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
An MRP is helping a military landlord price a rental property. Which local data source is MOST reliable for setting a competitive rent?
Answer: Comparative market analysis of similar rentals currently on the market in the same area
A CMA of comparable active rentals provides the most accurate market-based rent estimate for a specific property.
Which of the following lease clauses is MOST beneficial to include when renting to a military tenant to avoid SCRA complications?
Answer: A military clause allowing lease termination upon receipt of PCS or deployment orders
A military clause codifies SCRA-style termination rights in the lease itself, streamlining the process for both parties.
A military family is renting a home and the service member is deploying for 12 months. Who typically manages lease obligations during the deployment?
Answer: The remaining family member (spouse) or designated power of attorney holder
The spouse or POA holder manages lease obligations during deployment, as they have legal authority to act on the service member's behalf.
When a rental property is near a military installation, which zoning consideration is MOST important for property managers to understand?
Answer: Residential properties near bases may be subject to noise easements or AICUZ (Air Installation Compatible Use Zones) restrictions
AICUZ zones near air installations can restrict property use and affect habitability due to noise and safety considerations.
A property manager is handling a military tenant's move-out inspection after a PCS departure. What standard should be used to assess damage?
Answer: Normal wear and tear is excluded; only damage beyond normal use may be charged
All tenants, including military, are only responsible for damage beyond normal wear and tear, which is a universal landlord-tenant principle.
Which of the following is a hallmark of a military-friendly property management company?
Answer: Including military clauses in leases and being familiar with SCRA and BAH guidelines
Military-friendly management practices center on SCRA compliance, military clauses, and understanding military compensation structures like BAH.
An MRP client wants to rent out their home during a 3-year overseas tour. What is the biggest risk they should be counseled about?
Answer: Losing the primary residence capital gains exclusion if the home is rented too long before sale
The $250K/$500K capital gains exclusion requires the home to have been the primary residence for 2 of the last 5 years, which can be endangered by extended rental periods.