certain services isa. the amount of construction required.b. union activity.c. required staff.d. the relative cost of each.
Loss of building value resulting from postponing repairs, etc., is calleda. preventive maintenance.b. deferred maintenance.c. cosmetic alteration.d. functional obsolescence.
The addition of a sauna to the common area of a multitenant development would be an example ofa. corrective maintenance.b. tenant alterations.c. contract service.d. new construction.
Preventive maintenance is aimed ata. making actual repairs to keep the facilities functioning.b. eliminating corrective maintenance costs.c. keeping common areas and grounds cleaned and patrolled daily.d. installing alterations requested by the tenant during occupancy to prevent a move-out.
To command premium rental rates, a property manager might operate witha. minimal expenditures for services and maintenance.b. reasonable expenditures for services and maintenance.c. tenants supplying most of their services.d. all possible tenant services.
The hiring and ring of maintenance personnel should be the responsibility of thea. property manager.b. owner.c. resident manager.d. leasing agent.
In most states, detailed and stringent security deposit statutes have been passed. Which of the following is a provision of these statutes?a. The landlord need not document any charges against the security deposit.b. The landlord must itemize the deductions in a written statement.c. Deductions are
What form should the manager use when inspecting the property after the tenant has vacated?a. Tenant exit interview formb. Original leasec. List of concessions previously maded. Move-in/move-out checklist
Upon termination by a tenant, the property manager shoulda. contact the tenant immediately to get pros-pects for a new tenant.b. schedule an immediate discontinuance of utilities.c. inspect the space after the tenant has removed all personal property.d. make sure the tenant does not discuss plans
Three copies of an eviction notice should be prepared—one for the tenant, one for the manager’s attorney, and a third for thea. le 13.b. manager’s le.c. tenant’s attorney.d. sheriff’s of ce.
The time between the rent due date and the announcement of action for recovery should bea. three days.b. ve days.c. adjusted according to the tenant’s circumstances.d. a xed, determined period.
The BEST way to get prompt payment of rent is toa. le eviction suits if rent is not paid by the fth day after it is due.b. have a clear-cut understanding of the re-quirements for payment and provisions for default.c. have a full-time professional collector.d. issue regular bills stating amount and
An apartment building of 75 units, each leased at $600 per month, enjoyed full occupancy.The property manager then instituted a 10%rent increase, and ve tenants moved out. The month after the change, the gross rental incomea. decreased by $1,550.b. increased by $1,200.c. was $45,000.d. was $49,500.
An of ce building of 200,000 square feet has an average rental rate of $8.50 per square foot and an overall occupancy level of 97%. The manager determines from market and property analyses that if the rental rate is raised by $.20 per square foot, the occupancy level will drop by 2%. If the rental
If rents are increased, the manager shoulda. schedule a vacation for the day the increase is announced.b. expect an organized tenant protest and hire extra security.c. learn the logic behind the increase so he or she can explain it to the tenants.d. decrease maintenance service.
The MOST critical factor in determining whether and how much of a rent increase to make isa. how many tenants will vacate.b. the total net increase in income after accounting for move-outs due to the increase.c. whether the manager has the ability to handle complaints because of the increase.d.
What should the manager do if a good tenant terminated the lease?a. Immediately contact the tenant to nd out why he or she is moving and, if possible, correct the situationb. Accept the termination graciously and be grateful they stayed as long as they didc. Try to talk the tenants into stayingd.
What is the foundation of a good landlord and tenant relationship?a. Hard line regarding prompt rental paymentsb. Good reputation for maintenance and managementc. Maintaining a proper distance from tenants and the buildingd. Prompt legal action at the rst sign of tenant complaints
What should be done when a tenant makes a service request?a. Forward it to the maintenance supervisor immediatelyb. If it is to be denied, the tenant should be told it will be forwarded to managementc. Tenant should be told when it will be taken care of, or why it will not bed. Records should be
The basic prerequisite for enlightened property maintenance isa. experienced maintenance crews.b. an experienced maintenance supervisor.c. on-call availability of maintenance special-ists such as air-conditioning repairmen, journeyman plumbers, etc.d. getting the tenant’s service requests to the
Tenant relations can be aided bya. contacting tenants only on an emergency basis.b. saving brochures to distribute only when a problem arises.c. reviewing rent collection procedures with the tenant in a conference at the beginning of the lease.d. associating with tenants on a social basis.
Which of the following is the MOST important in establishing tenant loyalty and friendliness?a. The manager’s personal effortsb. Weekly informal coffeesc. Features such as conference rooms, swim-ming pools, tennis courts, etc.d. Free continental breakfasts
In which type of property is inspection of the premises with a new tenant the MOST important?a. Industrialb. Residentialc. Commerciald. Agricultural
What is the rst step to the establishment of good tenant relations?a. Tenant welcome partyb. Joint inspection of the premises by manager and tenant before move-inc. Associating with tenants on a social basisd. Tenant association meetings
A record of lease renewal dates should be kept so that the property manager will know when toa. make plans for signi cantly decreased income.b. anticipate overuse and repairs of elevators.c. contact good tenants in an attempt to retain them.d. know when to watch for increased criminal activity.
