Property Management Operations Flashcards
7 cards from real CRM 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
Which procurement practice best helps a property management company control vendor costs over time?
Answer: Establishing preferred vendor agreements with volume discounts
Preferred vendor agreements provide consistent quality, accountability, and negotiated pricing that reduces costs over time.
In property management, a 'lease-up' period refers to:
Answer: The time required to reach stabilized occupancy in a newly opened or repositioned property
Lease-up is the marketing and leasing period until a new or repositioned property reaches its targeted occupancy level.
A property manager who advertises 'No Children' in a rental listing is violating which federal law?
Answer: Fair Housing Act
The Fair Housing Act prohibits discrimination based on familial status, which includes families with children under 18.
Which document outlines the specific duties, authority, and compensation of a property manager on behalf of the owner?
Answer: Property management agreement
The property management agreement is the contract that defines the manager's scope, authority, responsibilities, and fee structure.
A resident is 10 days late on rent and the lease includes a grace period of 5 days. The property manager should:
Answer: Serve a legally compliant pay-or-quit notice per state law
Once the grace period has passed, the manager should serve the appropriate pay-or-quit notice required by state law to protect the owner's rights.
What is the primary advantage of using a preventive maintenance schedule for a residential property?
Answer: It extends the useful life of building systems and reduces costly emergency repairs
Preventive maintenance catches problems early, extends asset life, and reduces the frequency and cost of emergency repairs.
A property manager who accepts a kickback from a vendor in exchange for awarding maintenance contracts is guilty of:
Answer: A breach of fiduciary duty and potentially criminal fraud
Accepting kickbacks constitutes a breach of fiduciary duty to the owner and may expose the manager to civil liability and criminal prosecution.