Although tenant selection is an important function for a residential property manager, it is not as important for a manager of retail properties because business tenants usually complement one another.

True

False

Property managers generally only prepare a management plan after entering into a management agreement with a tenant.

True

False

Property managers must be concerned with which of the following regulations? More than one answer may be correct; select all correct answers for credit.

	A.	Americans with Disabilities Act
	B.	Employment and workplace safety laws
	C.	Fair Housing Act
	D.	Environmental regulations

Property managers rarely act as the leasing agent for properties they oversee because it would create a conflict of interest in their duty to the property owner.

True

False

While a property manager can hire an outside leasing agent, he must be concerned with __________, whereas a leasing agent may be primarily concerned with __________.

	A.	the quality of the tenants; the ability to find additional tenants for the building
	B.	the tenant's satisfaction; the owner's satisfaction
	C.	the long-term viability of the property; the next commission
	D.	the commission that must be paid; the quality of the tenants
	E.	the owner's satisfaction; the tenant's satisfaction

As the agent of the owner, the property manager has the power to set rents, and execute, extend, and cancel leases.

True

False

Which of these is not a function of a property manager?

	A.	tax consulting
	B.	administration
	C.	marketing and advertising
	D.	move-in inspections

The most common form of compensation for a property manager employed directly by an owner is;

		a fee based on a percentage of the net income
		a fee based on a percentage of the gross margin
		a fee based on a percentage of the property's gross income
		a fee based on the amount withheld from security deposits

The tasks of an asset manager is often more complicated than those of a traditional property manager because the asset manager must operate within the framework of meeting the company's overall objective in its primary line of business.

True

False

What are the four major functions of an asset manager?

		management, acquisition, financing, and diposition
		management, eviction, sale-and leaseback, acquisitions
		leasing, marketing, advertising, tax consulting