MONTANA PROPERTY - SOLUTION PACK Question : What should be specifi...

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MONTANA PROPERTY

MANAGEMENT EXAM PREP

QUESTIONS AND ANSWER S;FULL

SOLUTION PACK

Question : What should be specified on a move-in

condition report of a unit intended to be let?

• The number of deductions from the prior tenant
• If the premises have never previously been let a

statement indicating a fact

• The Contact info. of the manager and/or landlord
• The year the property was built

CORRECT ANSWER : B. If the premises have never

previously been let a statement indicating a fact

Question : What Montana law prohibits discrimination

against familial status?

• Family Protection Act of 1974
• Americans with Disabilities Act
• Human Rights Act

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• Fair Housing Act

CORRECT ANSWER : C. Human Rights Act

Question : A property manager called 50 different

families in a neighborhood, telling them that native Americans were moving into the neighborhood and asking if they were interested in viewing other properties

around the city. This would be considered:

• Redlining
• Blockbusting
• Steering
• Familial status discrimination

CORRECT ANSWER : B. Blockbusting

Question : Lead-Based paint disclosures are required for

buildings built PRIOR to what year?

A. 1976

B. 1977

C. 1978

D. 1988

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CORRECT ANSWER : C. 1978

Question : You lease a commercial building that is

55X60ft. The annual price per sq. ft. is $11.50. A 5 year lease is signed, with a disclosure of 6 months free. The management fee is 8%. What is the average rent price per year?

A. $18,975

B. $34,155

C. $37,950

D. $170,775

CORRECT ANSWER : B. $34,155

Question : A property manager who manages the

financials and oversight of multiple sites and leasing

agents is called a:

• Comptroller
• Capital supervisor
• Fiduciary manager
• Asset manager

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CORRECT ANSWER : D. Asset manager

Question : How much is the monthly rent for the office

space that measures 30ft X 45ft., with a yearly rent price of $7.50/sq. ft.?

A. $843.75

B. $912.50

C. $1012.50

D. $10,125.00

CORRECT ANSWER : A. $843.75

Question : Compensation for property managers is

typically based off:

• net income
• gross potential income
• effective gross income
• sales commission

CORRECT ANSWER : C. effective gross income