COS Property Management Practices 2 — Questions and Answers
Question 1: Under HUD's Resident Rights provisions, how many days advance written notice must a property manager provide before entering an occupied unit for non-emergency maintenance?
- 24 hours (Correct answer)
- 48 hours
- 72 hours
- 7 days
Correct answer: 24 hours
HUD guidelines require at least 24 hours advance written notice before entering an occupied unit for non-emergency purposes.
Question 2: A property manager discovers a unit has an unauthorized pet in a no-pet building. What is the correct first step?
- Issue an immediate eviction notice
- Send a lease violation notice giving the resident a cure period (Correct answer)
- Ignore it unless neighbors complain
- Charge a retroactive pet deposit immediately
Correct answer: Send a lease violation notice giving the resident a cure period
The first step is issuing a written lease violation notice that specifies the infraction and provides a reasonable cure period.
Question 3: Which document establishes the specific roles and responsibilities of a property management company when managing a federally assisted property?
- Regulatory Agreement
- Management Plan (Correct answer)
- Affirmative Fair Housing Marketing Plan
- Annual Budget
Correct answer: Management Plan
The Management Plan outlines the management company's specific duties, policies, and procedures for operating the assisted property.
Question 4: When a resident's income increases mid-year in a HUD-assisted property, an interim recertification is required if the increase causes the household to exceed what threshold?
- 5% of annual gross income (Correct answer)
- 10% of annual gross income
- 15% of annual gross income
- 20% of annual gross income
Correct answer: 5% of annual gross income
HUD requires an interim recertification when a household's annual income increases by $200 per month or more (approximately 5% of annual gross income in most contexts).
Question 5: A property manager must complete a REAC inspection preparation process primarily to ensure what outcome?
- Higher rental income from tenants
- The property meets HUD's physical condition standards (Correct answer)
- Faster lease-up of vacant units
- Compliance with state landlord-tenant law
Correct answer: The property meets HUD's physical condition standards
REAC (Real Estate Assessment Center) inspections evaluate whether the property meets HUD's physical condition standards for safe and decent housing.
Question 6: In a tax credit property (LIHTC), what happens if a unit initially qualified as affordable becomes over-income due to rising household earnings?
- The resident must immediately vacate
- The next available unit rule applies and the unit can remain occupied (Correct answer)
- The owner must refund all tax credits received
- The unit is converted to market rate instantly
Correct answer: The next available unit rule applies and the unit can remain occupied
Under the Available Unit Rule, when an income-qualified resident's income rises above the limit, the next available unit of comparable size must be rented to an income-qualified household.
Question 7: Which of the following best describes the purpose of a Rent Roll in property management?
- A legal agreement between tenant and landlord
- A record of all units showing occupancy status, rent amounts, and payment history (Correct answer)
- A list of maintenance requests submitted by residents
- A schedule for annual rent increases
Correct answer: A record of all units showing occupancy status, rent amounts, and payment history
A Rent Roll is a comprehensive report showing each unit's occupancy, current rent, lease dates, and payment status used for financial management.
COS Property Management Practices 2
Under HUD's Resident Rights provisions, how many days advance written notice must a property manager provide before entering an occupied unit for non-emergency maintenance?