High tenant turnover means increases for the landlord ina. advertising expenses.b. utility costs.c. the value of the managed property.d. bad debts.
Which type of property should rarely have noncompeting tenant restrictions in leases?a. Large shopping mallb. Industrial propertyc. Of ce buildingd. Residential property
What is a building standard?a. Set of standard rules for all tenantsb. Flagpole on top or in front of the buildingc. Basic base rental unit or the average-size unitd. Speci c number of outlets, light xtures, windows, etc., included in the rent
Alterations to residential property are oftena. found in the rental agreement, which is typi-cally drafted by the new tenant’s attorney.b. paid for by the new tenant.c. performed by the property manager after being agreed to in writing.d. performed by the new tenant and may give rise to a lien
Many misunderstandings with tenants can be avoided bya. establishing clear guidelines at the beginning of the lease.b. waiting until there is a problem to review policies with tenants.c. threatening retaliation whenever a com-plaint is made.d. ignoring problems and concerns until abso-lutely
In an of ce building, who is responsible for complying with ADA accessibility requirements in each individual of ce?a. Property managerb. Building ownerc. Tenantd. Whoever agrees in the lease
The property manager should keep in mind that expansion optionsa. are usually advantageous to the owner.b. are not common with fully tenanted, estab-lished properties.c. may be given freely to encourage leasing.d. need not be coordinated with other tenant leases.
Tenant alteration costsa. should always be imposed on the tenant; the owner should never pay any portion of them.b. should be negotiated on a strict dollar basis with the prospective tenant.c. are a major negotiating point with commer-cial and industrial tenants.d. should never exceed the basic
Before nally agreeing to the lease, the manager must determine that the tenant meets qualifying standards and that thea. owner has the nances to pay for the concessions.b. cash ow is suf cient to warrant making repairs.c. total value of the lease justi es the cost of the concessions.d. existing
A long-term lease is generally to the owner’s advantage whena. negotiating a commercial lease without an escalation clause.b. the owner has made signi cant alterations in the space to suit the tenant.c. the tenant has indicated that his or her busi-ness is unstable.d. the tenant has frequently
When forced to make rental rate concessions during poor market conditions, the manager tries toa. lower the basic rental schedule by a very small amount.b. grant a temporary rental concession such as a few months’ free rent.c. give the concession at the beginning of the term.d. match any
Concessions should always be granted to a prospective tenanta. willingly, to show a cooperative spirit.b. only on consent of the owner’s attorney.c. reluctantly, to show how valuable the con-cession is.d. in a tight market.
All of the following are factors to decide how far to go in granting concessions EXCEPTa. the owner’s nancial and strategic position.b. the competition in the area market.c. the urgency of the prospect’s need to move.d. the prospect’s nancial condition.
The manager can facilitate lease negotiations bya. securing agreement on basic terms and con-ditions before the attorneys are involved.b. encouraging the prospect and owner to get together and discuss important points.c. showing the property to two prospects at the same time.d. sending prospects to
The proper role of an attorney in lease negotiations is toa. coordinate the negotiations.b. retard progress or kill the transaction.c. conduct the negotiations personally.d. formalize the agreement.
If an outside leasing agent is involved in lease negotiations, coordination of the transaction is the responsibility of thea. owner.b. tenant.c. outside leasing agent.d. property manager.
The property manager of a ten-unit strip shopping center is negotiating with a beauty shop owner.The beauty shop owner does not want the manager to rent to another beauty shop. What concession is the beauty shop owner asking for?a. Right to subletb. Expansion optionc. Tenant alterationsd.
Qualifying a tenant includes examining the applicant’sa. national origin.b. rental history.c. tenant improvements.d. educational background.
The marketing goal has been achieved when the prospecta. answers an advertisement.b. visits the premises.c. signs a lease.d. takes occupancy.
When renting or leasing space, good closing techniques includea. summarizing the bene ts of the space and explaining how they satisfy the prospect’s needs.b. direct questioning, such as, “Are you inter-ested in renting this space?” to elicit a positive or negative response.c. saying to the
The property manager of a ten-unit strip shopping center is negotiating with a beauty shop owner.The beauty shop owner does not want the manager to rent to another beauty shop. What concession is the beauty shop owner asking for?a. Right to subletb. Expansion optionc. Tenant alterationsd.
Qualifying a tenant includes examining the applicant’sa. national origin.b. rental history.c. tenant improvements.d. educational background.
The marketing goal has been achieved when the prospecta. answers an advertisement.b. visits the premises.c. signs a lease.d. takes occupancy.
When renting or leasing space, good closing techniques includea. summarizing the bene ts of the space and explaining how they satisfy the prospect’s needs.b. direct questioning, such as, “Are you inter-ested in renting this space?” to elicit a positive or negative response.c. saying to the
Before agreeing to the lease, the prospective tenant is asking himself or herself all of the following EXCEPTa. Is this the best price and space?b. Who else is considering the property?c. Are the concessions useful to me?d. Should I sign right now?
What should Aimes do to prevent these types of problems from occurring in the future?
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