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CHAPTER 15 QUIZ

CHAPTER 15: PROPERTY MANAGEMENT & LEASING
CHAPTER 15 QUIZ

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Question 1 of 49

1. Question

1. A real estate broker acting as an owner’s property manager:

Must not profit from private contracts at the expense of the owner
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May manage the client's property to his or her own advantage
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Need not maintain complete and accurate trust account records
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Can personally collect the interest earned on trust account funds
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Question 2 of 49

2. Question

2. All of the following are important functions of a property manager EXCEPT:

Supervising the maintenance of the property
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Protecting the physical integrity of the property
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Meeting the functional requirements of the tenants
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Preparing the owner's income tax returns
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Question 3 of 49

3. Question

3. The property manager’s chief concern should be that:

The property is seldom vacant because it is consistently rented at the lowest possible rents
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The property is managed to achieve the highest rate of return possible for the owner's investment
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The property manger's time is maximized in his or her management of the property
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The property exhibits the proper amount of the owner's pride of ownership
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Question 4 of 49

4. Question

4. All of the following should be considerations in selecting a tenant for the property EXCEPT the:

Size of the available space relative to the tenant's requirements
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Tenant's ability to make the rental payments
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Compatibility of the tenant's business with those of other tenants
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Ethnic background of the tenant and his or her employees
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Question 5 of 49

5. Question

5. The type of maintenance that is most often overlooked is:

Corrective maintenance
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Repairs
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Routine maintenance
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Preventative maintenance
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Question 6 of 49

6. Question

6. The successful property manager does all of the following EXCEPT:

Screens the tenant's ability to pay
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Studies rental rates in the area
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Considers the type of business the tenant has
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Appeases the tenants by repairing their equipment
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Question 7 of 49

7. Question

7. Individuals whose real estate practice is limited to leasing or renting residential property, collecting rent, negotiating leases and similar activities:

Must be licensed real estate brokers
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Must be licensed real estate Licensees
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May obtain a leasing agent license
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Do not to be licensed
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Question 8 of 49

8. Question

8. The Tidwell’s apartment lease has expired, but their landlord has indicated to them that they may remain on the premises until a sale of the building is closed. The Tidwell’s will be charged their normal monthly rental during this period. The tenancy held by the Tidwell’s is called a(n):

year to year holdover.
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estate for term.
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estate at sufferance.
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estate at will.
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Question 9 of 49

9. Question

9. Generally, an oral lease for five years is:

illegal.
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unenforceable.
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a short-term lease.
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renewable only in writing.
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Question 10 of 49

10. Question

10. Rent would best be defined as:

the contractual consideration to a third party.
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the consideration for the use of real property.
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all monies paid by the lessor to the lessee.
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the total amount owed under the terms of a lease.
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Question 11 of 49

11. Question

11. If a landlord fails to provide heat to an apartment and the tenant is forced to vacate the premises, this is an example of:

abandonment.
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actual eviction.
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constructive eviction.
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lessor negligence.
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Question 12 of 49

12. Question

12. Alt of the following tenancies involve a lessor-lessee relationship EXCEPT:

tenancy at will.
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tenancy in common.
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tenancy from month to month.
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tenancy from year to year.
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Question 13 of 49

13. Question

13. Under the provisions of a typical commercial lease, any trade fixtures that remain in the property after the lease has expired will be the property of the:

lessor.
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lessee.
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property manager.
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whoever removes them.
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Question 14 of 49

14. Question

14. A lease would be terminated by which of the following EXCEPT?

The sale of the leased premises
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The death of the tenant
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The abandonment of the leased premises by the tenant
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The expiration of the term of the lease
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Question 15 of 49

15. Question

15. For a lease to be valid, it must contain all of the following except:

the signatures of both the lessor and the lessee.
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a statement of the specific length of time.
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a statement of the retention of the reversionary interest by the lessor.
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a description of the premises.
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Question 16 of 49

16. Question

16. The authority to carry out the eviction of a delinquent tenant from rented property is held by the:

court.
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landlord.
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sheriff.
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property owner.
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Question 17 of 49

17. Question

17. A tenant’s lease has expired, but the tenant has not vacated the premises or negotiated a renewal lease. The landlord has told the tenant to leave, but the tenant refuses to go. This type of occupancy is referred to as an estate:

for years.
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from year to year.
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at will.
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at sufferance.
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Question 18 of 49

