Oregon 30-Hour Real Estate Law Practice Test

Which of the following tasks is NOT typically associated with residential property management?

1. Maintaining property values

2. Negotiating long-term leases

3. Manage tenant issues

4. Collecting rents

The correct answer is: Negotiating long-term leases

Negotiating long-term leases is indeed not typically associated with residential property management, as it tends to fall more under the purview of commercial property management or specialized leasing professionals. In residential property management, the focus is primarily on the day-to-day operations and responsibilities related to the management of residential properties. Tasks such as maintaining property values, managing tenant issues, and collecting rents are integral to the role of a residential property manager. Maintaining property values ensures that the property remains attractive to tenants and its market value is upheld, while managing tenant issues is essential for maintaining good landlord-tenant relationships and ensuring tenant satisfaction. Collecting rents is a core responsibility, as it directly impacts the cash flow and financial sustainability of the property. In contrast, negotiating long-term leases often addresses more complex terms and is more common in commercial settings where longer commitments and intricate business arrangements are the norm. Therefore, the emphasis in residential property management is generally on shorter-term leases and tenant retention rather than extensive negotiation of lease terms.