Constructional Materials

QUESTION 1

 In an office building, the building standards:

a.dictate uniform construction materials and workmanship for build-out work

b.specify the types of activities that tenants and visitors are and are not allowed to engage in on the premises

c.require tenants to leave the leased space in turnkey condition at the end of the lease

d.should be updated at least every three years, and more frequently if possible

QUESTION 2

In most states, a property manager is legally required to keep tenants’ security deposits:

a.separate from trust funds

b.separate from non-trust funds

c.in an account that’s in the name of the property owner (the landlord) rather than the name of the property manager

d.in a pooled interest-bearing account, with interest paid to the state treasury

QUESTION 3

In property management, the term “footloose” is applied to:

a.residential tenants under 30 who don’t have children yet

b.retail outlets located outside the central business district

c.commercial tenants that have moved much more frequently than is typical for the type of business in question

d.industrial businesses that don’t need to choose their location based on utility costs or proximity to resources or transportation points

QUESTION 4

In regard to an insurance policy covering managed property, the insurable interest requirement generally means that:

a.the policy must be in the name of the client (the property owner), not the property manager

b.it’s better to have the policy issued in the property manager’s name rather than the owner’s name

c.the insurance premiums must be paid by the property owner, not the property manager

d.the policy must name not only the property owner, but also the property manager and the tenant(s)