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
A percentage lease, commonly used in retail properties, calculates rent as:
Answer: A base rent plus a percentage of the tenant's gross sales
A percentage lease charges a base rent plus a percentage of the tenant's gross sales, often used in shopping malls.
What is the purpose of a CAM (Common Area Maintenance) charge in a commercial lease?
Answer: To recover costs for maintaining shared areas like parking lots and lobbies
CAM charges reimburse landlords for the costs of maintaining and operating common areas shared by all tenants.
In California, a landlord must provide how much notice to terminate a month-to-month tenancy for a tenant who has lived there for more than one year?
Answer: 60 days
California requires 60 days' written notice to terminate a month-to-month tenancy for tenants who have resided in the unit for more than one year.
Which federal law prohibits discrimination in housing based on race, color, national origin, religion, sex, familial status, and disability?
Answer: Fair Housing Act of 1968
The Fair Housing Act of 1968 prohibits discrimination in the sale, rental, and financing of housing based on seven protected classes.
A property manager who mixes security deposit funds with operating funds is committing:
Answer: Commingling
Commingling is the illegal mixing of client funds (such as security deposits) with the property manager's or broker's own funds.
What does a 'vacancy rate' measure in property management?
Answer: The percentage of total units that are unoccupied
The vacancy rate is the percentage of total available units that are currently unoccupied and not generating income.