Property Management Practices Flashcards

A manager at an affordable housing property receives a resident's request for a reasonable modification (physical change to the unit). Under the Fair Housing Act, who is generally responsible for paying for the modification?

Answer: The resident requesting the modification

Under the Fair Housing Act, in private housing the resident requesting a reasonable modification is generally responsible for the cost, though federally assisted properties have different rules.

Which notice must a HUD-assisted property owner provide to residents before implementing a rent increase?

Answer: 60-day notice

HUD-assisted properties must provide residents with at least 60 days written notice before implementing a rent increase.

Under the Violence Against Women Act (VAWA), a property manager must provide domestic violence victims with what document at lease signing and recertification?

Answer: HUD-5380 Notice of Occupancy Rights under VAWA

HUD form HUD-5380 (Notice of Occupancy Rights under VAWA) must be provided to all applicants and residents at key occupancy stages.

A property's 'Debt Service Coverage Ratio' (DSCR) of 1.0 indicates what financial condition?

Answer: Net operating income exactly equals the annual debt service obligation

A DSCR of 1.0 means net operating income exactly covers debt service payments, with no surplus cash flow remaining.

In HUD-assisted multifamily housing, an Annual Comprehensive Site and Building Inspection (ACSBR) is primarily conducted to verify what?

Answer: That the property meets HUD's physical condition and market condition standards

The ACSBR verifies physical conditions, market performance, management capacity, and financial viability of HUD-assisted multifamily properties.

When processing a move-out inspection and security deposit disposition, a property manager must send the itemized deduction list within what timeframe in most jurisdictions?

Answer: 21 days

Most state landlord-tenant laws require security deposit itemization and return within 14-30 days, with 21 days being the most common standard.

A property manager receives a noise complaint about a resident. What is the most appropriate initial course of action under standard property management protocol?

Answer: Document the complaint and issue the alleged offending resident a written courtesy notice

The appropriate first step is to document the complaint and send the accused resident a written courtesy notice reminding them of lease obligations.