CRLS CRLS Property Management Operations

Question 1

Which document outlines the scope of services a property manager will provide to an owner?

Accepted Answer

Property management agreement

Answer

Lease agreement

Answer

Disclosure form

Answer

Rental application

Question 2

A property manager discovers a roof leak causing interior damage. What is the FIRST action they should take?

Accepted Answer

Notify the owner and arrange emergency repairs

Answer

Deduct repair costs from tenant's security deposit

Answer

Wait until the lease ends to address the issue

Answer

Issue the tenant a lease violation notice

Question 3

What is the primary purpose of a move-in inspection report?

Accepted Answer

To document the property's condition before the tenant takes possession

Answer

To calculate the tenant's first month's rent

Answer

To verify the tenant's employment history

Answer

To set the security deposit amount

Question 4

Which metric is most commonly used to evaluate a property manager's leasing performance?

Accepted Answer

Vacancy rate

Answer

Gross rent multiplier

Answer

Debt service coverage ratio

Answer

Cap rate

Question 5

Under a typical property management agreement, who is responsible for paying property taxes?

Accepted Answer

The property owner

Answer

The property manager

Answer

The tenants collectively

Answer

The local municipality bills tenants directly

Question 6

What does 'net operating income' (NOI) represent in residential property management?

Accepted Answer

Gross rental income minus operating expenses, before debt service

Answer

Total rent collected minus tenant security deposits

Answer

Gross income minus mortgage payments only

Answer

Total income after all taxes and financing costs