Property Management Operations Flashcards
7 cards from real Real Estate Investing 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
A property manager discovers a tenant has sublet the unit without permission. What is the most appropriate first step?
Answer: Send a written lease violation notice with a cure period
A written cure notice gives the tenant the opportunity to remedy the violation before escalating to eviction proceedings.
Which metric best measures the financial efficiency of a rental property's operations?
Answer: Operating expense ratio
The operating expense ratio (operating expenses ÷ gross income) directly measures how efficiently a property is being managed.
A landlord in a rent-controlled jurisdiction wants to raise rents. What must they do first?
Answer: Verify the allowable increase percentage set by the rent control board
Rent-controlled jurisdictions set maximum allowable increases, and landlords must comply with these limits or face penalties.
What is a capital expenditure reserve fund used for in property management?
Answer: Major improvements and replacements like roofs and HVAC systems
Capital expenditure reserves are set aside specifically for large, infrequent costs such as roof replacement or major system overhauls.
Under the Americans with Disabilities Act (ADA), which properties are most affected by accessibility requirements?
Answer: Commercial properties and multifamily buildings with common areas
ADA primarily governs commercial properties and the common areas of multifamily housing, while private residences have different standards under the Fair Housing Act.
A property manager wants to reduce vacancy. Which strategy typically has the greatest immediate impact?
Answer: Offering competitive market rents and a referral program
Competitive pricing attracts more prospects quickly, while referral programs leverage existing satisfied tenants to find qualified new ones.
What is the primary purpose of a move-in inspection checklist?
Answer: To document unit condition and protect both parties in security deposit disputes
A detailed move-in checklist signed by both parties establishes baseline unit condition, making security deposit deductions easier to justify legally.
How this page was made: written with AI tools and published by Nathan Beja, founder of Practice Test Geeks, who is responsible for its content. We have not yet matched this exam's facts to an official source, so confirm fees, dates and rules with the exam body. Not reviewed by a subject-matter expert. Editorial policy