the property's hazard insurance coverage substantially, business and finance homework help
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 fraudb.keep the policy in force, but lower the client's credit ratingc.agree to reduce the coverage only if the deductible is increased by a corresponding amountd.refuse to reduce the coverage, because insurers generally require that property be insured to at least 80% of its value1 points QUESTION 2A continuous operation provision in a lease is most likely to apply to:a.an anchor tenant in a shopping centerb.the landlord of a stand-alone retail propertyc.a tenant leasing Class C office spaced.the owners association in a condominium or other CID1 points QUESTION 3A conversion ratio measures:a.how much of the multi-family housing stock in this market has been converted to condominiumsb.how many prospects it takes to get a signed lease for a rental spacec.what percentage of a property's tenants have occupied their spaces for over one yeard.what percentage of a property's tenants renew their leases if offered the opportunity1 points QUESTION 4A 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 rentsb.increase demand, which will tend to increase rentsc.increase supply, which will tend to lower rentsd.increase supply, which will tend to increase rents1 points QUESTION 5A 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 agreementb.The contract requires Serena to use her own funds to prevent legal violations if the client fails to do soc.Serena is contractually liable for any fines, damages, or other penalties that result from legal noncomplianced.Serena is contractually obligated to report the legal violations to the appropriate authorities1 points QUESTION 6A lease in which all of the operating expenses are passed through to the tenant is called a:a.triple net leaseb.CAM leasec.gross leased.shadow lease1 points QUESTION 7A maintenance employee assaulted one of the tenants in a building that Clive manages. Clive hired and supervised the employee. Regarding Clive's potential liability in connection with this incident, which of the following is correct?a.Clive can't be held liable because he didn't authorize the employee's actionb.Clive's liability is likely to depend on whether he was negligent in his hiring, supervision, or retention of the employeec.Clive can be held liable only if he failed to do a criminal background check when the employee was hiredd.Clive can be held liable only if he participated in the incident, benefited from it in some way, or assisted the employee after the fact1 points QUESTION 8A maintenance request form for tenants to fill out should include:a.an estimate of how long the work is likely to takeb.a hold harmless clause, protecting the manager against liability for work negligently performedc.work order and purchase order numbers, if applicabled.an authorization for entry into the tenant's rental space or unit, to be signed by the tenant1 points QUESTION 9A new client who just inherited a commercial building has told her property manager that she doesn't plan to sell the property, but her primary financial goal is a quick, high return. In this situation, the manager should:a.persuade the client to sell the property, even if that isn't in the manager's self-interestb.realize that the client will probably be reluctant to authorize any expenditures unless they're necessary to maintain or increase the property's net income in the short termc.explain the income tax consequences of that choice to the clientd.tell the client that his fiduciary duties do not allow him to represent her on those terms1 points QUESTION 10A new commercial tenant is requesting build-out work that will cost more than the agreed improvement allowance. The property manager should:a.notify the tenant that the requested improvements will have to be scaled backb.remind the tenant that any construction costs in excess of the allowance will be the tenant's responsibilityc.increase the allowance to cover the additional work, as long as the changes will increase the value of the property as a wholed.consult with the client before agreeing to increase the tenant's improvement allowance1 points QUESTION 11A property manager has a legal obligation to protect and promote her client's interests. This is because the manager:a.is the client's agent and owes the client fiduciary dutiesb.is a member of a professional association with a code of ethics that specifically requires thisc.is subject to the Uniform Standards of Professional Property Managementd.has signed a contract (the management agreement) that expressly requires this1 points QUESTION 12A property manager is preparing a management plan for a new client's property. The manager's property analysis:a.should focus primarily on the property's physical condition at this stageb.should include an evaluation of the property's current operations, leasing, management, and financial condition, as well as its physical conditionc.should be performed after the market analysis, for most types of propertyd.must be based on an appraisal performed by a state-licensed or -certified appraiser within the previous six months1 points QUESTION 13A property manager is deciding on a marketing plan for a vacant retail space. How much advertising will be needed in order to find the next tenant for the space is most likely to be affected by:a.brandingb.the target marketc.the property's locationd.the cost per prospect1 points QUESTION 14A property manager is doing a preliminary study in order to