+
Related Flashcards
Related Topics
Cards In This Set
| Front | Back |
|
The demand for professional property management was influenced by which of the following:
1. The development and construction of multiple level buildings. 2. The increase in foreclosed properties. 3. The growth of farming land. 4. The adoption of low interest loans. |
1. The development and construction of multiple level buildings.
NOTE: The invention of the elevator created easier access to upper floors rather than using stairs which created a demand for multiple level buildings. |
|
George Holt was instrumental in building professional property management by:
1. Inventing the elevator 2. Starting the first professional group of building mangers organization. 3. Specializing in the management of shopping centers. 4. Printing the first nationally recognized rental agreement. |
2. Starting the first professional group of building mangers organization.
NOTE: George Holt was instrumental in building professional property management by starting the first professional group of building mangers organization. |
|
In Oregon, which of the following individuals would need to have a property management license?
1. An employee managing property for the company in which they work. 2. A person appointed by the court to lease a specific property. 3. A person, for a fee, managing several properties for different owners. 4. A person managing their own properties. |
3. A person, for a fee, managing several properties for different owners.
NOTE: If a person is managing other people’s properties as a business including collecting compensation they must be licensed. A person performing activities in managing a property as an employee does not have to be licensed. |
|
An owner's expectations of a property manager would ordinary include:
1. Following their instructions 2. Maintain the building and preserve value 3. Be professional and follow Fair Housing Laws 4. All of the above. |
4. All of the above.
NOTE: An owner's expectations of a property manager would ordinary include following their instructions, maintaining the building(s) and preserve their value, be professional and follow Fair Housing Laws. |
|
In Oregon, a separate license to practice property management started in:
1. 1933 2. 1998 3. 1908 4. 1921 |
2. 1998
NOTE: In 1998 the Oregon Real estate Agency created the separate license category of property manager. |
|
A property manager's license could be suspended for which of the following actions?
1. Allowing an employee to screen a tenant's credit report and sign a rental agreement. 2. Instructing an unlicensed employee to show a rental property to a prospective tenant. 3. Conducting business at a location not registered with the Real Estate Agency. 4. Instructing a non-licensed employee to make bank deposits into a clients' trust account. |
3. Conducting business at a location not registered with the Real Estate Agency.
NOTE: It is a violation of ORS if a property manager does not notify the Real Estate Agency of their business location or if they change locations and fails to notify the Agency. The Agency must know at all times the business location of a property manager. |
|
Which of the following are required, in Oregon, to obtain a property manager license?
1. 18 years old or older. 2. Have a high school diploma, GED, or international equivalent. 3. Successfully completed a certified course and state exam. 4. All of the above. |
4. All of the above.
NOTE: All three are requirements to obtain a property managers license. |
|
A licensed property manager may:
1. receive a referral fee from a principal broker who sells apartment complexes. 2. list the owner's rental property for sale. 3. collect a commission for the lease of an owner's real property. 4. negotiate a lease-option for an owner of real estate. |
3. collect a commission for the lease of an owner's real property.
NOTE: A property manager’s license allows the exclusive right to manage properties for others. The license does not include the sale or lease/option of property or the right to a referral fee for such activity. |
|
A licensed principal broker may:
1. share a sales commission with an unlicensed employee. 2. for a fee, engage in professional property management. 3. engage in professional property management activities, but can only receive compensation from the sale or lease option of real property. 4. run a company without a registered business name. |
2. for a fee, engage in professional property management.
NOTE: A principal broker license allows the right to perform professional property activities and receive compensation. In Oregon a licensee cannot share a fee with an unlicensed person. |
|
In Oregon, who may offer professional property management services?
I. A licensed broker II. A licensed principal broker III. A licensed property manager IV. A licensed broker associated with a principal broker 1. I, II and III 2. II and III and IV 3. II and III 4. All of the above |
2. II and III and IV
NOTE: A broker can engage in property management activities under the direct supervision of a principal broker. A broker cannot have an active license under a property manager. A property manager can work for a principal broker, but cannot supervise any sales activities for the principal broker or during a principal broker’s absence. |
|
Which of the following constitutes engaging in professional real estate activity as defined by Oregon law?
I. A person who, for a fee, rents real estate owned by others to the public. II. A person, who for a fee assists owners in the procuring of prospective tenants for the owners’ rental property. 1. I only 2. II only 3. Both I and II 4. Neither I nor II |
3. Both I and II
NOTE: Both activities are part of a property managers professional activities. |
|
A licensed property manager may have another licensed property manager supervise their business for a period of
1. 120 days 2. 30 days 3. 90 days 4. Not allowed, under any circumstances |
3. 90 days
NOTE: Another licensed property manager may supervise all professional property management activities for another property manager up to 90 days. During the property manager’s absence they remain responsible for all property management activities performed. |
|
In order for a property manager to renew their license how many hours of continuing education must they complete?
|
30 Hours
NOTE: All licensees must complete 30 hours of continuing education every two years for license renewal. |
|
A licensed property manager may authorize
I. another licensed property manager to supervise her property management activity in her absence, not to exceed 90 days.
II. an unlicensed bookkeeper to supervise in her absence, not to exceed 10 days.
1. I only 2. II only 3. Both I and II 4. Neither I nor II |
1. I only
NOTE: A property manager may authorize another licensed property manager or principal broker to manage and supervise their business. During their absence they remain the responsible party for all supervision and management activities performed in their absence. |
|
A licensed property manager may:
1. negotiate a lease-option for an owner.
2. be associated with a principal broker in professional property management.
3. act on behalf of the principal broker during the broker's absence.
4. Authorize an unlicensed individual to supervise in their absence.
|
2. be associated with a principal broker in professional property management.
NOTE: A licensed property manager may be associated with a principal broker conducting property management activities. A property manager cannot conduct or supervise any sales or lease/options for the principal broker. |
