stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Unit 12 NC Real Estate Flashcards | StudBud
Explore
/
Unit 12 NC Real Estate
Unit 12 NC Real Estate
20 terms
·
StudBud Administration
·
94 plays
Imported from external platform
Flashcards
20 cards
F
Practice quiz
P
Host live
L
Questions
20
Answers
1
If the leasing agent gets 8% commission on rent, what would his $ be if he leases 20 offices @ $750/month?
$1,200
$15,000
$14,400
$9,000
2
A property manager is usually responsible for
both
neither
developing a budget and controlling expenses
communicating with the owner about physical problems with a building
3
Using borrowed funds is also termed
equity buildup
leveraging
cash throwoff
after-tax cash flow
4
Avoid, control, transfer or retain are the four alternative techniques of
property management
tenant relations
risk management
acquiring insurance
5
Repairing a boiler is classified as which type of maintenance?
preventative
construction
corrective
routine
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
Which of the following might suggest that rents are too low?
high vacancy level
many "for lease" signs in the area
poorly maintained building
high occupancy rate
8
A property manager who enters into a management agreement with an owner is usually a
universal agent
special agent
general agent
designated agent
9
Cash flow is
the total amount of spendable income left after expenses
equivalent to operating expense
the use of borrowed money to finance an investment
selling costs plus depreciation
10
An important concern in setting rents is
both
current vacancy rates
neither
prevailing rates in the area
11
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 budget comparison statement
an operating budget statement
a profit and loss statement
12
An active real estate license will be needed if the property manager is
an employee of a corp. that owns the property to be managed
part owner of the company
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
13
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
14
Removing existing barriers when readily achievable (such a braille) in buildings, is a requirement of which law?
Equal Credit Opportunity Act
Fair Housing Act
North Carolina License Law
Americans with disabilities act
15
In preparing for variable expenses in a budget, the property manager should set up
an asset account
a floating allocation
a cash reverse fund
a control account
16
Generally, the provisions of the management agreement should include all of the following EXCEPT
a definition of the manager's resonsibilities
the extent of the manager's authority as an agent
a listing of previous owners of the property
the calculation of management fees
17
Apartment rental rates are usually expressed
in monthly amounts
on a per-room basis
in sq ft per month
in sq ft per year
18
The primary function of a property manager is to
preserve long-term resale value of the property
preserve the value of an investment property while generating income
create a tax loss for the owner while maintaining resale value
generate the highest possible cash flow for the owner
19
When a prop manager is establishing rental rates, all of the following should be included as an operating expense EXCEPT
routine repairs
debt service payments
cleaning supplies
management fees
20
Title III of the Americans with Disabilities Act impacts which type of property?
privately owned
industrial
commercial and public accomodations
residential
