Property Management Mock Exam Question and answers correctly solved 2024/2025
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Course
Property management
Institution
Property Management
Property Management Mock Exam Question and answers correctly solved 2024/2025 Property Management Mock Exam #4
The demand for professional property management around the end of the nineteenth century resulted primarily from - correct answer the invention of the high-speed elevator---Also stee...
Property Management Mock Exam #4
The demand for professional property management around the end of the
nineteenth century resulted primarily from - correct answer ✔the invention of
the high-speed elevator---Also steel framed buildings, development of
suburban areas and investment opportunities.
What organization awards the designation Certified Property Manager (CPM)?
- correct answer ✔Institute of Real Estate Management (IREM)---IREM
offers opportunities for property managers to share ideas and programs to
instruct those coming into the business. They are an affiliate group of NAR
Which of the following BEST defines real property? - correct answer ✔Land,
including its subsurface and airspace above and all improvements---Land
from subsurface rights (oil, gas, mineral) to air rights above plus all man made
improvements (buildings, streets, sewers) equals real property
Two principal categories of commercial real estate are office property and -
correct answer ✔retail property---Both are income producing properties.
Warehouse properties would be part of industrial.
A major contributing factor to the decline of centralized commercial districts
was the - correct answer ✔development of suburban areas.---With the
expansion of transportation the population shifted to the suburbs. As a result
suburban shopping centers were built away from the city.
Along with knowledge, experience, and expertise, the property manager must
have which of the following personal characteristics? - correct answer
✔Honesty and integrity---Honesty and integrity to do the right thing
, Housing prices have greatly increased in some parts of the country. What are
the consequences if people cannot afford to buy their housing? - correct
answer ✔Greater demand for rental properties---This would cause many to
not qualify for financing creating the need to rent.
In a marketing analysis, the specific goal of a property manager is to identify
major economic trends and the - correct answer ✔effect on the value of the
specific property at the manager's particular market level---A market analysis
incorporates information about the region and local area where the property is
located.
Which of the following is a major part of a neighborhood analysis? - correct
answer ✔Boundaries and land use---Also included would be building codes,
transportation, utilities, economy, supply and demand, amenities and facilities
When there are more units available than tenants, it is referred to as - correct
answer ✔technical oversupply---Available rent space exceeds tenant
demand.
The property manager has just taken over a new property. What is the point of
reading all of the leases? - correct answer ✔Identify the amount and
durability of the rental income---The manager would figure how sustainable
the rental income would be.
What is the final step when completing a management plan? - correct answer
✔Identify and analyze the owner's goals---The manager would analyze the
data and verify if it will support the owner's goals.
What type of relationship do colleges, large corporations, and private
institutions that require the services of a property manager for their properties
prefer? - correct answer ✔Employer-employee relationship---These special
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