Property Management & Leasing Operations Flashcards
7 cards from real CAM practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Property Management & Leasing Operations flashcards as text
A prospective resident applies for a unit but has a credit score of 580. The property's minimum is 620. What is the most appropriate action?
Answer: Decline the application and document the reason consistently with written criteria
Consistent application of written screening criteria protects the property from Fair Housing claims and ensures equitable treatment.
Which lease clause protects the owner's right to enter the unit for repairs with proper notice?
Answer: Landlord access clause
A landlord access clause defines the conditions and notice requirements under which management may enter the unit.
What is the primary purpose of a move-in inspection report signed by both the leasing agent and new resident?
Answer: To document pre-existing conditions and protect both parties on security deposit disputes
A signed move-in inspection creates a baseline record of unit condition, reducing disputes when the resident vacates.
Occupancy rates at a 200-unit community drop from 95% to 88%. What metric should management analyze first?
Answer: Move-out reasons and traffic sources
Analyzing move-out reasons and traffic sources identifies whether the cause is pricing, maintenance, service, or marketing.
A resident's lease expires in 30 days and they have not responded to renewal offers. Under most state laws, if they remain without signing a new lease, tenancy converts to:
Answer: A periodic tenancy (month-to-month)
When a fixed-term lease expires and the resident holds over with the landlord's implied consent, it typically converts to a month-to-month periodic tenancy.
Which document establishes the legal relationship between a property owner and the management company?
Answer: Management agreement
The management agreement defines the scope of authority, fee structure, and responsibilities between the owner and the management company.
When calculating economic occupancy, a manager divides:
Answer: Actual rent collected by gross potential rent
Economic occupancy measures the percentage of potential rental income actually collected, accounting for vacancies, concessions, and non-payment.