prepare a management plan. As usual, the preliminary study will involve five main categories of analysis. These categories include all of the following, except:a.analysis of alternativesb.analysis of demographicsc.regional analysisd.neighborhood analysis1 points QUESTION 15A property manager may suggest physical changes to a client's property in order to correct or address different forms of depreciation. Which of the following is true?a.Correcting curable external obsolescence is called remodelingb.Correcting curable physical deterioration is called remodelingc.Correcting curable functional obsolescence is called rehabilitationd.Correcting deferred maintenance is called rehabilitation1 points QUESTION 16A property manager needs a bad debt and vacancy factor for a residential property's annual operating budget. She is most likely to:a.check the MSA website to see projected average vacancy rates for her areab.evaluate the property's actual rent collection record in previous yearsc.base it on changes in the Consumer Price Indexd.use the figure agreed to in the management agreement1 points QUESTION 17A property manager rejected a rental application for a retail space because of the applicant's race. Was this legal or illegal?a.Legal, because this is commercial property and the Fair Housing Act applies only to residential propertyb.Legal, because antidiscrimination laws apply to real estate sales transactions, not lease transactionsc.Illegal, because any discrimination by a property manager is a violation of the manager's fiduciary dutiesd.Illegal, because the Civil Rights Act of 1866 prohibits discrimination based on race or color in all real estate transactions1 points QUESTION 18A property manager records rents collected from tenants when they are actually paid (not merely owed), but he records certain operating expenses as they accrue (as opposed to when they're paid). This manager is using the:a.payment point accounting methodb.certified accounting methodc.modified cash-basis accounting methodd.triple-entry accounting method1 points QUESTION 19A property manager should not give "welcome to the building" gifts to new tenants:a.that cost more than $25, the legal limitb.because such gifts are a form of illegal kickbackc.unless all tenants receive exactly the same giftd.without the property owner's prior authorization1 points QUESTION 20A property manager's rent collection records should include:a.both a rental ledger and a rent rollb.either a rental ledger or a rent rollc.a rental ledger rather than a rent rolld.a rent roll rather than a rental ledger1 points QUESTION 21A rental application form or packet should include:a.an inquiry regarding race, ethnic background, familial status, and disability, to enable the manager to demonstrate Fair Housing Act complianceb.an authorization for a citizenship status check, signed by the applicant, for Patriot Act compliancec.an authorization for a credit check (and a criminal background check, if desired), signed by the applicant, for FCRA complianced.an authorization for entry without notice in emergencies, signed by the applicant, for URLTA compliance1 points QUESTION 22A residential lease should be signed by:a.everyone who will occupy the unitb.all competent adults who will occupy the unitc.only one competent adult, as the fully liable representative of all other occupantsd.only the occupant(s) who have accepted joint and several liability for the rent, at least one of whom must be a competent adult1 points QUESTION 23A residential property manager looking for new tenants for a single-family rental house rejects an application from two men because she thinks they are gay. Which of the following is true?a.Sexual orientation is not one of the protected classes in the federal Fair Housing Actb.The federal Fair Housing Act does not apply to the rental of single-family homesc.The property manager did not personally violate the law if the property owner gave her written instructions not to rent to homosexualsd.The property manager has violated the federal Fair Housing Act1 points QUESTION 24A retail space that is separate from a mall's main shopping area but still within the boundaries of the parking lot is called:a.an islandb.a satellite spacec.an outparceld.a magnet store1 points QUESTION 25A tenant who pays rent on a monthly basis has abandoned the leased space when there are still six months remaining in the lease term. In this situation:a.the space cannot be leased to a new tenant until the former tenant's lease term expiresb.the former tenant can be held responsible for no more than three months of additional rental paymentsc.the former tenant is still liable for the rent for six more months, even if a new tenant is found right awayd.the former tenant could still be liable for the rent for six more months, but the landlord or manager must make an effort to find a new tenant promptly1 points QUESTION 26Administrative regulations:a.are merely guidelines, without the force of lawb.may be federal, state, or localc.are enacted by a legislative bodyd.apply only in a particular city or county1 points QUESTION 27After an apartment building's operating expenses and mortgage payment have been paid, the amount of money left over from the rents collected that month is called the:a.equityb.leveragec.appreciationd.cash flow1 points QUESTION 28All of the following statements about industrial parks are correct, except:a.Industrial parks are also called business parksb.They typically have single-story shell buildings with high