Property Management Flashcards
6 cards from real Real Estate practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Property Management flashcards as text
A property manager's primary fiduciary duty is to the:
Answer: Property owner (principal)
A property manager acts as an agent for the property owner and owes fiduciary duties of loyalty, care, and obedience to the owner as their principal.
In a gross lease, the tenant pays:
Answer: Base rent only, with the landlord covering most operating expenses
In a gross (full-service) lease, the landlord pays most or all operating expenses from the rent received, simplifying costs for the tenant.
In a net lease, operating expenses are paid by the:
Answer: Tenant in addition to base rent
In a net lease, the tenant pays base rent plus some or all of the property's operating costs such as taxes, insurance, and maintenance.
Security deposits are typically held in:
Answer: A separate trust or escrow account per state law
Most states require security deposits to be held in a separate trust account, protecting tenants from commingling and requiring itemized accounting at move-out.
The Fair Housing Act of 1968 (and amendments) prohibits discrimination based on:
Answer: Race, color, national origin, religion, sex, familial status, and disability
The Fair Housing Act protects seven federally recognized classes from discrimination in the sale, rental, and financing of housing.
Familial status as a protected class under the Fair Housing Act protects:
Answer: Families with children under 18 and pregnant women
Familial status protects households with one or more children under 18 in the care of a parent or guardian, as well as pregnant women.