Property Management & Leasing Operations Flashcards
7 cards from real CAM 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 & Leasing Operations flashcards as text
A resident submits a 30-day notice to vacate but the lease requires 60 days. What should the property manager do?
Answer: Notify the resident in writing that the lease requires 60 days' notice and they remain liable for rent
The manager must enforce the lease terms by notifying the resident of the correct notice requirement and their financial obligation for the balance.
Which federal law requires property managers to disclose the presence of lead-based paint in housing built before 1978?
Answer: Title X (Residential Lead-Based Paint Hazard Reduction Act)
Title X requires disclosure of known lead-based paint hazards in target housing built before 1978 and must be provided before a lease is signed.
When a prospect tours a unit and asks about the rent, the leasing consultant quotes a price 10% below the current market rate by mistake. What is the best course of action?
Answer: Correct the error immediately and provide the accurate rent before an application is submitted
Correcting a pricing error before an application is submitted prevents legal complications and ensures the prospect makes an informed decision.
What does 'vacancy loss' represent in a property's operating statement?
Answer: Income lost due to unoccupied units not generating rent
Vacancy loss is the rental income that would have been collected if all units were occupied, minus actual rents collected.
A resident's guest stays at the apartment for 45 consecutive days. The manager suspects the guest has become an unauthorized occupant. The appropriate first step is to:
Answer: Review the lease occupancy clause and send a written inquiry or lease violation notice
Reviewing the lease and issuing a written notice allows management to address the potential violation formally while creating documentation.
Which lease provision protects a property owner if the building is sold or refinanced by allowing the new lender's mortgage to take priority?
Answer: Subordination clause
A subordination clause makes the lease subordinate to the lender's mortgage, which is typically required by lenders as a condition of financing.
A prospective resident from another country presents a foreign passport but no Social Security number. Under Fair Housing guidelines, the manager should:
Answer: Apply the same screening criteria used for all applicants, using alternative credit verification if needed
Fair Housing prohibits discrimination based on national origin; managers must apply consistent criteria and use alternative credit verification when needed.