ceilingsc.They may be developed as condominiumsd.They usually allow only manufacturing uses, so that business offices and warehouses must be located elsewhere1 points QUESTION 29All of the following investor-owners would be likely to hire a professional property manager, except:a.Mary Ann, a surgeon who owns a residential duplex and rents both units to tenantsb.Paul, a commercial fisherman who owns 20 acres of undeveloped land that he's holding for appreciationc.the Cartwright Group, a partnership that recently purchased and renovated an 80-unit apartment building constructed in the 1920sd.Ernesto, a retiree who owns a small office building and lives in another state1 points QUESTION 30An R/U ratio is often used to determine:a.the maximum number of people that can legally occupy a residential unitb.the optimum number of smaller stores for a shopping center with a particular type of anchor storec.how much a commercial tenant will have to pay toward the building's common area expensesd.how many parking spaces a retail building will need in order to accommodate customers and employees1 points QUESTION 31An asset manager's services would include:a.paying the property taxes and insurance premiums for a client's property when dueb.evaluation of whether a client's property is serving its highest and best usec.hiring and supervising the staff for a client's propertyd.heading the leasing team for a client's property1 points QUESTION 32"Any allocation of funds that is expected to generate a profit for the owner" is a definition of:a.appreciationb.dividendc.investmentd.security1 points QUESTION 33Anya is preparing a management plan for an office building. In her regional analysis, Anya is likely to be especially interested in data concerning:a.average family sizeb.HVAC alternativesc.consumer trendsd.future employment growth1 points QUESTION 34As a general rule, and without reference to specific provisions in the lease agreement, notice of termination is required:a.only when a landlord (or his property manager) wants to end a tenant's periodic tenancyb.when a tenant wants to end a term tenancyc.when either the landlord or the tenant wants to end a periodic tenancyd.when either the landlord or the tenant wants to end a term tenancy1 points QUESTION 35As a general rule, employees who work under a property manager need to be bonded only if:a.the property owner requests itb.they handle money as part of their jobc.they have a criminal recordd.the property's hazard insurance does not cover them1 points QUESTION 36At one of the properties Tyree manages, rent is due by the fifth of the month; if payment is received after 5:00 PM on the fifth, a flat $50 late fee is imposed. The biggest disadvantage of this policy is that:a.most tenants will wait until the fifth to pay, instead of paying on the first of the monthb.once tenants have incurred the late fee in a given month, they have no incentive to get the rent paid sooner rather than laterc.imposing a late fee gives tenants the impression that late payment is acceptabled.adding a late fee only makes it more difficult for delinquent tenants to pay the overdue rent1 points QUESTION 37Ava and Benjamin are organizing an investment syndicate to purchase an income property. They're planning to invite various business associates and acquaintances to participate. All of the following are true, except:a.the syndicators may manage the property themselves or hire a professional property managerb.federal and state securities laws may apply when the syndicators offer interests in the syndicate to othersc.the syndicators must have unlimited liability, although the other participants may have limited liabilityd.collaborating with other investors will enable them to purchase a larger, more expensive property than they could on their own1 points QUESTION 38Banks generally won't finance development of a new shopping center:a.unless there will be at least four anchor tenantsb.until the developer has signed lease agreement(s) with the anchor tenant(s)c.until the land has been purchased and the site infrastructure preparedd.if there is already another shopping center of similar size and character within a ten-mile radius1 points QUESTION 39Breakpoints are a feature of:a.percentage leasesb.industrial leasesc.high-rise buildingsd.annual operating budgets1 points QUESTION 40Buying real estate as an investment has some disadvantages compared to various other types of investments. One disadvantage is that:a.no tax deductions apply to real estate owned as an investment (as opposed to personal use property)b.a real estate purchase generally requires a larger cash outlay than other investmentsc.real estate can't be expected to depreciate as quickly as other investmentsd.real estate provides a return to the investor only when the asset is sold1 points QUESTION 41Byron keeps trust funds for all of his property management clients in a single pooled account. It's an interest-bearing account, specifically designated as a trust account, in a financial institution whose accounts are insured by the Federal Deposit Insurance Corporation (FDIC). The pooled account's balance is $380,000, and the FDIC's coverage limit is currently $250,000. Which of the following is correct?a.Because the pooled account's balance exceeds the coverage limit, none of the client funds in the account are insuredb.Because the pooled account's balance exceeds the coverage limit, the excess funds are uninsuredc.The FDIC's coverage limit is applied to each client separately, even when their funds