18. Question

18. When a tenant sublets all or any part of the premises rented under a written lease:

the tenant assigns all right, title, and interest in the rented property to the new lessee.
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The original tenant remains responsible for rent being paid by the sub lessee, even though the sub lessee may be paying the landlord directly
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the original lease is automatically canceled and the sub lessee takes possession of the property on a month to month basis.
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the original lease is unaffected unless it contains a provision that prohibits such subletting.
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Question 19 of 49

19. Question

19. All of the following would acquire title to real property EXCEPT a:

grantee.
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devisee.
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vendee.
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lessee.
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Question 20 of 49

20. Question

20. The principal difference between an estate for years and an estate from year to year is that an estate:

for years is a life estate.
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for years cannot be terminated.
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from year to year must be in writing.
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from year to year has no expiration date.
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Question 21 of 49

21. Question

21. A lessee who pays some or all of the lessor’s property expenses has a:

gross lease.
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net lease.
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percentage lease.
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sublease.
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Question 22 of 49

22. Question

22. A tenant has an estate for years. According to the written one-year lease, the tenancy will expire on May 1. For the landlord to obtain possession as of that date, he must give the tenant:

30 days' notice.
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60 days' notice.
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no notice.
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notice as of April 15.
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Question 23 of 49

23. Question

23. The owner of real estate who leases it to another is called the:

vendor.
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lessor.
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grantor.
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trustor.
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Question 24 of 49

24. Question

24. A lease that will terminate within one year of its inception:

is invalid.
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violates the provisions of the statute of frauds.
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must be in writing.
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can be verbal.
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Question 25 of 49

25. Question

25. Which of the following is the best definition of actual eviction?

The right of a landlord to use the rental premises
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The enforcement of a court order to remove a lessor
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The landlord's reversionary right in the rental premises
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The enforcement of a court order to remove a lessee
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Question 26 of 49

26. Question

26. In the event that it is necessary for a landlord to remove a tenant from the premises, he or she does it by:

refunding any rents paid.
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refunding any security or other deposits paid.
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filing a forcible and detainer action.
Correct Incorrect Correct answer

using the minimum amount of physical force necessary.
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Question 27 of 49

27. Question

27. If a leased building collapsed and the tenant was forced to move out, this could be called:

constructive eviction.
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effective eviction.
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actual eviction.
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detainer.
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Question 28 of 49

28. Question

28. Under a percentage lease, the lessee may be requested to pay:

maintenance.
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real estate taxes.
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insurance.
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a percent of gross receipts.
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Question 29 of 49

29. Question

29. A tenant’s lease does not terminate for five more years. The premises, however, have become too small to accommodate the tenant’s growing business. Another business owner is interested in leasing the premises from the tenant for 3 years. Which of the following would the parties use for the tenant to lease the space to the business owner?

Assignment
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Novation
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sublease
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Tenancy at sufferance
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Question 30 of 49

30. Question

30. A young couple with a toddler and an infant want to lease an apartment in a complex that is occupied primarily by adults. The rental agent only shows the couple apartments only on the first floor, facing the complex’s garbage dumpsters. Which of the following is TRUE?

The rental agent is protecting the other adults from the disruption of the children.
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The rental agent should charge a higher security deposit for this family.
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The rental agent should have suggested that the couple look elsewhere.
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The rental agent should have inquired about the couple's preference.
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Question 31 of 49

31. Question

31. The landlord’s lease prohibits tenants from altering the property. If a person who uses a wheelchair cannot maneuver in the unit’s kitchen:

the landlord is responsible for making all apartments accessible to people with disabilities.
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the tenant cannot remedy the condition because of the terms of the lease.
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the landlord should not have rented this apartment to the tenant.
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the tenant is entitled to make the necessary alterations.
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Question 32 of 49

32. Question

32. A tenant is leasing a house until he has saved enough money for the down payment to perform on the sales contract. What type of an arrangement is this?

Lease with an option
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Lease purchase agreement
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Periodic tenancy
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Purchase money mortgage
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Question 33 of 49

33. Question

33. A lease agreement is signed by a lessee who is 17. Which of the following is true?

A 17-year-old cannot sign a lease.
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The lease agreement is voidable.
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The lease agreement is valid provided the security deposit is increased.
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The lease agreement is void.
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Question 34 of 49

34. Question

34. An individual rents an apartment for one year. The landlord sells the building during, the one year lease term. What effect does the sale have on the lease?

