Property Management
A NJ property manager who discovers that the HVAC system in a managed building is failing in the middle of winter may authorize emergency repairs without first obtaining owner approval if:
AThe repair costs less than $100
BThe property management agreement grants authority for emergency repairs up to a specified limit, or the emergency poses an immediate threat to habitability✓ Correct
CThe manager is also a licensed contractor
DThe tenant requests it in writing
Explanation
Property management agreements typically authorize managers to approve emergency repairs up to a specified dollar limit without prior owner approval when habitability or safety is at immediate risk. The manager must still promptly notify the owner.
People Also Study
Related New Jersey Questions
- In NJ, a property manager who enters a tenant's apartment without prior notice or emergency justification may face:Property Management
- A NJ property manager who collects commissions or fees for property management without a broker's license is:Property Management
- A NJ property manager who signs leases, collects rents, and arranges repairs on behalf of the property owner is acting as a(n):Property Management
- A NJ property manager who discovers a housing code violation in a managed property during a routine inspection must:Property Management
Key Terms to Know
Right of First Refusal
A contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Study This Topic
Practice More New Jersey Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free New Jersey Quiz →