Property Management Practices Flashcards
7 cards from real CRM practice questions. Tap to flip, then mark Knew It or Still Learning โ missed cards come back until you master them.
Read the first 7 Property Management Practices flashcards as text
A residential manager discovers a tenant has sublet their unit without permission in violation of the lease. What is the most appropriate first step?
Answer: Issue a written notice to cure or quit
A written notice to cure or quit gives the tenant an opportunity to remedy the lease violation before eviction proceedings begin.
Which document establishes the legal authority of a property manager to act on behalf of a property owner?
Answer: Management agreement
The management agreement is the contract that grants the property manager authority to act as the owner's agent.
A tenant's security deposit is $1,500 and they move out leaving $400 in damages. How much must the manager return?
Answer: $1,100
The manager must return $1,100, which is the deposit minus the $400 in legitimate damages.
Under the Americans with Disabilities Act (ADA), a prospective tenant requests a reserved parking space near their unit as a reasonable accommodation. The manager should:
Answer: Grant the request if it does not create undue hardship
Managers must grant reasonable accommodations for persons with disabilities unless doing so causes undue hardship.
What is the primary purpose of a move-in inspection checklist?
Answer: To document the unit's condition and protect both parties regarding the security deposit
A move-in checklist documents the pre-existing condition of the unit, protecting the manager from false damage claims and the tenant from unjust deductions.
A property manager wants to raise rents for all units in a building. Which factor is LEAST relevant to this decision?
Answer: Tenant's personal income levels
Rent-setting decisions are based on market conditions and operating costs, not individual tenant income levels.
Which lease clause protects a landlord's ability to increase rent in a long-term lease to offset rising costs?
Answer: Escalation clause
An escalation clause allows rent to increase periodically during the lease term, often tied to a cost-of-living index.