Texas Real Estate Property Management Exam Questions and Answers (latest Update 2023), Exams of Nursing

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Texas Real Estate Property Management Exam Questions and Answers (latest Update 2023) Candidates for a CPM certification must meet the criteria established by: - Correct Answer ✅ IREM An Advisory Services Specialist would be a member of _______ - Correct Answer ✅ SIOR Which organization would you turn to in order to obtain rental forms for Texas apartment housing? - Correct Answer ✅ TAA Which of the following factors is unimportant in determining the amount of rent a landlord could charge? - Correct Answer ✅ Corporate entity What should a landlord do if it becomes necessary to reduce rent to fill vacancies? - Correct Answer ✅ Reduce the length of lease terms When a property manager has funds in an account designed to pay for emergency items, the account is known as a ________. - Correct Answer ✅ Reserve Texas Real Estate Property Management Exam Questions and Answers (latest Update 2023) Who maintains the physical integrity of the property and develops a plan for building adequate reserves for replacement? - Correct Answer ✅ The property manager If there is a person who works for both the property owner and the property manager, what document defines whose employee the person is? - Correct Answer ✅ The management agreement What is the most important thing to do when implementing a marketing plan? - Correct Answer ✅ stay with the plan long enough for it to work Regulation Z is which of the following? - Correct Answer ✅ The Truth in Lending Act When marketing residential properties, direct mail should be used _____________. - Correct Answer ✅ to reach specific audiences Texas Real Estate Property Management Exam Questions and Answers (latest Update 2023) Which of the following refers to the rules created by the Unit Owners' Association (UOA)? - Correct Answer ✅ Fixed What interest does a time share owner have in the time share unit? - Correct Answer ✅ The interest in a timeshare is either a fee simple (ownership) interest or a leasehold interest over the course of a certain number of years. Which of the following is not a freehold estate? - Correct Answer ✅ Tenancy at Will Freehold Estate - Correct Answer ✅ The four types of freehold are; fee simple, fee defeasible, life estate, and fee tail. What typically happens to the improvements at the end of a ground lease? - Correct Answer ✅ The landlord will own them Texas Real Estate Property Management Exam Questions and Answers (latest Update 2023) Net lease - Correct Answer ✅ In a net lease the owner passes many of the costs to the tenant, who pays the taxes, insurance and maintenance costs. Net leases are typically commercial leases. When can a Tenant change its use in a retail center? - Correct Answer ✅ When the Landlord grants a request to do so in writing. In the case of Landlord's default, a Tenant has what type of recourse? - Correct Answer ✅ Demand a cure in writing Which document requires that a broker disclose his representation of a party upon the first contact with a party or licensee representing a party? - Correct Answer ✅ The Texas Real Estate Licensing Act Listing and representation agreement - Correct Answer ✅ The listing agreement and the representation agreement expressly state that a broker does not have the authority to bind the owner to an agreement. Texas Real Estate Property Management Exam Questions and Answers (latest Update 2023) Alternatitves to personal guranty - Correct Answer ✅ An alternative to executing a Personal Guaranty could be a Letter of Credit, increased Security Deposit, or pre-paid rent Under the TAA lease, the landlord must use_______________ to relet the premises if the tenant moves out early. - Correct Answer ✅ customary diligence All occupants must surrender the apartment before the 30- days period for deposit refund begins - Correct Answer ✅ Which of the following will be cause to release a tenant from the lease prior to termination? - Correct Answer ✅ death of a sole resident Why are there two versions of the Extension of Residential Lease? - Correct Answer ✅ One is to use for leases executed prior to October 16, 2007 Texas Real Estate Property Management Exam Questions and Answers (latest Update 2023) REALTORS®. It is a national organization that provides education, resources, and information for real estate management professionals. NAA - Correct Answer ✅ The National Apartment Association is an organization whose mission is to advocate "quality rental housing." NAIOP - Correct Answer ✅ The National Association of Industrial Office Parks is an organization for industrial buildings, office parks, and mixed-use developments. SIOR - Correct Answer ✅ The Society of Industrial and Office REALTORS® is an organization of industrial and office real estate professionals associated with the National Association of REALTORS®. TAA - Correct Answer ✅ The Texas Apartment Association is the Texas affiliation of the NAA. Texas Real Estate Property Management Exam Questions and Answers (latest Update 2023) ULI - Correct Answer ✅ The Urban Land Institute is a non- profit organization that focuses on land use and real estate development. Demand - Correct Answer ✅ is the amount of a product or service desired by buyers. In real estate, this refers specifically to the number of people looking to purchase properties. Economics - Correct Answer ✅ refers to the study of the production, consumption, and transfer of wealth. Inflation - Correct Answer ✅ s the generally rising price of goods and services detailed in the Consumer Price Index (CPI). Blogs - Correct Answer ✅ are websites used by individuals or companies to post regular commentaries or information on topics of interest. Texas Real Estate Property Management Exam Questions and Answers (latest Update 2023) Marketing - Correct Answer ✅ is the process by which a person or company gets its services in the hands of as many customers as possible. It is the strategy you, as a businessperson, use for allocating your time and money in order to increase your profits. Common Area Maintenance - Correct Answer ✅ If the lease is a "triple net" lease, it means the landlord will pass through to the tenants of the building the expenses for the common area. Try to negotiate a cap on CAM or get the landlord to agree to a set CAM amount. Risk Management - Correct Answer ✅ involves avoiding, managing and shifting risk to a third party through the purchase of insurance. Uniform Electronic Transaction Act - Correct Answer ✅ was passed in 1999 by the NCCUSL. This law made digital signing possible. Texas Real Estate Property Management Exam Questions and Answers (latest Update 2023) Form I-9 - Correct Answer ✅ is for employment eligibility verification and is to be completed jointly by the employee and the employer. Form W-7 - Correct Answer ✅ is the application for IRS Individual Taxpayer Identification Number (ITIN). Functional Obsolescence - Correct Answer ✅ is when something about the use of the property causes a loss in value. Functional obsolescence can result from certain features being outdated or obsolete, poor architectural design or construction style, or other changes that cause the property to be less useful than it once was, or than other properties in the market. Physical Deterioration - Correct Answer ✅ is when something within the property itself causes a loss in value. Physical deterioration is caused by a myriad of contributing factors, such as normal wear and tear, deferred maintenance, aging of the buildings, or even negligence by the tenant. Texas Real Estate Property Management Exam Questions and Answers (latest Update 2023) Texas Workforce Commission - Correct Answer ✅ (TWC) is the state government agency charged with overseeing and providing workforce development services to employers and job seekers of Texas. W-4 - Correct Answer ✅ form allows the taxpayer (the employee) to designate how many dependents he or she wishes to claim, as well as the filing status. In estimating potential gross rent, you will need to consider a number of contributing factors, including: - Correct Answer ✅ Market rent in comparable properties in the trade area Current and anticipated market conditions Future rental rates Occupancy levels of comparable properties Broker - Correct Answer ✅ means a person who, in exchange for a commission or other valuable consideration or Texas Real Estate Property Management Exam Questions and Answers (latest Update 2023) with the expectation of receiving a commission or other valuable consideration, performs for another person. Cash Flow - Correct Answer ✅ is the cash left over after all the expenses are deducted Fiduciary - Correct Answer ✅ is a person with a duty of trust to another person. A fiduciary always acts in the interests of the principal. Reserves - Correct Answer ✅ The Owner will deposit a set amount per unit into the Broker's trust account for use as a "reserve." The Broker may use the reserve to pay expenses, including the Broker's fees.