Property Management Licensing Practice Exam · Question
What type of insurance is typically held by a property owner to cover damages to the building structure and common areas of a multi-unit residential property?
Property or building insurance directly covers the physical structure of the building and its common elements against various perils like fire, flood, and vanda
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Question: What type of insurance is typically held by a property owner to cover damages to the building structure and common areas of a multi-unit residential property?
Answer options:
- Tenant's contents insurance
- Liability insurance ✅ Property or building insurance
- Fidelity insurance
Correct answer: Property or building insurance
Explanation: Property or building insurance directly covers the physical structure of the building and its common elements against various perils like fire, flood, and vandalism.
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