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Property Management 9th Edition Robert C. Kyle, Marie S. Spodek, Floyd M. Baird - Solutions
What should he do about the resulting parking problems?
What creative solutions can Aimes develop to alleviate the problem with the three expanding businesses and the requests for getting out of their leases?
Which of the following lease forms is MOST recommended?a. Lease form drawn up by the attorney for the ownerb. Preprinted forms taken from the Internetc. Lease used by the manager in his or her previous companyd. Common lease used by local apartment association
If a tenant declares bankruptcy, the property manager shoulda. constructively evict the tenant.b. forcibly evict the tenant.c. complain to the bankruptcy court.d. ask an attorney to check the latest laws and cases to determine the owner’s rights.
A beauty shop owner nds that she has outgrown the space, even though her lease is effective for another three years. She has found a political party that is willing to take the space for the next year until the upcoming election. Such an arrangement is called a(n)a. sublet.b. assignment.c.
A lease may be assigneda. unless its terms prohibit assignment.b. only if it is a gross lease.c. so that the owner may be ensured that the tenant is stable and nancially secure.d. only with consent of the owner.
What kind of lease provides for increases in the rental rates based on a selected index of economic conditions?a. Percentageb. Economicc. Indexd. Cost-of-living
What is it called when the tenant must vacate the premises because the landlord has failed to provide essential services?a. Constructive evictionb. Actual evictionc. Constructive noticed. Actual notice
A retail establishment has a percentage lease at a rate of 2.5% of gross monthly sales. First-quarter sales were: January, $5,270; February, $4,500;March, $6,320. What was the total rent for the rst three months?a. $244.25b. $270.50c. $289.75d. $402.25
A lease should contain all of the following provisions EXCEPTa. use of the premises.b. building rules.c. permission to sublet.d. possession of the premises.
Before being included, the “option to renew”clause must be carefully considered as it favors thea. tenant.b. manager.c. owner.d. tax assessor.
Who are the parties to the lease?a. Tenant and managerb. Manager and ownerc. Manager, tenant, ownerd. Owner and tenant
Leases often provide for automatic cancellation if thea. property is condemned.b. premises are partially damaged.c. lessee becomes unemployed.d. lessor becomes bankrupt.
When describing the premises to be rented, an apartment lease should include thea. street address of the building.b. legal description of the property.c. dimensions of the space.d. oor plan of the building.
A valid lease shoulda. clearly identify the property.b. be acknowledged.c. be on a standard form.d. be in compliance with the Uniform Resi-dential Landlord and Tenant Act.
According to the statutes of frauds of MOST states,a. a lease must be in writing to be enforceable.b. leases for more than one year must be in writing to be enforceable.c. leases must comply with the Uniform Resi-dential Landlord and Tenant Act.d. leases must be on standard forms.
Percentage leases are MOST often used witha. apartments.b. retail space.c. of ce space.d. industrial property.
Net leases are commonly used witha. apartments.b. retail space.c. of ce space.d. industrial properties.
Gross leases are MOST often used witha. apartments.b. retail space.c. of ce space.d. industrial property.
Which lease requires the tenant to pay all the expenses related to the property?a. Grossb. Percentagec. Triple netd. Recapture
Leasehold estates that continually renew until either party gives notice to quit are calleda. tenancy at will.b. tenancy at sufferance.c. estate from period to period.d. estate for years.
The leasehold estate MOST commonly used by property managers is an estatea. for years.b. from period to period.c. at will.d. for percentage.
If the property owner refuses to change standard forms, what types of standard clauses should Patti suggest that an attorney draft to include into the standard form?
Can Patti present the owner of the building with a convincing argument as to why they should use a more current lease form? What points would she argue?
What should Patti do about the maintenance agreement?
Is it a good idea to agree to lease terms that are not included in the lease document? Why or why not?
A $250-per-month apartment requires seven prospects before it is leased during active market conditions. If a $30 classi ed ad must be run for two days to attract this number of prospective tenants, the prospect-per-ad cost gure for this marketing effort would bea. $4.28.b. $8.57.c. $30.d. $60.
