CRLS Cheat Sheet 2026

The 30 highest-yield CRLS facts, distilled from real exam questions. Print it, save it as a PDF, or study it here — free, no sign-up.

1. Which factor can landlords legally consider when screening tenants? → Credit and rental history
2. When facing an ethical dilemma, what is the recommended first step? → Identify all stakeholders affected and review applicable codes of conduct
3. What is the proper way to correct an error in professional documentation? → Draw a single line through the error, initial, date, and write the correction
4. Which of the following is an example of deferred maintenance? → Postponing HVAC servicing until the system fails
5. A landlord offers a tenant a slightly lower monthly rent in exchange for signing a 24-month renewal instead of a 12-month term. This is an example of: → A concession-for-commitment strategy to reduce vacancy risk and stabilize income
6. Which of the following is a common incentive offered to encourage lease renewals? → Offering one month of reduced rent or a small upgrade to the unit
7. How far in advance should a leasing specialist typically initiate the lease renewal process with a tenant? → 60 to 90 days before the lease expiration date
8. How often should compliance procedures be reviewed and updated? → Regularly, and whenever regulations change or new risks are identified
9. What is the appropriate action when discovering a colleague has violated professional standards? → Report through proper channels as outlined in the code of ethics
10. What must a landlord provide to a tenant when imposing an early termination fee under a lease? → Clear written disclosure of the fee amount and conditions in the lease agreement
11. What is the foundation of professional ethics in this field? → Acting in the best interest of stakeholders while maintaining integrity
12. Why is staging important for vacant rental properties? → It helps tenants visualize living in the space
13. Why is maintaining confidentiality important in record keeping? → To protect sensitive personal and professional information from unauthorized access
14. Which document must a landlord provide within 30 days of collecting a security deposit? → Written receipt and deposit disclosure
15. What is the consequence of non-compliance with mandatory regulations? → Penalties including fines, license revocation, and potential legal action
16. What is the primary legal concern when a property manager self-deals by hiring their own company for repairs? → Undisclosed conflict of interest and breach of fiduciary duty
17. What constitutes a conflict of interest in professional practice? → When personal interests could improperly influence professional judgment
18. Why should landlords document property condition at move-in/move-out? → To establish baseline condition for damage assessments
19. What is the most important competency assessed in Real Estate Finance & Mortgages for professionals in this field? → Applied knowledge and practical problem-solving ability
20. What is the primary purpose of professional documentation? → To create an accurate, permanent record of activities, decisions, and outcomes
21. When a tenant declines a renewal offer, what should the leasing specialist do first? → Ask the tenant for feedback on their reason for leaving and confirm the move-out timeline
22. What should be the first action when a new regulation is enacted that affects your practice? → Review the regulation, assess its impact, and develop an implementation plan
23. What is the purpose of a property management monthly owner statement? → To provide a financial summary of income, expenses, and net disbursement to the owner
24. If a landlord wrongfully withholds a security deposit in violation of state law, what remedy may a tenant seek? → Up to two to three times the deposit amount as a penalty, plus attorney fees
25. What is the maximum security deposit allowed in most states? → 1-2 months' rent
26. Why are regular property inspections important? → To identify maintenance needs and prevent larger issues
27. Which pricing strategy helps attract tenants while maximizing income? → Market-competitive pricing with value-added features
28. Which of the following is a legally permissible deduction from a tenant's security deposit? → Repairing damage beyond normal wear and tear
29. What is the primary purpose of a move-in inspection report? → To document the property's condition before the tenant takes possession
30. Under a typical property management agreement, who is responsible for paying property taxes? → The property owner