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
What is the primary function of a lease abstract?
Answer: A summarized version of key lease terms for quick management reference
A lease abstract condenses critical lease terms such as rent, expiration date, and key clauses into a concise summary for management and owner use.
Which of the following is an example of a 'soft skill' critical to effective leasing?
Answer: Building rapport and actively listening to prospect needs
Active listening and rapport-building help leasing consultants identify prospect needs and match them to the right unit, improving closing ratios.
A resident submits a written maintenance request for a broken heater in winter. Under the implied warranty of habitability, the manager must:
Answer: Respond promptly and repair the heating system within a reasonable time as defined by state law
The implied warranty of habitability requires landlords to maintain essential services like heat, and failure to do so can give residents legal remedies.
What is the purpose of tracking a 'closing ratio' in leasing operations?
Answer: To evaluate the effectiveness of leasing staff by comparing tours to signed leases
The closing ratio measures how effectively leasing staff convert prospects who tour into signed leases, indicating sales performance.
A co-signer (guarantor) on a lease is best described as:
Answer: A third party who agrees to be financially responsible if the primary resident defaults
A guarantor assumes financial liability for the lease obligations if the resident fails to pay, providing additional security for the property.
When evaluating a rental application, which of the following is NOT a permissible screening criterion under Fair Housing law?
Answer: National origin of the applicant
National origin is a protected class under the Fair Housing Act and cannot be used as a screening criterion.
A resident wants to sublet their apartment for six months while working abroad. The manager should first:
Answer: Review the lease terms and property's subletting policy, then respond in writing
The lease terms and written subletting policy govern approval; the manager must follow the established process and respond in writing to protect all parties.