A property manager is trying to market 4,000 square feet of retail space at $7 per square foot in an unfavorable market. The manager spent$2,000 this month in unsuccessful advertising.The owner would rather reduce the rent by $.50 a square foot and spend $500 advertising the space. If the manager
Which is the MOST effective ad on a per-lease basis?a. Display ad, inserted one time, costing $200, attracting 20 prospects before one leaseb. Classi ed ad, inserted weekly four times, costing $100 per week, producing 16 pros-pects before one leasec. Radio commercial costing $50, resulting in ve
Which factor below works against the establishment of a rental center?a. They are not really effective.b. They work only for residential property.c. They can be prohibitively expensive.d. Staf ng them is a simple matter.
Which of the following is a characteristic of a good rental center?a. Nominal investment and operating expenseb. Best for small developmentsc. Needed in a strong marketd. Often set up in the least attractive area for rent
When a prospect comes to the manager’s of ce in response to a marketing effort, the manager’s job is toa. convince the prospect that the space is the most advantageous to the prospect.b. show the space without boring the prospect with a recital of special features.c. call in a trained
Which of the following is the MOST important action to take when showing a property to a new prospect?a. Be sure your personal appearance is appropriate.b. Learn the net worth of the prospect.c. Call and con rm the appointment.d. Inspect the property before you show it.
A property manager has been hired to market a new investment property. Of the following, the BEST way she can facilitate a broker referral campaign is toa. advertise in the Help Wanted classi eds.b. call the local of ce of the NAR.c. use signs on the property listing her number and saying “or
When planning an effective ad campaign, which of the following statements should the property manager remember?a. An advertising campaign need not employ more than one medium.b. Broker referral campaigns are too expensive to help with new or large properties.c. One advantage of in-house leasing
Which of the following statements is a TRUE statement about the effectiveness of each particular form of advertising?a. Regional magazines and trade journals are reliable vehicles for advertising commercial property for rent.b. Radio advertising is a cost-effective way of attracting new tenants.c.
When should For Rent signs be used?a. Carefully chosen times on all residential, retail, and of ce propertyb. Not generally useful in front of individual residential propertiesc. Most productively when placed in vacant store windowsd. Not necessary if billboards are used
Which of the following is the method MOST likely to be used by industrial tenants looking for warehouse space?a. Checking large billboards on or near the propertyb. Employing industrial brokersc. Hunting secretly through straw partiesd. Checking the classi eds
When developing advertising brochures, the property manager should begin bya. including comprehensive property information.b. keeping the layout simple.c. working around a central theme.d. gearing costs to target prospects.
Other than signs on the property, the MOST popular print medium for advertising residential property isa. billboards.b. classi ed ads.c. display ads.d. direct mail.
As the manager develops a marketing strategy, which of the following statements is the BEST guide?a. The kind of property to be promoted will not be a strong in uence on the design of the marketing campaign.b. Each type of property requires certain advertising to reach the unique pools of potential
A campaign to increase the prestige of a property logically should be undertakena. when supply is high.b. if vacancy rates are increasing.c. in a stable market.d. when consumer pressure is great.
Which is the MOST accurate statement of the results to be expected from an effective marketing campaign?a. A good resident manager can keep a property well rented without a lot of advertising.b. Well-presented quality property cannot compete with poorly marketed property at a lower rate.c.
Of the following, which shapes marketing strategies?a. Large numbers of vacancies; marketing is completely unnecessary when vacancy rates are normal.b. Property owner’s ability to co-own certain forms of media.c. Extent of the owner’s nancial resources.d. Effectiveness of good leasing agents.
Which of the following is a basic marketing principle?a. You can fool all of the people some of the time.b. You can fool some of the people all of the time.c. Money spent on marketing is better spent on improving the property.d. Your best source of new business is your present customer base.
All of the knowledge that the property manager has regarding lease agreements and the best management techniques are all wasted unless the manager can also effectivelya. advertise the property.b. develop income from the property through marketing efforts.c. evict tenants.d. account for income and
Would this be a good situation for the use of a rental center? Why or why not?
Create a brief outline of a marketing program Jon might develop to improve the image and prestige of the apartment project.
What types of media might Jon consider using to meet the owner’s two goals and why?
A property manager had to begin an eviction action for one of the tenants. This kind of informationa. should be given to the owner annually.b. should be given to the owner on a monthly basis, at least.c. is evidence of a breach of the manager’s duciary duties.d. is bad news and should always be
Why should the property manager include a personal note with each monthly report?a. Maintain a good relationship with the ownerb. Keep the report from going astrayc. Distract the owner from bad newsd. Keep the owner from becoming confused by the gures
Who should be the primary contact with the owner on behalf of the agent?a. Building superintendentb. Person most responsible for the propertyc. Of ce managerd. Attorney or accountant for the agent
A at fee arrangement would be MOST appropriate when managing a(n)a. superregional mall.b. condominium community.c. of ce complex.d. retail store.