are pooled together in a single trust account, so all of the funds may be insuredd.The FDIC will not insure a client's funds in a pooled trust account if that client has any other money deposited at the same financial institution1 points QUESTION 42Do Not Call laws:a.do not apply to property managers who are licensed real estate agentsb.prohibit cold calls to people who have listed their phone numbers in the FTC's Do Not Call Registryc.prohibit cold calling altogetherd.prohibit cold calling, and also prohibit returning calls from people who don't already have an established relationship (as client or tenant) with the manager1 points QUESTION 43Edie is evaluating applicants for a vacant apartment in a client's building. Using a written checklist of minimum standards, Edie eliminates one applicant because he's been employed at his current job for less than a year, and another because she declared bankruptcy less than five years ago. What is the source (or the most likely source) of the minimum standards that Edie is applying?a.They were probably set by Edie herself, perhaps in consultation with the clientb.They were probably imposed by the client's mortgage lender, as a condition for financing the purchase of the buildingc.They probably come from the state's real estate license law, which regulates the business practices of property managersd.They were established by federal regulations, to help prevent housing discrimination1 points QUESTION 44Eileen is a professional property manager. She currently works as a full-time employee for a corporation, managing the office building that the corporation owns and occupies as its main business location. In this capacity, Eileen would be referred to as a/an:a.institutional managerb.comptrollerc.facilities managerd.asset manager1 points QUESTION 45For an office building, the property manager's accounting and reports to the owner should usually:a.treat overdue pass-through charges as passive lossesb.include CAM charges and other pass-through charges in the rent figure rather than listing them separatelyc.show separate figures for CAM charges and other pass-through charges as well as rent figuresd.list only pass-through charges, since the base rent and CAM charges are already known1 points QUESTION 46From a client's point of view, setting a property manager's compensation as a percentage of the property's gross income has this advantage:a.it gives the manager a direct incentive to increase the property's incomeb.the client won't have to pay the manager for any months in which the property has an operating deficitc.the manager's compensation will be reduced in a month when operating expenses exceed the budgeted amountd.the manager's compensation will be reduced by an appropriate bad debt/vacancy factor1 points QUESTION 47Hal is preparing an annual operating budget for a 30-unit apartment complex. In calculating the property's potential gross income, Hal will probably:a.use market rents, except for current vacanciesb.use contract rents, except for current vacanciesc.subtract contract rents from market rentsd.subtract market rents from contract rents1 points QUESTION 48How high a vacancy rate is acceptable for a managed property depends on:a.the type of property and the owner's goalsb.supply and demand in the submarketc.general economic conditionsd.All of the above1 points QUESTION 49How many days a residential landlord or property manager is allowed for fixing a particular type of maintenance problem is most likely to be determined by:a.the lease or rental agreementb.the management agreementc.state and/or local landlord-tenant lawsd.the Americans with Disabilities Act1 points QUESTION 50In a real estate market, a period of prosperity is likely to lead to:a.overbuildingb.diversificationc.price stagnationd.negative cash flow1 points QUESTION 51In an office building, the building standards:a.dictate uniform construction materials and workmanship for build-out workb.specify the types of activities that tenants and visitors are and are not allowed to engage in on the premisesc.require tenants to leave the leased space in turnkey condition at the end of the leased.should be updated at least every three years, and more frequently if possible1 points QUESTION 52In most states, a property manager is legally required to keep tenants' security deposits:a.separate from trust fundsb.separate from non-trust fundsc.in an account that's in the name of the property owner (the landlord) rather than the name of the property managerd.in a pooled interest-bearing account, with interest paid to the state treasury1 points QUESTION 53In property management, the term "footloose" is applied to:a.residential tenants under 30 who don't have children yetb.retail outlets located outside the central business districtc.commercial tenants that have moved much more frequently than is typical for the type of business in questiond.industrial businesses that don't need to choose their location based on utility costs or proximity to resources or transportation points1 points QUESTION 54In regard to an insurance policy covering managed property, the insurable interest requirement generally means that:a.the policy must be in the name of the client (the property owner), not the property managerb.it's better to have the policy issued in the property manager's name rather than the owner's namec.the insurance premiums must be paid by the property owner, not the property managerd.the policy must name not only the property owner, but also the property manager and