Real Estate Property Management

Question 1

A property manager's primary fiduciary duty is to the:

Accepted Answer

Property owner (principal)

Answer

Tenant

Answer

Local government

Answer

Mortgage lender

Question 2

In a gross lease, the tenant pays:

Accepted Answer

Base rent only, with the landlord covering most operating expenses

Answer

All operating expenses plus base rent

Answer

Only utilities

Answer

A percentage of sales plus base rent

Question 3

In a net lease, operating expenses are paid by the:

Accepted Answer

Tenant in addition to base rent

Answer

Landlord entirely

Answer

Property management company

Answer

Local government

Question 4

Security deposits are typically held in:

Accepted Answer

A separate trust or escrow account per state law

Answer

The landlord's personal bank account

Answer

The tenant's account until move-out

Answer

The property management company's operating account

Question 5

The Fair Housing Act of 1968 (and amendments) prohibits discrimination based on:

Accepted Answer

Race, color, national origin, religion, sex, familial status, and disability

Answer

Income level and credit score

Answer

Occupation and marital status

Answer

Age and education level

Question 6

Familial status as a protected class under the Fair Housing Act protects:

Accepted Answer

Families with children under 18 and pregnant women

Answer

Unmarried couples

Answer

Divorced individuals

Answer

Extended family members only