A monthly earnings report submitted by the manager to the ownera. eliminates the necessity for any other con-tact with the owner.b. should always be accompanied by a per-sonal note.c. should be sent by certi ed mail.d. must be certi ed by an independent accountant.
As responsibility for the property is transferred, the manager should pay special attention toa. the accounts payable ledger.b. the mortgage payments.c. other sources of income besides rental.d. a start-up cash fund.
In what situation would a property manager prefer a percentage fee instead of a at fee?a. Just after the real estate cycle has peakedb. When the agent can signi cantly increase the revenue of the buildingc. When the agent manages multiple proper-ties for one ownerd. If all other accounts managed
A property manager’s agreement provides for a leasing fee plus $13,000 per year for managerial services. What kind of agreement is this?a. Straight commissionb. Fixed fee per rental unitc. Flat-fee arrangementd. Percentage fee
If an owner reserves the right to hire and re personnel for the property, the property manager shoulda. make it clear in the agreement that the employees are the owner’s, not the property manager’s.b. not accept the assignment.c. report the situation to the state department of labor.d. cancel
Managers usually prefer to have the authority to hire and re property personnel becausea. the additional responsibility increases their management fee.b. employees will develop more loyalty to the manager under these circumstances.c. the manager does not want the owner to violate labor laws.d.
When disbursements exceed receipts for a certain month, the management agreement will usually provide that the managera. advance funds to cover the de cit.b. petition the owner to make up the de cit.c. stave off creditors until the next rental pay-ments come in.d. pay costs from a reserve fund
If a property owner violates any applicable law or regulation, the property managera. may sue for damages.b. should spend trust funds to correct the violation.c. must report the owner to the state real estate commission.d. may cancel the contract immediately upon serving the owner with notice of
Under what circumstances may an agent terminate the management contract early and NOT be subject to a claim for damages by the owner?a. If the tenants request that the agent be replacedb. If the agent takes a personal dislike to the owner or some member of the owner’s staffc. If the owner causes
MOST property managers seek agreements with a term of at leasta. one year.b. ve years.c. ten years.d. twenty years.
Any employee who handles the owner’s funds should be covered bya. an employer liability insurance policy.b. an errors and omissions insurance policy.c. worker’s compensation.d. a surety bond.
In identifying the owner in a management contract, the owner’s name should be identi eda. as it is written on the building sign.b. as it is listed on an ad valorem tax statement.c. by the full name of the chief stockholder, if a corporation.d. as it appears on the title to the property.
The written agreement between the owner and the agent that speci es the duties of each is known as aa. lease.b. management contract.c. listing agreement.d. power of attorney.
A bank employee is asked to manage the properties owned by the bank. At the very least, the employee should be givena. a power of attorney.b. written authorization to sign leases.c. a management contract.d. permission to evict tenants.
A property manager acting as an agenta. owes the duties of care, loyalty, obedience, accounting, and disclosure to the principal.b. need not maintain a separate bank account for the owner’s funds.c. has the power to mortgage the property.d. has the exclusive right to sell the property.
The law of agency requires the manager toa. deposit the property’s tenant funds in the manager’s business account.b. maintain con dentiality and loyalty to the owner’s best interests.c. obey the owner’s every instruction, even if it requires unethical behavior.d. act with self-interest in
How can Doug add clients to his own company?
To avoid a similar situation with his own company, what can Doug do?
In preparing a management plan for the owner to review, the managera. need be concerned only with contents and not appearance.b. will not bene t from having a colleague review it before presentation.c. should realize the owner’s objectives will be the deciding factor in its adoption.d. need not
The determining factor in the acceptance or rejection of the management plan will be thea. property analysis.b. owner’s objectives.c. neighborhood analysis.d. ve-year forecast.
Cash ow from a property is predicted by which of the following formulas?a. Gross rental income minus vacancies plus other incomeb. Gross rental income, adjusted by market trends, minus reserve fundsc. Anticipated revenue minus total adjusted operating expenses and minus debt serviced. Anticipated
What should a property manager keep in mind when setting goals and objectives?a. Institutions and corporations generally do not have well-de ned goals.b. Individual owners do not develop long-range plans.c. A property manager may make a real con-tribution by assisting in establishing written
A good management plan is based on a(n)a. income, expense, and loss analysis for all similar properties in the city.b. feasibility study.c. 15-year forecast.d. operating budget for one year.
