Practice of Property Management- Real Estate Council of Alberta Exam
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Course
Practice of Property Management- Real Estate
Institution
Practice Of Property Management- Real Estate
Practice of Property Management- Real Estate Council of Alberta Exam
1. Types of Proper-
ties
2. Forms of Owner-
ship
3. Types of Proper-
ty Management
Operations
4. The Role of the
Property Manag-
er
5. Types of Resi-
dential Property
6. Special Residen-
tial Projects
7.
1. Single ...
Practice of Property Management- Real Estate Council of Alberta Exam
1. Types of Proper- 1. Single Family Residential
ties 2. Multi Family Residential: Low High, Mid Rise High Rise,
Row Housing
3. Cooperative
4. Condominium
5. Commercial
2. Forms of Owner- 1. Individual Investors
ship 2. Sole Proprietorship
3. Partnership
4. Limited Partnership
5. Syndication
6. Commercial
7. Government
3. Types of Proper- 1. Professional Fee Management Company
ty Management 2.Asset Management
Operations 3. In-House Management
4. Self- Management
4. The Role of the To provide professional management in order to assist the
Property Manag- landlord in reaching his or her objectives
er
6. Special Residen- Retirement Homes for Seniors
tial Projects Personal Care Homes
Student Housing
Public Housing
Mobile Home or Trailer Parks
Remote Area Corporate Housing
Mixed Use Properties
7.
,Practice of Property Management- Real Estate Council of Alberta Exam
Reasons Indi- 1. The Property was owner's residence which was kept
vidual Owners for rental purposes
Lease Property 2. The property was purchased by the owner as a revenue
producing investment
3. The property was purchased in a good market as a
future retirement home
4. The property was inherited as part of an estate and the
owner may wish to lease it while waiting for an improved
market to sell it or keep it for his or her own retirement
5. The owner was transferred to another city ,but wishes
to retain the house and re-occupy it upon return
8. Factors for Indi- 1. What is the market rent of the property.
vidual Owners to 2. Which type of tenant is most appropriate for the prop-
consider erty
3. What is the duration of the tenancy
4. Will the residence be leased, unfurnished, partially
furnished or fully furnished
9. Management of Board of Directors is responsible for the control, manage-
Condominium ment and administration of the complex.
10. Duties of Board 1. Appoint Auditors, enter into property management
of Directors agreements and supervise the affairs of the commission
2. Approve an annual operating budget for anticipated
.e.g. landscaping. exterior painting, expenses
3. Allocate funds to the reserve funds for major common
areas repairs and replacement
4. Enter into contracts for management, provision of other
services, leasing of common elements or the provision of
recreational or other facilities.
11. Property Manag- 1. Occupant Duties
er Duties in a 2. Building/complex Duties
Condominium
12. Duties of the 1. Prepare the Annual Ops Budget
Property 2. Paying Common Area Expenses
Manager(Build- 3. Submitting monthly operating statements
4. Maintaining/repairing common property, negotiate con-
, Practice of Property Management- Real Estate Council of Alberta Exam
ing/Complex tracts, reviewing capital costs
Duties) 5. Purchasing/renewing adequate Insurance coverage
and process claims
6.Maintaince of landscaping, de-icing etc
7. Provide notice of annual meeting to condominium build-
ing owners
8. Attend Board of Director meetings, take minutes, pre-
sent reports and advising the Board as necessary.
9. Collecting Condominium fees from unit owners.
13. Condominium A common expense account
Fee is paid into
14. Each Condomini- This is based on the size of the unit compared to the size
um unit is allo- of the total complex. This percentage interest is specified
cated a propor- in the condominium plan
tionate share of
the common area
expenses
15. The money nec- Collected by the corporation from the condominium fees
essary for the es- or by special assessment of the unit owners
tablishment and
maintenance of a
reserve fund is :
16. Condominium within 2 years of registration and following that must un-
corporations dertake a Reserve Fund study every 5 years.
must have a
reserve fund
study done
17. The method for Condominium Property Act Regulation.
determining the
Reserve Fund is
set out in the:
18. The Reserve The Reserve Fund Report
Fund Study
gives rise to
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