the tenant(s)1 points QUESTION 55In the income approach to property valuation, an appraiser translates the property's net operating income into an estimate of market value by using a/an:a.income ratiob.cap ratec.value factord.bad debt/vacancy factor1 points QUESTION 56In the market analysis for a management plan, the property manager must:a.determine the relevant submarketb.allow the client to specify the relevant submarketc.use the submarket categories established by IREM for MSAs with populations over 100,000d.define the submarket in compliance with IRS accounting rules1 points QUESTION 57Investors are advised to diversify their investments because:a.it will allow them to draw on cash reserves to offset investment lossesb.only a diverse mix of investments can be considered truly liquidc.a poor yield from one type of investment may be offset by good yields from other typesd.diversified investments are generally tax-deductible1 points QUESTION 58Jeff has new tenants in the residential buildings he manages fill out a walk-through checklist. This form:a.limits Jeff's liability (and his client's) regarding issues affecting habitabilityb.must be filled out while Jeff or an assistant is present, or it will not be legally bindingc.should be signed by the tenant, and any problems noted should be verified by Jeff or an assistantd.should not be used in determining how much of the tenant's security deposit to refund at the end of the tenancy1 points QUESTION 59Life-cycle costing refers to:a.taking into account costs and potential savings over time (not just the initial cost) when deciding whether to replace or upgrade building equipmentb.recording expenditures on maintenance as they accrue rather than when they are incurredc.treating expenditures on preventive maintenance as income rather than operating expensesd.adjusting the percentage of gross income that will be spent on maintenance to take into account both the actual age and the remaining useful life of the building1 points QUESTION 60Most industrial leases contain an escalation clause, because:a.the term of an industrial lease is usually at least ten years, and frequently longerb.market rents are more volatile for industrial property than for other typesc.the property manager's compensation is tied to the tenant's gross salesd.industrial properties are more likely to have environmental issues than other types of commercial properties1 points QUESTION 61On-site staff that a property manager hires for an office building will be:a.employees of the property owner, not the property managerb.employees of the property manager (or her management firm), but treated as employees of the property owner for tax purposesc.independent contractors rather than employeesd.paid out of the building's operating funds1 points QUESTION 62One of the properties that Terry manages had an operating deficit this month. How should he deal with this?a.Terry is legally required to notify the client within 24 hoursb.Terry should take the steps specified in the management agreementc.It's customary to cover a deficit by deducting the amount of the shortfall from the manager's compensationd.The usual practice is to cover the deficit using a credit card, then roll the charge over into the next fiscal year1 points QUESTION 63Pat manages 16 properties owned by ten different clients, all of whom are individual investor-owners. She sets her own schedule, juggling her tasks for all of the properties, and makes management decisions primarily using her own judgment. For tax purposes and various other legal purposes, Pat's status in relation to her clients is almost certainly that of:a.a trusteeb.an employeec.a gratuitous agentd.an independent contractor1 points QUESTION 64Paying current tenants a fee as an incentive for referring new tenants:a.is one of the best ways to find prospects that will fit inb.is unlikely to be cost-effective unless the property is very unusual in some wayc.violates the Fair Housing Act (if the rental property is residential)d.is illegal in many states1 points QUESTION 65Power washing the exterior of a building is an example of:a.corrective maintenanceb.preventive maintenancec.custodial maintenanced.deferred maintenance1 points QUESTION 66Roger and Marianne are property managers who work for ABC Property Management. Ginny and Louis are property managers who work for XYZ Property Management. Which of the following scenarios describes an antitrust violation?a.ABC assigns Roger to work exclusively in the West neighborhood and Marianne to work exclusively in the East neighborhoodb.ABC decides to focus only on high-end properties in the West neighborhoodc.ABC and XYZ agree that ABC will focus on the West neighborhood and XYZ will focus on the East neighborhoodd.XYZ assigns both Ginny and Louis to focus on high-end properties in the East neighborhood1 points QUESTION 67Saving the client money is one important reason why a property manager should:a.encourage tenants to report maintenance issues promptlyb.respond only to complaints that have been submitted in writingc.wait at least three days before responding to non-emergency complaints, which frequently solve themselvesd.handle complaints in a way that will keep tenants' maintenance expectations low1 points QUESTION 68Shell space is:a.unfinished commercial space, ready for a tenant's build-outb.partially enclosed retail space in the center of a large mallc.the per-floor square footage of an office building, minus areas taken up by stairwells, elevator shafts, ductwork, and other