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Unit 12 NC Real Estate Flashcards | StudBud
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Unit 12 NC Real Estate
Unit 12 NC Real Estate
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Questions
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Answers
1
Repairing a boiler is classified as which type of maintenance?
routine
construction
preventative
corrective
2
Title III of the Americans with Disabilities Act impacts which type of property?
industrial
privately owned
commercial and public accomodations
residential
3
Apartment rental rates are usually expressed
in monthly amounts
in sq ft per year
in sq ft per month
on a per-room basis
4
If the leasing agent gets 8% commission on rent, what would his $ be if he leases 20 offices @ $750/month?
$9,000
$1,200
$14,400
$15,000
5
When selecting a tenant, consideration should be given to all the following EXCEPT
tenant's ability to pay
racial and ethnic background of the tenant
size of the space vs. the tenants requirements
compatibility of the tenant's business with other tenant's business
6
In renting units (apartment), a property manager must comply with all of the following EXCEPT
fair housing laws
the AMA code of ethics
the terms of the management agreement
the lawful instructions of the owner
7
Cash flow is
selling costs plus depreciation
equivalent to operating expense
the total amount of spendable income left after expenses
the use of borrowed money to finance an investment
8
An active real estate license will be needed if the property manager is
part owner of the company
an employee of a corp. that owns the property to be managed
an employee of a partnership that owns the property to be managed
a general partner of the partnership that owns the property to be managed
9
Removing existing barriers when readily achievable (such a braille) in buildings, is a requirement of which law?
Americans with disabilities act
North Carolina License Law
Fair Housing Act
Equal Credit Opportunity Act
10
In preparing for variable expenses in a budget, the property manager should set up
a cash reverse fund
a floating allocation
an asset account
a control account
11
When a prop manager is establishing rental rates, all of the following should be included as an operating expense EXCEPT
debt service payments
management fees
cleaning supplies
routine repairs
12
Which of the following might suggest that rents are too low?
high vacancy level
many "for lease" signs in the area
high occupancy rate
poorly maintained building
13
A property manager who enters into a management agreement with an owner is usually a
general agent
special agent
designated agent
universal agent
14
Avoid, control, transfer or retain are the four alternative techniques of
property management
risk management
acquiring insurance
tenant relations
15
Using borrowed funds is also termed
equity buildup
after-tax cash flow
cash throwoff
leveraging
16
Generally, the provisions of the management agreement should include all of the following EXCEPT
a definition of the manager's resonsibilities
the calculation of management fees
the extent of the manager's authority as an agent
a listing of previous owners of the property
17
An important concern in setting rents is
current vacancy rates
prevailing rates in the area
both
neither
18
A semiannual statement sent to an owner that does NOT reflect the entire debt service as an expense is called a
a cash flow report
a profit and loss statement
a budget comparison statement
an operating budget statement
19
A property manager is usually responsible for
neither
both
developing a budget and controlling expenses
communicating with the owner about physical problems with a building
20
The primary function of a property manager is to
create a tax loss for the owner while maintaining resale value
preserve long-term resale value of the property
generate the highest possible cash flow for the owner
preserve the value of an investment property while generating income
