Property Management Practices Flashcards
7 cards from real MRP 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
Which of the following best describes the role of a Property Management Agreement (PMA) for military relocation clients?
Answer: It defines the duties, fees, and authority of the property manager on behalf of a landlord client
A PMA outlines the scope of management services, fee structure, and the manager's authority to act on the landlord's behalf.
A military homeowner receives PCS orders and wants to rent their home rather than sell it. What is the primary tax consideration an MRP should flag?
Answer: Rental income is taxable, but mortgage interest and depreciation may be deductible
Converting a primary residence to a rental creates taxable income while allowing deductions for expenses like interest and depreciation.
Under the Military Homefront guidelines, what is the recommended maximum percentage of gross income a military family should allocate to housing costs?
Answer: 28%
The 28% front-end ratio is a standard housing affordability benchmark used in military financial counseling.
A property manager accepts rent via allotment directly from a service member's military pay. What is a key risk of this arrangement?
Answer: Allotments can be cancelled by the service member at any time without notice
Service members can cancel allotments voluntarily at any time, which can leave landlords without expected payment.
When managing a property on behalf of a deployed military landlord, an MRP should have which legal authority to act on emergency repairs?
Answer: A power of attorney (POA) or written authorization with a defined spending limit
A POA or written authorization with spending limits protects both the manager and the deployed owner when urgent decisions arise.
Which federal fair housing protected class is MOST directly relevant to military relocation property management?
Answer: Familial status, because military families often have children
Military families often have children, making familial status the most frequently relevant protected class in military rental transactions.
A landlord instructs a property manager not to rent to families with more than two children. What should the MRP advise?
Answer: Refuse the instruction as it violates the Fair Housing Act's familial status protections
Blanket restrictions based on number of children violate the FHA's familial status protections regardless of occupancy rationale.