Podcast
Questions and Answers
What is generally required from a tenant for assigning or subleasing premises?
What is generally required from a tenant for assigning or subleasing premises?
Who typically needs to handle regular maintenance in a managed residential property?
Who typically needs to handle regular maintenance in a managed residential property?
What general rule governs a tenant's refusal to allow entry for inspections or repairs?
What general rule governs a tenant's refusal to allow entry for inspections or repairs?
What must a landlord provide if they require a doctor's note for a service animal?
What must a landlord provide if they require a doctor's note for a service animal?
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How should a property manager handle rent payments according to state laws?
How should a property manager handle rent payments according to state laws?
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When should a property manager ideally send a renewal notice to encourage tenants to renew?
When should a property manager ideally send a renewal notice to encourage tenants to renew?
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What is the primary purpose of contacting the applicant's current and previous landlords during the tenant screening process?
What is the primary purpose of contacting the applicant's current and previous landlords during the tenant screening process?
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Which element must a residential lease always include regarding the condition of the property?
Which element must a residential lease always include regarding the condition of the property?
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What must a landlord do in compliance with the Fair Credit Reporting Act during the tenant screening process?
What must a landlord do in compliance with the Fair Credit Reporting Act during the tenant screening process?
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In a lease agreement, what is typically specified regarding rent payments?
In a lease agreement, what is typically specified regarding rent payments?
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What is an implied warranty of habitability in residential leasing?
What is an implied warranty of habitability in residential leasing?
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What is the landlord's primary remedy when a tenant breaches the lease?
What is the landlord's primary remedy when a tenant breaches the lease?
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Which of the following restrictions is most commonly placed on landlords regarding security deposits?
Which of the following restrictions is most commonly placed on landlords regarding security deposits?
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Under what circumstances can a landlord deduct from a security deposit?
Under what circumstances can a landlord deduct from a security deposit?
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What rule allows landlords to deduct a percentage of replacement costs for damages?
What rule allows landlords to deduct a percentage of replacement costs for damages?
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What must typically be provided before a landlord can collect a security deposit?
What must typically be provided before a landlord can collect a security deposit?
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Which of the following cannot be a basis for discrimination under the Fair Housing Act?
Which of the following cannot be a basis for discrimination under the Fair Housing Act?
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What is an example of normal wear and tear?
What is an example of normal wear and tear?
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What happens to the security deposit when a rental property is sold?
What happens to the security deposit when a rental property is sold?
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What commonly leads tenants to form a tenant's union?
What commonly leads tenants to form a tenant's union?
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Study Notes
Residential Lease Agreements
- Lease agreements should prohibit tenants from assigning or subleasing without landlord consent
- Lease agreements should include rules based on federal, state, and local requirements, as well as management policies
- Leases should specify maintenance responsibilities for tenants
- Lease start dates usually set the date for possession
- Residential managers cannot unreasonably deny requests from tenants for entry for inspection, repairs, services, or showings.
- State laws dictate the notice period a landlord must provide prior to entering a tenant's premises
- Managers should outline their pet policy, but cannot deny service animals under fair housing law
- Landlords can request a doctor's note to confirm the need for a service animal, but cannot inquire about the disability or require tenant disclosure of animal needs in rental applications
- Landlords should send renewal notices before the lease expires, and may offer incentives to encourage renewals
Residential Operations
- Staffing needs depend on property size and type, common staff includes off-site or resident managers, and maintenance staff.
- Resident managers are suitable for buildings with more than 15-20 units
- Maintenance tasks vary based on property size, type, location, and amenities offered
- A significant maintenance task involves preparing units for new tenants
Working with Residential Tenants
- Managers use various methods for communication, announcements, complaints, and suggestions, including newsletters, email, and websites.
- Rent payments should be managed in accordance with state laws governing trust funds, and the manager must keep good records, provide reports to the owner, and manage rent delinquencies according to debt collection laws
- Tenants have various options for addressing lease breaches by landlords, including repair and deduct, self-repair, depositing rent into an escrow account, vacating the premises, or filing suit or entering arbitration.
- Landlords' primary remedy for tenant lease breaches is eviction
- Landlords must adhere to federal Fair Housing Act and other state and federal fair housing laws
- Landlords are required to allow disabled tenants to make reasonable modifications at the tenant's expense, and must make reasonable exceptions to their rules to accommodate disabled tenants, such as allowing guide dogs.
- Managers cannot discriminate based on familial status; "adults only" complexes or areas within a complex are illegal unless the property qualifies as housing for older persons.
- Tenants are more likely to form tenant unions when property maintenance is inadequate, complaints are ignored, and repairs are delayed.
Handling Residential Security Deposits
- State laws frequently place restrictions on how landlords manage security deposits
- Landlords need a signed rental agreement to collect a security deposit, and serves as a written receipt
- State laws can restrict the size of the security deposit, require deposits to be held in trust accounts, and require landlords to pay interest on deposited funds
- Landlords have a limited time to return the security deposit or itemize repair expenses and unpaid rent.
- Landlords can only use the deposit to cover damage exceeding normal wear and tear
- Landlords who fail to follow security deposit return rules face penalties, potentially including treble damages
- Upon property sale, the original owner must transfer the security deposit to the new owner through escrow or return the deposit to the tenant
- The "useful life rule" allows landlords to deduct a portion of the replacement cost if the tenant caused damage exceeding normal wear and tear.
Managing Specific Types of Residential Property
- Managers can require applicants to have a minimum credit score and must comply with the Fair Credit Reporting Act
- Managers should contact the applicant's employer to verify income and ensure sufficient income for regular rent payments
- Managers should contact the applicant's current and prior landlords to assess their suitability as a tenant
- Pre-printed lease agreements are available, some states require leases written in "plain language".
- The Uniform Residential Landlord and Tenant Act (URLTA) provides model landlord-tenant legal framework, adopted in many states
- URLTA covers topics such as security deposit handling, entry notice requirements, maintenance, termination notice, and eviction grounds.
- Every residential lease contains an implied warranty of habitability, guaranteeing that the landlord will maintain the leased premises suitable for habitation.
- Leases should specify the parties and occupants, with all competent adults occupying the unit signing the lease. A co-signer may be needed, and occupant numbers must adhere to state and local housing codes.
- The lease should clearly state the start and end dates of the lease term
- Leases should specify the due date for rent, often the beginning of the month; if the due date isn't stated, rent is due at the end of the rental period
- Lease agreements should specify acceptable methods of payment, and outlines penalties for late payments, including the amount and conditions for late fees
- Lease agreements must identify the rented premises by address, and should describe property condition using a walk-through checklist
- A security deposit is required from tenants when signing the lease
- The lease should specify which party is responsible for paying which utilities
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Description
This quiz covers essential elements of residential lease agreements, including tenant responsibilities, maintenance policies, and landlord rights. It addresses legal compliance with federal, state, and local requirements, as well as the prohibition of subleasing without consent. Enhance your understanding of how residential leases function and the rights of both landlords and tenants.
