Property Management Practices 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 Practices flashcards as text
A tenant requests to add their long-term domestic partner to the lease. The property manager should:
Answer: Screen the new occupant per standard criteria and amend the lease if approved
Managers should apply consistent screening standards to all new occupants and update the lease accordingly if the applicant qualifies.
What does the term 'vacancy rate' measure in residential property management?
Answer: The percentage of rentable units that are unoccupied during a given period
Vacancy rate is the proportion of available units that are unoccupied, and it is a key performance metric for property managers.
Which of the following actions by a property manager constitutes 'steering' under fair housing law?
Answer: Directing prospective tenants toward or away from certain units based on their protected class
Steering is the illegal practice of guiding prospects toward or away from housing based on race, religion, national origin, or other protected characteristics.
A property manager is evaluating whether to hire an in-house maintenance technician versus outsourcing all repairs. The primary financial factor to analyze is:
Answer: The break-even point based on current and projected maintenance volume and costs
A break-even analysis comparing in-house salary/benefits to outsourced vendor costs at current maintenance volumes guides this decision.
Under which circumstance is a property manager legally permitted to enter a tenant's unit without advance notice?
Answer: In the case of a genuine emergency such as a fire or water leak
Emergency entry without notice is permitted when there is an immediate threat to life or property, such as a fire, flood, or gas leak.
A property manager collects security deposits from tenants. Which practice is required in most U.S. states?
Answer: Holding security deposits in a separate, dedicated trust or escrow account
Most states require security deposits to be held in a separate trust account to protect tenant funds from commingling with operating funds.
A long-term tenant at a 12-unit building requests a modification to install grab bars in the bathroom due to a mobility disability. Under the Fair Housing Act, the manager should:
Answer: Allow the modification at the tenant's expense, and may require restoration upon move-out
The Fair Housing Act allows tenants with disabilities to make reasonable modifications at their own expense, and landlords may require restoration to original condition upon vacating.