Which class of office building is aimed at tenants requiring functional space at
below-average rents for the area? - Class C
Class C office buildings
... [Show More] command below-average rates for the area. They're
functional, but not prestigious.
With a triple net lease, the tenant pays _______ separately from the base rent. -
Taxes, insurance, and maintenance
When two very similar properties are for sale in the same neighborhood, which one
will sell first according to the principle of substitution? - The lower priced home
To protect themselves from liability, it's a good idea for property managers to
______. - Stay up to date on local landlord-tenant laws
According to the International Council for Shopping Centers, which commercial
property comprises only 1% of the retail industry? - Factory outlet
Which payment plan consists of the borrower paying a constant amount made up
of principal and interest on a periodic basis (usually monthly)? - Fully amortized
loan payment plan
Why are many middle-income cooperatives converted to condominiums? - To
make resale easier
What type of lease is used most often with community shopping centers? -
percentage
Property taxes generate approximately ______ of local government revenue. - one
third (1/3)
Brittany has a small office in a professional building. She has a set monthly lease
payment that has been calculated to include maintenance of the common areas in
the building, such as the restroom and small kitchen, and all nets, utilities, and
janitorial charges for her space. The payment also includes taxes and insurance.The landlord takes these payments and pays the individual expenses himself. What
type of lease does Brittany have? - Gross lease
Which of the following statements best describes the judicial foreclosure and sale
process? - The lender must seek the court's permission to foreclose on the property
used as collateral for the loan.
What's compound interest? - Interest that's reinvested into an account that then
earns interest
The owner's covenants and an insurance provision are included in which of the
following documents? - Property management agreement
What's the name of the tax program that requires a withholding of a portion of the
gross purchase price when foreign owners of real estate in the U.S. sell that
property? - Foreign Investment in Real Estate Property Tax Act (FIRPTA)
Jenner purchased his first home, to which he'll have access forever, as far as he
knows. Jenner owns ______. - A freehold estate
What is the formal action to impose the property tax? - levy
Which clause in a commercial lease determines how the tenant may use the space?
- Use
The element of a deed that signifies the grantor's intention to transfer title to the
grantee is the ______. - Act of conveyance
Lyn runs a brokerage and maintains a master file for all the office transactions. The
file must be maintained for how long? - As long as Lyn's state requires
All files must be maintained on state law requirements.
Milo is interested in converting his rental properties into condominiums. He's
completed his feasibility study and determined that the conversion costs will pay
for themselves at sale time and the market will support the conversion. What else
does Milo need to do prior to conversion? - Make certain the conversion will be
allowed by the local governmentRicky Nubbins is three months behind in his rent and has received several
reminders from the landlord that the rent is past due. As a result, the landlord has
begun working through proper channels to legally end Ricky's lease before the
contract end date. The landlord is terminating his lease through ______. - Eviction
If you and a sibling both inherited your father's property when he died, what type
of deed would you need to get from your sibling in order to be the sole owner of
the property? - Quitclaim deed
What is the name of the tenant group that, along with the property manager, is
responsible for regional shopping center promotional activities? - Merchants'
association
Quentin is a victim of fair housing discrimination who is seeking redress in federal
court. What is the limit on the amount of punitive damages he may be awarded? -
There is no limit
Which of the following is a passive type of real estate investment? - limited
partnership
Which statement best describes an amortized loan? - Debt that is paid off by
making periodic payments consisting of interest and principal
With an amortized loan, the principal is paid down over the life of the loan
according to an amortization schedule, typically through equal payments.
Kristoff got a bit behind on his mortgage and missed several payments. He and his
lender devised a schedule that gives Kristoff an opportunity to make up those
delinquent payments. What is this an example of? - Repayment plan
Kali's good at bargaining. She's willing to concede some things in order to entice a
new tenant into taking one of the rental spaces in the mall, but she always ensures
that she's looking out for the owner's interests by including a certain number of
escalation clauses. Which commercial property manager duty is Kali exceptionally
good at? - Leasing the property [Show Less]