Preview Questions Property Manager | Role Specific Skill

Question 1: When managing tenant improvements in a lease agreement, what key terms should be included to protect both the tenant's investment and the landlord's property?

Which action should you take?

Choose only one option

Define ownership of improvements and outline reimbursement terms

Provide tenants with unlimited rights to make changes to the space

Set a one-time reimbursement for improvements without specifying limits

Let the tenant make improvements without setting any parameters

Question 2: What steps must a Property Manager take to ensure compliance with the requirements of the Uniform Residential Landlord and Tenant Act (URLTA) in their lease agreements?

Which action should you take?

Choose only one option

Skip legal review and rely on verbal agreements for tenancy

Ensure that the lease terms are compliant with URLTA provisions on security deposits, maintenance, and eviction processes

Set lease terms based on local market conditions regardless of URLTA

Allow tenants to negotiate their own lease terms without reviewing the act

Question 3: How do you deal with conflicting tenant expectations in a high-end residential building where some tenants demand luxury while others expect affordability?

Which action should you take?

Choose only one option

Ignore luxury requests in favor of maintaining base rent prices

Focus on offering basic services to keep costs low

Increase amenities across the board without differentiating service

Develop tiered service levels to meet different tenant needs

Question 4: When managing a property in a flood zone, what are the legal requirements for informing tenants about potential flood risks?

Which action should you take?

Choose only one option

Offer a waiver for tenants, allowing them to assume all risks

Provide tenants with a flood risk disclosure and recommend flood insurance

Only inform tenants if they request information about flood risks

Include flood risk information in the lease agreement without requiring action

Question 5: How should late payment penalties be structured in a residential lease agreement to ensure they are enforceable but fair to the tenant?

Which action should you take?

Choose only one option

Establish a clear grace period and a fixed penalty fee for each late payment

Apply a variable penalty rate based on the number of days late

Include a non-refundable administrative fee for all late payments

Charge interest rates that exceed local regulations for overdue rent

Question 6: What is the best way to structure a floor space ratio clause in a lease agreement for high-rise commercial buildings to account for space use fluctuations?

Which action should you take?

Choose only one option

Use a floor-to-ceiling ratio for calculating space adjustments

Allocate rent according to the number of floors rented by the tenant

Apply fixed space charges regardless of tenant use

Define maximum occupancy limits and assign rent based on floor area