Property Management
A property manager's management fee is typically based on:
AThe square footage of the property
BA percentage of the gross rents collected✓ Correct
CA flat annual fee regardless of performance
DThe appraised value of the property
Explanation
Most property management agreements set the fee as a percentage of gross rents collected (typically 4-12% for residential). This aligns the manager's incentive with maximizing rental income for the owner.
Related New York Property Management Questions
- In New York, the 'Loft Board' administers which type of residential conversion?
- In New York, a 'Personal Holding Company' (PHC) structure is sometimes used for real property ownership. The primary tax concern with this structure is:
- In New York, a 'certificate of no harassment' is required in which circumstance?
- A New York City rent-controlled apartment (as opposed to rent-stabilized) is subject to regulation under:
- In New York City, 'self-certification' for building permit applications allows a licensed architect or engineer to:
- Under New York's rent stabilization laws, a landlord's right to increase a stabilized tenant's rent is limited to:
- In New York, a 'vacancy decontrol' (now eliminated for rent-stabilized apartments by the HSTPA 2019) previously allowed landlords to:
- Under New York law, a landlord may enter a tenant's apartment without notice only in the event of:
Practice More New York Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free New York Quiz →