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A company obtained 600 units, direct costs are $40,000 annually, indirect costs are $10,000 annually. They want to make 23% profit per unit.

108.03

Following a tenant's response for an action for possession of a residential dwelling unit, the court shall schedule a hearing within ______ days.

14

You are managing a 56-unit apartment complex and your cost of doing business to manage these units is $6,000. What would your markup have to be per unit to maintain a 14% profit?

17.44

What is the gross potential annual income of a 32 unit apartment building that rents each unit for $475/month when there is an 9% vacancy rate?

182,400

Which of the following are not mandatory in the new property manager required continuing education hours:

2 hours fair housing

What is the pro-rated rent for a $525/month apartment when a tenant moves in on the 16th of the month? (Assume 30 day month.)

262.50

A landlord, in January, is notified by the tenant that their heating system is not working, the landlord has how long to fix it?

3 business days

Prior to the removal of abandoned personal property from a residential rental a period of _______ must elapse.

48 hours

How long must a landlord leave personal property abandoned at a rental prior to removal:

48 hrs

If a unit is not available for the tenant to move into on the agreed upon date, the tenant may give a _______ notice to terminate.

5 day

A building measures 64ft. x 72ft and the rent is $3540.00 per month. What is the annual rent per square foot?

9.22

If a property is designated for persons aged 62 or over then which of the following is true:

All residents must be 62 or over

What covers public accommodations and the accessibility of those accommodations?

American's with Disabilities Act

In order for a licensee (non-rookie) to avoid having their license lapse, when must educational requirements be completed by?

Annually by oct 31st

Employee dishonesty is typically covered under what type of insurance?

Fidelity

Which of the following is true as it relates to license status:

Licensees in a "lapsed" status may utilize their license

A mutual agreement is also referred to as a:

Meeting of the minds

Unless otherwise specified in a rental agreement:

Periodic rent is payable at the beginning of a term of a month or less and otherwise in equal monthly installments at the beginning of each month.

A _______________ has a duration that is indefinite and is determined by the frequency of rent payments.

Periodic tenancy

The purpose of the Board of Realty Regulation is to:

Protect the public

When a property management company decides that they will not offer their services in an area of town that is predominately Native American they are conducting an illegal practice called:

Redlining

unless otherwise specified in a rental agreement:

Tenant must pay the fair market rental value

A rental agreement with a 16 month duration between a landlord and a tenant is signed by the tenant, but is not signed by the landlord. However the landlord accepts rental payment without reservation.

The rental agreement is given effect by the landlord's action. The duration is for 1 year.

Which of the following is true regarding security deposits:

There is no limit to the amount

When can a landlord deduct cleaning expenses without giving the tenant a 24 hour notice?

When the tenant failed to notify landlord of their intent to vacate.

A rental agreement may not:

agree to waive a right or remedy of either party

A real estate investor would typically be most interested in which of the following metrics in evaluating the suitability of a potential investment rental property:

anticipated cash flow

A property manager who manages multiple properties in a supervisory position is called a(n):

asset manager

A residential lease, signed by both parties, is a:

bilateral agreement

If Diane rents a residential apartment to John for a 6 month period, they would most likely be in a:

bilateral agreement

If a landlord fails to provide the tenant with a 24 hour notice of required cleaning then they:

can still deduct lost rent from deposit

If a tenant is found to have a pet dog at a property that does not allow pets, the landlord can give written notice to:

correct or vacate within 3 days

The legal concept that establishes a tenant's right to possession superior to a transfer of title is termed:

covenant of quiet possession

Which of the following need not be kept in a trust account:

earned interest

Compensation for property managers is typically based off of:

effective gross income

In the event a landlord enters the premises let to the tenant unlawfully or unreasonably, the tenant may do any of the following, except:

enter the landlords premises

A lease for a specific period of time (for example July 1st to September 17th) is also known as a(n):

estate for years

In which housing situation would you be legally allowed to deny children:

f it is a property designated for tenants aged 62 or older

Compensation for property managers is typically based off of:

gross rents received

A tenant staying beyond the end of a 1 year lease end date without permission would be referred to as:

holdover

Fair housing laws would require a landlord to make all of the following reasonable accommodations / modifications, except:

installing an elevator to access a 2nd floor apartment

Which of the following should a property manager not do for their tenants?

interpret legal documents

On rental agreements the "tenant" is also known as the:

lessee

A lease common in an industrial park, which requires the tenant to pay certain costs associated with the operation of the property would be a:

net lease

In a commercial building where the tenant pays in addition to rent, certain costs (e.g., maintenance, insurance, etc.) there is typically which type of lease:

net lease

Which of the following is never allowed to be deducted from a security deposit?

normal wear and tear

If an owner insists on doing the hiring and firing for a property you should:

not accept the assignment

What parties are the sole players in a fiduciary relationship?

principles & agents

An unconscionable provision in a rental agreement may:

render the entire rental agreement unenforceable

Unless otherwise specified in a rental agreement:

rent is payable at the landlords address

Someone who supervises the operations of a single property is called a(n):

site manager

The Board of Realty Regulation has the authority and responsibility to:

suspend and revoke licenses

The two parties on a lease agreement are called:

tenant, landlord

The term "familial status" refers to:

the presence of a child under 18.

A tenant, upon written request, must be provided what information:

the security deposit disposition for the prior tenant

Unless otherwise specified in a lease agreement, rent is:

uniformly apportionable from day to day

To investigate allegations of illegal discrimination, fair housing agencies will:

use testers to gather information.

When may a landlord adopt new rules for a building:

when it applies to occupants in a fair manner