Property Management Flashcards
6 cards from real CA REAL ESTATE practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Property Management flashcards as text
What financial report shows a property's income, expenses, and net operating income over a period of time?
Answer: Operating statement (income statement)
An operating statement (income statement) summarizes a property's revenues and expenses to show net operating income.
Which term describes all current tenants, their unit numbers, lease terms, and monthly rent amounts?
Answer: Rent roll
A rent roll is a document listing all tenants, their units, lease dates, and rental amounts for a property.
Under California's AB 1482 (Tenant Protection Act), which type of properties are generally exempt from statewide rent control?
Answer: Single-family homes and condos (with proper notice)
Single-family homes and condominiums are generally exempt from AB 1482 rent control if the owner provides proper written notice.
What is the standard fee structure for most residential property managers in California?
Answer: A percentage of collected monthly rents (typically 8–12%)
Most residential property managers charge a percentage of collected rents, typically ranging from 8% to 12% per month.
Which type of lease requires the tenant to pay a base rent plus some or all of the property's operating expenses?
Answer: Net lease
A net lease requires the tenant to pay base rent plus some or all operating expenses such as taxes, insurance, and maintenance.
Under which condition may a California landlord enter a rental unit without prior notice?
Answer: In an emergency situation
California landlords may enter without notice only in genuine emergency situations such as fire or serious water damage.