MT Property Management Prep (State property management exam prep) 2024 Questions With 100% Correct!!When is a move in condition report not required? Answer - When there is no security deposit How long after having received notice does a tenant have to complete move out cleaning? Answer - 24 hours
A tenant, upon written request, must be provided what information:
- The property owners name and address
- The security deposit disposition for the prior tenant
- The names of their neighbors
- the highest and lowest rent in the building Answer - b. The security deposit
disposition for the prior tenant
Which of the following need not be kept in a trust account:
- Owners reserves
- Earned interest
- Rents received
- Security deposits Answer - b. Earned interest
What is the maximum amount of personal funds allowed to be kept in a trust account? Answer - $1,000
24.210.805 Property management trust account requirements
Management personnel who reside at the property are called: Answer - Site
managers A property manager who manages multiple properties in a supervisory position is
called a(n):
- Comptroller
- Asset manager
- Capital supervisor
- Fiduciary manager Answer - b. Asset manager 1 / 2
Lead based paint disclosures are required for buildings built in or before what year?Answer - 1977 how much is the monthly rent for office space that measures 30ft X 45ft, with a yearly rent price of $7.50 sq. ft? Answer - $843.75 30x45= 1350 sq. ft.1,350x $7.50/ sq. ft. = $10,125 per year $10,125/ 12 months = 4843.75 per month
Compensation for property managers is typically based off of: Answer - Gross
Income
A mutual agreement is also referred to as a: Answer - Meeting of the minds
When a property management company decides that they will not offer their services in an area of town that is predominantly Native American they are conducting an
illegal practice called: Answer - Redlining
What is the effective gross monthly income of a 29 unit apartment building that rents each unit for $475/ month when there is an 8% vacancy rate? Answer - $12,673 29x 475= $13,775 monthly gross potential income.Subtract out 8% vacancy/ multiply by 92% occupancy.$13,775x 92% = $12,673 monthly effective gross income.When, after receipt, must you deposit rents into your trust account for residential transactions? Answer - Within 3 business days
Which of the following is a property manager not required to have:
- Physical office
- Trust account
- License
- Surety bond Answer - d. Surety bond
You are required to have a physical office, a trust account and a license.
What type of insurance would typically cover a dishonest employee:
- Fidelity
- Liability
- Errors and Omissions
- Workers compensation Answer - a. Fidelity
When may a landlord adopt new rules for a building:
- When 14 days notice is given for month to month tenants
- When it applies to all occupants of the building in a fair manner
- As soon as written notice is given to the tenants
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