Certified Professional Property Specialist CPPS - Study
Guide Questions With Complete Solutions
- Maximize return of Investment
b b b b
- Facilitate Compliance
b b
- Maximize reutilization
b b
- Depreciation expense - answer-Benefits of an Effective Property Function
b b b b b b b b b
Other names of Property Accounting - answer-- Fixed asset accounting
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- Inventory Control
b b
- Material/Property Control
b b
Three key concepts of Property Management - answer-- Ownership
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- Accountability
b
- Responsibility
b
Records - answer-- Crucial element of Property Control Management
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Begin during acqusition process, continues through every related transaction to include
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b protection, preservation, utilization, maintenance and disposition - answer-Records
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Cornerstone of effective Property Control - answer-Communication, to include routine or
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b special purpose reports, and Training
b b b b
Benefits gained by efficient property management - answer-- Return of Investment (ROI)
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-Reutilization of excess property b b b
-Compliance of internal and external procedures
b b b b b
,-Value of organization
b b
What is Process? - answer-The series of steps taken to produce a desired result
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What is Procedure? - answer-Steps that must be followed to produce results
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Having legal/rightful title to property either by organization or sponsor under certain
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b terms - answer-Ownership
b b
Means to possess and have use of company property with delegated duties and
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b responsibilties - answer-Accountability b b
Key elements of Property Accountabilty - answer-- Provider
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- Recipient
b
- Specific duties and responsibilities
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- Specific penalties in case of default
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Transfer of accountability - answer-When accountability shifts from one entity to
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b another.... may or may not include physical relocation of assets
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Transfer approval must be coordinated when, how, and why? - answer-When? In advance
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How? in writing b b
Why? To be made of historical file and audit trail of assets
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Transfer document must include three things? - answer-1. Effective date of transfer
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2. Purpose of transfer
b b b
3. Description of property to be transferred
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Bottom line... transfers occur when property and accountability shift from what? - answer-
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From the using organization to another
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,An organization with multiple sites with multiple subunits, change in location is a
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b ______________ and not an _____________________________ - answer-Change in location is a
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b movement not an interdepartmental transfer b b b b
What is responsibility? - answer-to be answerable for a trust or obligation
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Property Professional Key distinction Standpoint - answer-One is accountable to someone
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b for the property while being responsible for certain actions ie maintenance/storage
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b related to the property or asset
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Interdepartmental transfers of property occurs when? - answer-When property and b b b b b b b b b
b accountability shift from the using organization to another b b b b b b b
What does FAR 52.245-1-Government Property (FAC 2005-56, April 2012) (Ref, (b) (2)
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b Property Management pertain to? - answer-The Contractor's responsibility extending
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b from the initial acquisition and receipt of property, through stewardship, custody, and
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b until use formally relieved of responsibility by means, including delivery, consumption,
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b expanding, sale (as surplus property), or other disposition, or via completed investigation,
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b evaluation, and final determination for loss property.
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What is the Property Control System comprised of? - answer-- Written policies
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- Procedures
b
- Operational Guidelines
b b
- Related Records
b b
- The Management Information System (MIS)
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What defines the roles and responsibilities of each participant in Property Management? -
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b answer-The Property Control System b b b
The careful and responsible management of operations and property within one's care is
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b what? - answer-Stewardship
b b
, How many functional areas of Property Management are they to control property and
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b what are they? - answer-15
b b b b
- Acquisition
b
- Receiving
b
- Identification
b
- Records
b
- Reports
b
- Storage
b
- Movement
b
- Audits
b
- Physical Inventory
b b
- Consumption
b
- Utilization
b
- Maintenance
b
- Subtractor Control
b b
- Dispostion
b
- Contract Closeout
b b
What are the foundation of the property control base? - answer-Property records
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Satisfactory performance of the steps defined in the processes that support the
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b organization's mission and objectives is what? - answer-Compliance
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What are the seven factors that influence where the property function would most be
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b effectively reside? - answer-1. The type and size of the organization
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2. The type, volume, and value of property that must be managed
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3. Compliance requirements and related risk to the organization
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4. Management groupings of functional areas within an organization
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5. The level and type of interface needed with key stakeholders
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6. The resources available to staff the function
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