Rent Collection
Procedures
Procedures
TRUE or FALSE
Operational Funding is a revenue source that covers expenses like utilities, maintenance, landscaping and security deposits
TRUE
Operational Funding and also covers salaries
The team member who is fully accountable for all received payments, responsible for ensuring that each payment is documented correctly, and processed timely.
Who is the Property Manager
TURE or FALSE- Rural Development program charges a 5% late fee after the 5-day grace period?
False- Tax Credit programs late fee charge is 5%
What do you call a returned payment notice?
NSF Notification
TRUE or FALSE
Community & Property upkeep is when consistent rental income enables management to maintain and improve community amenities
TRUE
Collecting rents allows management to maintain and make improvements to the property when needed
TRUE or FALSE- Bandit Signs are signs that are stollen from the property?
False: Bandit Signs are placed at the entrance of a property, and in front of the leasing office indicating rent is due, are called what?
Which program charges a $10 flat fee after the 10-day grace period?
1. HUD
2. Rural Development
3. Tax Credit
4. Section 8
Rural Development
Scenario- Resident Cecillia Jackson placed an envelope in the Dropbox with cash to cover her rent for the month. How should the property manager process this payment?
Return it to the resident and request an alternate form of payment
TRUE or FALSE: Collected rent that allows for staffing of essential positions including property managers, and maintenance teams is called? Residential Services & Support Services
True
Multiple Choice: (choose all that apply) What are the various forms of acceptable rental payment methods?
1. Cashier's Check
2. Check from 3rd party
3.Credit or Debit
4. WIPS
5. FLEX
1, 3, 4, 5.................Which payment option is missing?
Multiple Choice (chose correct answer) Which program charges a $5 flat fee after the 5-day grace period and then $1 a day not to exceed $15?
1. Section 8
2. Tax Credit
3. HUD
4. Rural Development
3. HUD 50059
TRUE or FALSE- Housing Assistant payment checks sent to the property should be process through Checkscan
False - All housing assistant payment must be mailed to the corporate office, and they AR specialist will post these payments
Multiple Choice: Resident Accountability (choose two)
A. Reinforce timely rent payments
B. Non-Renewal for excessive late payments
C. Overlooking Maintenance request
D. Issuing lease violations for loud noise
A & B
Although issuing a lease violation for loud noise is keeping the resident accountable for disturbances, this doesn't pertain to rent collections. Overlooking a maintenance request is the fault of the office statff
TURE or FALSE- Late fees should be reversed if the grace period falls on the weekend.
True- If the grace period falls on the weekend, and the resident payment date indicates the 5th (for tax credit) or the 10th (for RD). Late fee charges should be revversed
True or False: If an eviction is filed on a household for late payments more than 2 times, rent should not be collected the 3rd time.
True - Resident should receive a non-renewal for excessive late payment
Scenario- Jose Brown paid his $500 rent with a check on 8/5/2025 and the check was returned for insufficient funds. He placed a new check in the dropbox on 8/7/2025 for $500. How should the property manager handle his new payment?
The PM should return the payment to Jose and request a cashiers check or money order that includes the late fee and return payment fee.