Property Management Operations Flashcards
7 cards from real CRM 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 Operations flashcards as text
Which legal doctrine holds that a landlord is responsible for ensuring rental property is safe and habitable throughout the tenancy?
Answer: Implied warranty of habitability
The implied warranty of habitability requires landlords to maintain rental units in a livable condition throughout the lease term.
A property manager's fiduciary duty to the property owner primarily means:
Answer: Acting in the owner's best financial interest with loyalty and care
A fiduciary duty obligates the property manager to act loyally, honestly, and in the best interest of the principal (property owner).
A tenant who remains in the unit after the lease expires without the landlord's permission is legally known as a:
Answer: Holdover tenant
A holdover tenant stays beyond the lease expiration without permission, creating a tenancy at sufferance that the landlord may choose to address.
A property manager notices that maintenance requests from residents in one building are being handled slower than other buildings. This most likely signals a problem with:
Answer: Maintenance work order tracking and accountability systems
Inconsistent response times typically indicate a breakdown in work order management, tracking, or staffing accountability.
What is the cap rate (capitalization rate) primarily used to evaluate?
Answer: A property's value relative to its income-generating potential
Cap rate equals net operating income divided by property value, expressing the relationship between income and asset value.
When must a landlord provide reasonable accommodations under the Fair Housing Act?
Answer: When a resident with a disability requests a change to rules, policies, or services
The Fair Housing Act requires landlords to make reasonable accommodations in rules and services when requested by a qualified person with a disability.
A property manager who co-mingles tenant security deposits with operating funds is most likely violating:
Answer: State landlord-tenant law and professional fiduciary standards
Co-mingling security deposits with operating funds violates most state landlord-tenant laws and professional fiduciary obligations.