After inspecting and analyzing the comparables, a property manager should be able to estimate the routine operating costs for the subject property anda. provide the owner with an estimate of the capital expenditures required to make the property competitive with similar properties.b. offer enough
Prospective tenants form their initial impression of a rental property based on thea. personality of the manager or leasing agent.b. curb appeal of the property.c. appearance of the manager’s of ce or quarters.d. inspection of the interior of the building.
What should the manager do if the building is 100% occupied?a. Consider raising the rentsb. Consider lowering the rentsc. Cut back on amenitiesd. Ask for a raise
Economic oversupply results whena. there are more tenants than available units.b. supply and demand are equal.c. tenants cannot afford the rents.d. the economy is based on one industry.
When evaluating the data in a neighborhood market survey, a residential property manager will be MOST concerned witha. opportunity for expansion.b. special utility services.c. traf c counts.d. trends in population demographics.
To avoid any surprises when taking over a new property, the manager should rsta. have a third party audit the books.b. hire a building engineer to evaluate the structure.c. review the insurance policies.d. read all the leases.
The objective in a market analysis is toa. identify all properties comparable to the subject property.b. determine the average rate for comparable rental units.c. establish vacancy rates for comparable property.d. determine the optimum rental price for a standard space in the area.
In market analysis, the speci c goal of the property manager is to identify major economic trends and theira. effect on the region where the property is located.b. in uences in the neighborhood where the property is located.c. effect on rental rates for various types of properties found in the
When more space is available than potential tenants demand, it indicates a(n)a. demand market.b. technical oversupply.c. economic oversupply.d. upswing in the real estate market.
In the operating budget, what is the name of the expenditure that accounts for money for replacement expenditures?a. Cash owb. Reserve fundsc. Variable expensesd. Direct costs
From an economic standpoint, the rental market as a segment of the economya. has cycles in various types of construction that do not affect the property manager.b. is generally poor during a contraction phase.c. has relatively short contraction phases.d. has cycles in the rental market that
Cycles of the general business economy differ from those of the real estate market in that thea. general business economy is usually subject to more extreme oversupply and undersupply.b. trends in real estate lag signi cantly behind trends in the general economy.c. general business economy is
Movements of the general economy that usually are measured over 50 years or more are calleda. peaks and valleys.b. long-term movements.c. random movements.d. speci c cycles.
At or just before the peak of the general business cycle,a. supply surpasses demand.b. the value of the dollar is at its highest.c. demand for goods decreases.d. it is dif cult to obtain credit.
Which of the following characterizes the expansion phase in the business cycle?a. Production increases.b. Prices of goods fall because of increased supply.c. Credit is tightened because the dollar can buy more.d. Businesses do not attract capital because alternative investments are more attractive.
What does the decrease in local property values mean for Charles and the property he manages?
What does the shutdown of the local defense factory mean for Charles and the property he manages?
Why is it important for Charles to note the area’s economy when preparing a management plan for his new employer?
Ethical conduct refers toa. legally required conduct.b. socially or culturally imposed rules of con-duct that go beyond the letter of the law.c. opportunities to obey civil rights legislation.d. the property manager’s obligation to super-vise his or her employees.
If a property owner asks a property manager to manage the property in violation of current civil rights laws, the property manager shoulda. comply with the owner’s wishes under protest.b. terminate the management agreement.c. comply immediately without complaint.d. comply but inform the
Asset managers often have the task ofa. repairing properties.b. selecting tenants.c. acquiring taxi services for tenants.d. monitoring the nancial performance of a portfolio of properties.
Messenger services, taxi services, fax services, and shopping are all services commonly offered bya. asset managers.b. third-party managers.c. concierges.d. managers of low-income housing.
Which of the following offers a combination of home ownership and site rental?a. Manufactured home parksb. Housing for the elderlyc. Loft buildingsd. Condominiums
Which of the following would be classi ed as special-purpose property?a. Anything managed by a property manage-ment companyb. Hotels, motels, theaters, schools, and places of worshipc. Residential condominiums and cooperativesd. Buildings occupied by members of the medical profession
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