CA Real Estate Property Management 2

Question 1

What financial report shows a property's income, expenses, and net operating income over a period of time?

Accepted Answer

Operating statement (income statement)

Answer

An operating statement (income statement) summarizes a property's revenues and expenses to show net operating income.

Question 2

Which term describes all current tenants, their unit numbers, lease terms, and monthly rent amounts?

Accepted Answer

Rent roll

Answer

A rent roll is a document listing all tenants, their units, lease dates, and rental amounts for a property.

Question 3

Under California's AB 1482 (Tenant Protection Act), which type of properties are generally exempt from statewide rent control?

Accepted Answer

Single-family homes and condos (with proper notice)

Answer

Single-family homes and condominiums are generally exempt from AB 1482 rent control if the owner provides proper written notice.

Question 4

What is the standard fee structure for most residential property managers in California?

Accepted Answer

A percentage of collected monthly rents (typically 8–12%)

Answer

Most residential property managers charge a percentage of collected rents, typically ranging from 8% to 12% per month.

Question 5

Which type of lease requires the tenant to pay a base rent plus some or all of the property's operating expenses?

Accepted Answer

Net lease

Answer

A net lease requires the tenant to pay base rent plus some or all operating expenses such as taxes, insurance, and maintenance.

CA Real Estate - California Real Estate Exam Practice Test