Legal Violation

QUESTION 1

A client wants to reduce the property’s hazard insurance coverage substantially, in order to save money on the premiums. If the property manager tries to arrange this, the insurance company might:

a.terminate coverage based on a charge of fraud

b.keep the policy in force, but lower the client’s credit rating

c.agree to reduce the coverage only if the deductible is increased by a corresponding amount

d.refuse to reduce the coverage, because insurers generally require that property be insured to at least 80% of its value

QUESTION 2

A continuous operation provision in a lease is most likely to apply to:

a.an anchor tenant in a shopping center

b.the landlord of a stand-alone retail property

c.a tenant leasing Class C office spaced

d.the owners association in a condominium or other CID

QUESTION 3

A conversion ratio measures:

a.how much of the multi-family housing stock in this market has been converted to condominiums

b.how many prospects it takes to get a signed lease for a rental space

c.what percentage of a property’s tenants have occupied their spaces for over one yeard

d.what percentage of a property’s tenants renew their leases if offered the opportunity

 QUESTION 4

A developer builds a large office tower in a city where there is a shortage of office space and rents are high. This will:

a.increase demand, which will tend to lower rents

b.increase demand, which will tend to increase rents

c.increase supply, which will tend to lower rents

d.increase supply, which will tend to increase rents

QUESTION 5

A difficult and tight-fisted client is making it just about impossible for Serena to maintain and operate the property in compliance with landlord-tenant laws and other legal requirements. Assuming that their management agreement is typical, which of the following is correct?

a.The client’s failure to keep the property in compliance with legal requirements is a breach of the management agreement

b.The contract requires Serena to use her own funds to prevent legal violations if the client fails to do so

c.Serena is contractually liable for any fines, damages, or other penalties that result from legal noncompliance

d.Serena is contractually obligated to report the legal violations to the appropriate authorities

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