Test your property management knowledge.
How well do you know the rules of renting? From pet deposits to landlord use of property, there’s plenty to know. Find out if you get a passing grade by taking the quiz below.
1. Security Deposit
The maximum security deposit amount that can be collected from a tenant is:
(a) ½ month’s rent
(b) one month’s rent
(c) two months’ rent
(d) 25% of monthly rent
2. Pet Deposit
With permission from the landlord, the tenant adopts two rescue dogs. The pet deposit will be:
(a) ½ month’s rent per dog
(b) one month’s rent per dog
(c) nothing, if a security deposit has already been collected
(d) ½ month’s rent, regardless of the number of dogs
3. Landlord’s Use of Property
According to the Residential Tenancy Act, if the landlord’s brother wants to move into the property, the tenant’s current tenancy agreement will:
(a) terminate with Two Month Notice to End Tenancy
(b) terminate with Four Month Notice to End Tenancy
(c) continue as per the existing lease agreement
(d) continue until the landlord’s brother chooses to move in
4. Selling a Tenanted Property
TRUE/FALSE: If the landlord decides to sell the property to a new owner, the new owner must sign a new tenancy agreement with the existing tenant.
5. Tenant Moving Out
If a tenant decides to move out, he/she is required to act on all of the following, except:
(a) provide the landlord with written notice to end tenancy 20 days prior to the effective date of notice
(b) move out belongings by 1 p.m. on the last day of the tenancy
(c) ensure the property is clean and undamaged, except for reasonable wear and tear
(d) provide the landlord with all means of access to the property, including keys and fobs
1. (a) The landlord can request a security deposit (aka damage deposit) at the start of the tenancy equivalent to half of the first month’s rent.
2. (d) A pet deposit must be no more than half of one month’s rent, regardless of the number of pets.
3. (c) The landlord can serve a tenant Two Month Notice to End tenancy if he/she plans to move in, or have a close family member move in. However, a close family member means the father, mother, or child of the landlord or the landlord’s spouse—the landlord’s brother is not considered a close family member.
4. (b) FALSE The new buyer and the existing tenant are not required to sign a new tenancy agreement (unless they wish to do so). Once a property is sold, the same tenancy agreement and terms continue, unless the parties wish to create a new agreement.
5. (a) A tenant must provide written notice and make sure it’s received at least one month prior to the effective date of notice, and before the date that rent is due. For example, if rent is due on the first of every month, notice provided on August 15th would not take effect until the last day of September. In addition, the property must be in a reasonably clean condition, free of tenant belongings, along with the keys and fobs.
Birds Nest Properties is a boutique rental property management company that specializes in serving owners of condos and houses in and around Vancouver.
Thinking about renting out your property?
Give us a call 604.260.9955 to learn about how we work.