Chapter 17 Questions with complete solution 2024/2025
0 view 0 purchase
Course
Property management
Institution
Property Management
Chapter 17 Questions with complete solution 2024/2025 Chapter 15 - Property Management And Leasing
Institute of Real Estate Management (IREM) - correct answer Formed by 100 companies, in 1933, under the National Association of Realtors to improve the professional standards of property manager...
Chapter 15 - Property Management And
Leasing
Institute of Real Estate Management (IREM) - correct answer ✔Formed by
100 companies, in 1933, under the National Association of Realtors to
improve the professional standards of property managers.
Certified Property Manager (CPM) - correct answer ✔Certified individual
managers rather than the companies that employed them to deal with the lax
standards set by IREM.
Accredited Management Organization (AMO) - correct answer ✔Designation
given by IREM to a company.
- Needs to have at least one CPM in charge.
- Have property management as primary activity.
- Follow minimum standards and the rules of IREM.
- Renew accreditation yearly.
Licensee/Property Manager - correct answer ✔A licensee of a real estate
office or agency that manages a number of properties for various owners. May
be full time in management, self-employed as a managing agent, or may be
, one of several managers in the management department of a large real estate
company.
Persons working under the direct supervision of a licensed property manager
need not be licensed to show property, accept preprinted rental applications,
provide information on rental terms, and accept signed leases and deposits.
Individual Property Manager - correct answer ✔An individual property
manager manages a single property for the owner and may or may not
possess a real estate licesnse. This person susually is employed on a straight
salary basis.
Resident Manager (If you have 16 or more units, you need a resident
manager who is a "responsible person.") (Mobile home parks having more
than 50 units must have a resident manager.) - correct answer ✔Lives on the
property and may be employed by the owner or by a managing agent. Does
not require a RE license. Usually qualified for this assigned by previous
management experience or by special training. Personality is critical to
success; specifically, the manager should exhibit the following:
- The merchandising ability to contract, show and close the rental of a unit.
- A high degree of self-confidence and willingness to take charge.
- Accuracy in handling money, checks, bank deposits, and other bookkeeping
duties.
- Awareness of and sensitivity to the events occurring on and around the
property.
- Orderliness and legibility in keeping records meticulousness in filing,
cataloging, and making reports.
- Computer skills, such as the ability to access and interpret data.
- The ability to select residents on the basis of economic capability and credit
references.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller flyhigher329. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