equipment necessary to the functioning of the buildingd.None of the above1 points QUESTION 69State law and/or the management agreement may require a property manager to be covered by an E&O policy. This type of policy is also called:a.fidelity bondingb.professional liability insurancec.commercial general liability insuranced.all perils insurance1 points QUESTION 70Subsidized housing:a.may be either public housing or government-assisted housingb.is usually housing for the elderlyc.generally must be managed by a licensed community association managerd.All of the above1 points QUESTION 71The Building Owners and Managers Association (BOMA) developed the widely used system of classifying office buildings as Class A, B, or C properties. BOMA:a.publishes annual ratings for all the major office buildings located in the CBD of a metropolitan areab.has standardized the ratings so that a Class B building in one market will be very similar to Class B buildings across the countryc.does not recommend publishing a classification rating for an individual propertyd.no longer uses the A, B, C classification system itself and discourages others from using it1 points QUESTION 72The Patriot Act effectively requires a property manager to:a.check a prospective tenant's name against the SDN listb.check a prospective client's name against the SDN listc.decline to work for or lease to anyone whose name appears on the SDN listd.All of the above1 points QUESTION 73The central aim that guides a property manager's work, no matter what context the manager works in, is managing the property in order to:a.generate the greatest net income for the ownersb.increase the property's value as much as possiblec.ensure that the property reaches its highest and best used.achieve the owners' goals for the property1 points QUESTION 74The consideration of tenant mix in leasing is most important for:a.residential propertyb.office propertyc.retail propertyd.industrial property1 points QUESTION 75The federal Fair Labor Standards Act sets rules concerning:a.minimum wage and overtime payb.vacation and sick leavec.notice of terminationd.workplace safety1 points QUESTION 76The federal income tax return for the investor-owner of a commercial property would probably show a tax deduction for:a.capital expendituresb.the initial basisc.passive incomed.depreciation of the building(s)1 points QUESTION 77The implied covenant of quiet enjoyment:a.applies to residential tenancies but not commercial tenanciesb.applies to commercial tenancies but not residential tenanciesc.must be expressly included in any written leased.applies to a tenancy even if it is not expressly stated in the lease1 points QUESTION 78The owner of an apartment building is legally required to allow a disabled tenant to make reasonable modifications to his unit, at the tenant's expense. This is required by:a.the federal Fair Housing Actb.the Americans with Disabilities Actc.Both a) and b)d.Neither a) nor b); this is a requirement of state law, not federal law1 points QUESTION 79The tenant who's moving out has kept the unit in decent shape, except that at some point she badly scorched the kitchen countertop with a hot pan. The countertop was in good condition when the tenant moved in a year ago, but it will have to be replaced before the unit can be rented again. Can the property manager make a deduction from the tenant's security deposit because of the scorched countertop?a.This counts as normal wear and tear, so a deduction is not allowedb.This does not affect the habitability of the unit, so a deduction is not allowedc.Under the "useful life" rule, it would have been necessary to replace the countertop anyway, so a deduction is not allowedd.This is damage, not normal wear and tear, so a deduction is justified1 points QUESTION 80The tenants in a shopping center are typically required to:a.advertise their own businesses, but not to participate in marketing the shopping centerb.make monthly contributions to the shopping center's marketing fund based on their leased square footagec.pay for marketing the shopping center as part of their CAM chargesd.join the merchant's association and make an annual contribution to marketing costs based on their gross sales for the previous year1 points QUESTION 81The term "qualification package" refers to:a.a summary of the property manager's credentials and experience, with supporting documents, included in a management proposalb.the requirements for membership in a professional association such as BOMA or IREM, or for a particular designation conferred by such an associationc.orientation materials provided to new tenants in large residential complexes, typically including information about the property's amenities, a list of neighborhood resources, and an appropriate welcome giftd.a prospective commercial tenant's rental application and supporting documents, such as profit and loss statements and income tax returns1 points QUESTION 82There are many differences between residential property and commercial property that affect their management. All of the following statements about the differences are correct, except:a.residential leases generally have longer termsb.residential properties are more likely to require round-the-clock managementc.residential property managers (and/or their staff) typically have to spend a greater proportion of their time on marketing and leasingd.residential tenancies are generally subject to many more landlord-tenant law requirements
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