Property Management

Which of the following is NOT a common characteristic of property management agreements? A. Provision for monthly report B. Long-Term contract period C. Specification of management fees D. Names of parties to the agreement B. Long-Term contract period

B. Long-Term contract period

The client's trust account for a property manager must

Bear the words "Clients' Trust account" on the face of the checks used for the account.

When a broker or property manager signs a contract to manage an owner's property he becomes a

Fiduciary

Property managers are responsible for...

I. protecting the condition of real estate II. maximizing income from real property

According to Oregon Administrative Rules, a property manager must provide an owner with a written report of the owners ledge account.

Monthly

The repair of fire damage to an office building is an example of what?

Non-recurring variable cost

Which of the following are included in the Oregon Residential Landlord and Tenant Act? An employee of a landlord whose occupancy is conditional upon employment Holder of a proprietary lease in a cooperative Resident in a college dormitory None of the above

None of the above

An owner of real estate who engages a property manager to manage his property must receive a copy of the signed property management agreement when?

Promptly

According to Oregon administrative rules, if a real estate property manager licensee working as a sole proprietor dies...

The executor of the managers estate may close out the affairs of the manager pursuant of a court order and the agreements in force at the time of the property managers death are immediately terminated.

A property manager should be aware of the break-even point to any buildings he manages. The BREAK-EVEN Point is:

The occupancy level at which gross income for a property equals total fixed and variable operating costs

Which of the following statements concerning property management accounting are TRUE? a. Posting to the owner's ledger account must be done at least once every three months b. Reports to the owner must be given only upon request by the owner c. Property managers may transfer funds between owners' accounts of two or more different owners with written authorization by the owners. d. The available credit balance in an owner's account includes tenants' security deposits.

c. Property managers may transfer funds between owners' accounts of two or more different owners with written authorization by the owners.

A property manager must have a written property management agreement with an owner only if the property manager will be managing five or more dwelling units for the owner. in every case. only if the rental units are residential dwelling units. only if the owner demands a written agreement.

in every case.

In property management, an operating budget

is a projection of anticipated costs for the annual operation of a building.

If a real estate property manager wants to be absent from his office, he...

may authorize another property manager to control and supervise the office for no more than 90 days.

Oregon law requires that checks used to disburse funds deposited into a clients's trust account be

pre-numbered

If a tenant's termination of tenancy occurs at the same time as the property manager's termination of the applicable property management agreement...

the property manager must complete a final accounting procedure involving the tenant's security deposit unless the owner directs otherwise.

A person licensed as a real estate property manager may accept a finder's fee from a principal real estate broker for activity involving

the rental of real property

When evaluating the data in a neighborhood market survey, a residential property manager will be most concerned with

trends in population composition

A percentage lease is a lease

"which covers the lending of money and interest charged thereon."

In establishing a client's trust account, a property manager must do all of the following

-control the receipts and disbursements on the account -use pre-numbered checks for the account -be an authorized signer on the account

A licensed real estate property manager may authorize...? I. another licensed property manager to supervise his property activity in his absence II. an unlicensed bookkeeper to supervise in his absence

1. only

In establishing a clients trust account, a property manager must do what all of the following except what? 1. control the receipts and disbursements on account? 2. include any resident manager for managed property as authorized signer on account of property? 3. be an authorized signer on account? 4. use pre-numbered checks for account.

2. include any resident manager for managed property as an authorized signer on the account of the property.

A real estate property manager may conduct property management activity only if... 1. the property manager limits his practice to residential property. 2. a written management agreement is signed between the property manager and the property owner.

2. only

If a property manager transfers funds between two owners' ledger accounts he or she must I. have a prior written authorization to do so which may be contained in the owners' property management agreement. II. enter the transfer information in each affected owner's ledger account at the time of the transfer. If a property manager transfers funds between two owners' ledger accounts he or she must I. have a prior written authorization to do so which may be contained in the owners' property management agreement. II. enter the transfer information in each affected owner's ledger account at the time of the transfer. 1. I only 2. II. Only 3. Both I and II 4. Neither I nor II

3. Both 1 and 2

A broker acting as a property manager of a building was instructed by the owner to paint the building for $1000. With out the owners knowledge and consent the property manager could...

?? 1. contract the job for $800 and keep the extra $200 2. accept a rebate from the painter

one of the most effective ways for a property manager to both provide income to the owner and advertise the manager's own abilities is through a well-run building which has

?? satisfied tenants served by competent employees. as high or higher rents than other similar buildings the lowest paid employees the most complete and up to date accounting reports.