Reference no: EM133531817
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Questions
1. Which of the following financial obligations does a landlord pass to a tenant under a triple net lease?
2. Most property leases contain an "abatement clause," also referred to as an escape clause. Why is the abatement clause important in structuring appropriate insurance coverage for both the landlord and tenant?
3. There is a clause in many leases that removes all responsibility from the property management company for damage caused by the management company to the premises. What is this clause called?
4. Discrimination suits against property owners and managers are on the rise. How can coverage be provided for the property management company for housing discrimination suits?
5. Loss of Rental Income is an important insurance coverage for property owners. Property managers are often in charge of obtaining the coverage. Which of the following is NOT included under Rental Value coverage?
6. Property Management Professional Liability (AKA Real Estate Professional Errors and Omissions) protects against many wrongful acts that may be alleged against the professional. Which of the following is often NOT covered, but should be, on the E & O policy?
7. Leases should specify which party is responsible for Tenant, Improvements and Betterments (TIBs) to the leased premises. Which of the following is TRUE as relates which party is to insure the TIBs?
8. Pollution Legal Liability is one exposure that many property owners and property management often overlook when structuring their risk management plans and purchase insurance. Which of the following is an example of a pollution exposure for a property owner?
9. The property management company handles several medium size shopping centers for their property owner. In one of the locations the two anchor stores have non-renewed their leases, Macys and Target. Which of the following is a TRUE statement?
10. Property managers collect personal information from their tenants as part of their background checks such as social security numbers, credit card and bank information. This type of information is usually stored electronically and is protected against misuse under both state and federal laws. Coverage can be provided for both the owner and the management company under which of the following insurance policies?