A valid lease would NOT contain which of the following
- clause excluding children
- signatures of the parties
- warranty of habitability
- rights and obligations of the parties
A lease with a definite termination date creates a/an
- estate for years
- periodic estate
- month-to-month tenancy
- estate at will
The kind of agency created by the property management agreement is
- universal
- general
- free
- specific
A property management contract is a
- lease
- personal services contract
- chattel agreement
- contract for services
Cash flow is
- not a concern for property managers
- the same as net income
- the net income minus principal and interest payments on the mortgage
- potential gross income minus operating expenses
If the landlord and the area real estate manager of a national retailer both execute a lease, and the corporation fails to occupy the premises, what might prevent the landlord from enforcing the terms of contract?
- The broker did not have a written listing
- No corporate resolution granting signing authority to the real estate agent manager was approved
- The economy declined and the retailer was closing other stores
- The real estate manager had authority to make the deal
A lease can be terminated by:
- Abandonment by the tenant
- Refinancing
- Expiration of the lease
- Selling the building
A tenant's lease has expired. The tenant has neither vacated nor negotiated a renewal lease, and the landlord has declared that he does not want the tenant to remain in the building. This tenancy is called:
- Tenancy at sufferance
- Estate for year to year
- Tenancy at will
- Tenancy in common
Which lease is most likely to be used in a retail dress shop?
- Percentage lease
- Net lease
- Land lease
- Gross lease
John asks his next-door neighbor, Bob, to help manage his four-unit apartment complex. John agrees to pay Bob $100.00 for each lease he executes. May Bob manage John's property?
- Yes, as Bob is exempt under the Mrs. Murphy rule
- Yes, but only if Bob complies with the Federal Fair Housing Act
- No, because Bob is a regular employee of John
- No, because Bob needs a real estate license to manage property

Property Management Exam Prep

MANTLE REALTY