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DC Property Managers Study Guide latest updated
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DC Property Managers Study Guide latest updated
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DC Property Managers Study Guidelatest updated
Management Plan - Answer -Assists the owner in meeting their goals while maximizing
the property's value and return. The plan describes in detail the subject property's
current use along with it's physical condition, fiscal projections, and operational issues
(includes an analysis of the market regional & neighborhood).
Organizational and educational programs available to assist in enhancing the property
manager's knowledge, identifying resources to resolve issues, and expanding their
business network. - Answer -Institute of Real Estate Management (IREM), National
Association of Realtors (NAR), Greater Capital Area Association of Realtors (GCARR),
building Owners & Managers Association (BOMA), National Association of Real Estate
Brokers, International Council of Shopping Centers (ICSC), and National Property
Management Association.
Market Analysis - Answer -Focuses on regional and neighborhood evaluations. Includes
demographic conditions, geographic features, governmental prospective, existing real
estate supply, future developments, and tenant/resident demand
Market Analysis & Competitive Property Analysis helps to..... - Answer -Identify the
subject property's strengths and weaknesses
The Highest & Best Use - Answer -When the property manager considers alternatives
to improve the property's weaknesses or further enhance its strengths to improve
overall economic performance.
Analysis of Alternative - Answer -Looks at the theoretical costs and corresponding
increase in rents by making different improvements, even property's redevelopment.
When determining the best use of property, alternatives to consider are......... - Answer -
Rehabilitate without altering its existing use, Modernize by updating finishes (more
efficient equipment), Change the Use of building (including conversion), or Conversion
to a condominium m ownership structure.
Capital Expenditures - Answer -Projects that help extend the property's life.
, Physical Obsolescene - Answer -is characterized as a condition of aging (i.e. wear &
tear) or deferred maintenance. Examples are worn carpet, peeling paint, a leaking roof,
or dead landscaping
Functional Obsolescene - Answer -is characterized by old or outdated designs or
building systems.
Economic Obsolesence - Answer -Represents a loss in value due to outside forces (i.e.
location, market conditions). Examples would be an office building, locates in a small
town, where the major employer closes.
Investment Value - Answer -A value generally used by investors
Assessed Value - Answer -The value used by government tax assessment offices
Market Value - Answer -The value that is agreed to between a buyer & seller
Rules of Ethics for Property Manager - Answer -Loyalty to client, confidentiality,
accurate accounting & reporting, protection of owner's funds, conflicts of interest, and
compliance with law regulations.
An owner can be directly affected by manager's..... - Answer -Improper handling of
evictions, unlawful rent collections, failure to return security deposits, not maintaining
proper compliance with the Rental Accommodations Division (RAD)
The Management Agreement - Answer -is a formal and binding contract that establishes
the authority and responsibilities that a manager has on behalf of the owner.
Name of the owner & manager, term of agreement, describes the property, describes
services provided by manager, identifies who collects rental payments, identifies whose
name all service contracts are to be made, when funds are disbursed, whose
employees work at the property, bank accounts, fidelity bonds, identifies building
licenses, insurance requirements/ who secures policies, and management fees
compensation - Answer -Some provisions outlined in the Management Agreement
include:
Reasons for termination of Management Agreement - Answer -Sale or transfer of the
property, improper financial reporting, stealing funds, negligence, taking kickbacks or
benefiting directly from discounts from vendors, commingling funds.
Comparison Analysis - Answer -Helps determine if the subject property's rental rates
are appropriate for the market.
A Comparison Analysis should include: - Answer -Locational advantages/Accessibility,
Curb Appeal, Interior conditions, quality of finishes, Amenities, Rents per square foot,
Operating expenses per square foot
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