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Final Quiz

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1. Cost for professional management depends upon all except which of the following?
Local Board of Realtors policy
Type of property
Size of property

2. Items needed to manage income property include all except which of the following?
Rent roll
Check register
Maintenance log

3. National studies indicate an average real cost of maintenance in a large complex and for single family homes is about:

$700 & $1,100
$900 & $1,400
$1,200 & $600
$500 & $700

4. Issues of significant concern when using a repair person usually include all except which of the following?
Is the person an independent contractor
Is the person immediately available to do the work
Is the person licensed
Is the person insured

5. Reasons to use a licensed contractor usually include all except which of the following?
Provides access to a recovery fund
Required permits will be obtained
Liability insurance is required
You will not have to pay for bad workmanship

6. The most important protection against a bad tenant is:
Good lease agreement

7. The following clauses using appear in commercial leases but are are not usually found in residential leases except for:
Lock-out provisions
Option to renew or extend
Common area expense contribution
Holding over terms

8. The average settlement paid by a landlord's insurance company and the average jury award are:
$800,000 & $900,000
$900,000 & $1,800,000
$600,000 & $1,200,000
$500,000 & $$1,800,000

9. Health hazards of concern in a property built before 1987 include which of the following?
All of the below

10. The following statements regarding carbon monoxide are true except for which one?
CO is colorless
CO results from burning fossil fuels
CO has a slight "rotten egg" odor
CO detectors should be mounted between knee and shoulder level

11. In most states, the failure of the landlord to make needed repairs includes includes which of the following:
Repair and Deduct
Move Out
Rent Withholding
All of the above

12. The basis of the legal relationship between a landlord and tenant is grounded in all except which of the following?
Contract law
Department of Real Estate regulations
Property law
Consumer protection statutes

13. A landlord must be most concerned about which of the following issues?
Right to privacy
Warranty of habitability
Security deposit laws
All of the above  

14. Which of the following contains a class that is not protected by the Federal Fair Housing Act of 1968?
Race, sex, familial status, color, religion, disability
Color, religion, sex, disability, national origin
Color, race, age, national origin, familial status
Race, religion, disability, national origin, color

15. Which of the following is probably required to accommodate a disabled applicant?
All of the below
Allow tenant to keep a cat against your "no pets" policy
Assign tenant the parking space nearest to his unit
Allow tenant to build wheel chair ramp

16. Which of the following is not provided an exemption under the Federal Fair Housing Act of 1968?
Private clubs
Religious organizations
Owner-occupied 5 units or less
Senior housing

17. The maximum civil penalty for a landlord's first violation of federal fair housing laws is:

18. Credit reports usually show all except which of the following information:
Payment history
Criminal record

19. Which of the following is the most important part of investigation phase of tenant screening? 
Credit report
Verifying identity
Checking with most recent landlord
Verifying employment

20.The best way to select among several qualified applicants is:
Draw a name from a hat 
The most qualified
A qualified minority
The first qualified

21.The majority of states regulate security deposits in all except which of the following ways?
The amount that can be collected
Where the deposit must be kept
When it must be returned following the end of tenancy
The amount of interest that must be paid

22. Which of the following cannot be deducted from the security deposit of a tenant who breaks his lease?
Ordinary wear and tear
Late charges
Unpaid rent

23. Which of the following includes an item that is not usually a cost of vacancy?
Advertising, cleaning, re-decorating
Advertising, leasing commission, utilities
Cleaning, re-roofing, utilities
Re-carpeting, cleaning, utilities

24.In most communities, a landlord's ability to increase rents is limited by all except which of the following?
Rent control
Tenant income
Marketing talent

25. When dealing with tenants the wise landlord keeps which rule in mind?
The Rule of 72
The Rule of Law
The Golden Rule
The Rule of Thumb

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