The sale does not affect the lease.
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The lease is automatically terminated.
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The new landlord will decide whether to honor the existing lease.
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The lease is terminated after 60 days' notice from the new owner.
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Question 35 of 49

35. Question

35. The purpose of a security deposit is to:

provide additional revenue for the landlord.
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repair damage to the property caused by the tenant.
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pay for the last month's rent.
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ensure that the lease is valid.
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Question 36 of 49

36. Question

36. The lessor and lessee have agreed to a lease term of five years. How could the lessor ensure that the rental income during the term is reflective of the market conditions?

Negotiate a new lease each year
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Collect an additional security deposit each year
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Negotiate an index lease
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Negotiate a gross lease
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Question 37 of 49

37. Question

37. A couple leased a banquet hall for their wedding reception. The lease began at 12:01 a.m. on June 23 and ended at 11:59 p.m. on June 24. This lease is BEST described as a/an:

tenancy for years.
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tenancy at sufferance.
Correct Incorrect Correct answer

tenancy from year to year.
Correct Incorrect Correct answer

periodic tenancy.
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Question 38 of 49

38. Question

38. In which of the following leases would you MOST LIKELY find an escalator clause?

ground lease
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lease option
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index lease
Correct Incorrect Correct answer

percentage lease
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Question 39 of 49

39. Question

39. In Illinois, how much notice is required for the termination of a month-to-month tenancy?

3 months
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60 days
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30 days
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10 days
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Question 40 of 49

40. Question

40. In Illinois, landlords are required by law to pay interest on tenants’ security deposits if they hold deposits for more than six months, and receive deposits on residential leases in properties of:

fewer than 5 units.
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25 or more units.
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15 or more units.
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1025 or more units.
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Question 41 of 49

41. Question

41. If an Illinois landlord wants to evict a tenant, he or she may do all of the following, EXCEPT:

sue for possession after a 10-day notice period.
Correct Incorrect Correct answer

file a suit for forcible entry and detainer.
Correct Incorrect Correct answer

deliver a court order to the sheriff, who may forcibly evict the tenant.
Correct Incorrect Correct answer

forcibly remove the tenant under the doctrine of self-help.
Correct Incorrect Correct answer

Correct

Incorrect
Question 42 of 49

42. Question

42. A management agreement is to a property manager like a:

listing agreement is to a broker.
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lease is to a tenant.
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deed is to a buyer.
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lease is to an assignment.
Correct Incorrect Correct answer

Correct

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Question 43 of 49

43. Question

43. A high vacancy rate may be caused by any of the following EXCEPT:

inept management.
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poor location.
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excessive rent.
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strong amenities.
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Question 44 of 49

44. Question

44. In determining rental amounts, a property manager considers the economic principle of:

marginal contribution.
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supply and demand.
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conformity.
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balance.
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Question 45 of 49

45. Question

45. A property management firm can receive its income as any of the following EXCEPT:

a fixed fee.
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a percentage of the net rentals collected.
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a fixed fee with a percentage on new rentals.
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a percentage of purchases made from suppliers.
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Question 46 of 49

46. Question

46. The duties of a property manager generally include all of the following EXCEPT:

renting space to tenants.
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preparing a budget.
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developing a management plan.
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repairing a tenant's fixture.
Correct Incorrect Correct answer

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Question 47 of 49

47. Question

47. A property manager’s primary obligation is to:

the tenants.
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the owner.
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the banker.
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government authorities.
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Question 48 of 49

48. Question

48. The manager of a commercial building has many responsibilities in connection with the operation and maintenance of the structure. The manager would normally be considered the agent of the:

lessor of the building.
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lessee of the building.
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lessor and the lessee.
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resident manager.
Correct Incorrect Correct answer

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Incorrect
Question 49 of 49

49. Question

49. Because of the complexity of the laws that affect today’s properties, a property manager should be familiar with all of the following EXCEPT:

environmental hazards.
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accessible construction.
Correct Incorrect Correct answer

nondiscriminatory practices.
Correct Incorrect Correct answer

investment securities laws.
Correct Incorrect Correct answer

Correct

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CHAPTER 15 QUIZ

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