BOMI - Asset Management Exam 2024 | BOMI
Asset Management Exam Update 2024
Questions and Correct Answers Rated A+
To garner more from the sale of the property, the asset manager is
recommending to the owner that that he improve the property's urban
appeal. The owner can accomplish this by doing all of the following
except.
A. Upgrade the landscape areas
B. Ensure the lighting works
C. Repaint the building
D. Improve signage -ANSWER-B. Ensure the lighting works
Triana prefers the accrual basis accounting approach because it has
many advantages over other approaches. These advantages include
all of the following except:
A. Is the simplest of the various accounting approaches
B. Allows consistent performance figures between accounting periods
C. Prevents large swings in net proceeds
D. Avoid anomalies found with cash basis accounting -ANSWER-A. Is
the simplest of the various accounting approaches
Greg is developing an asset management plan. The primary purpose
of such a plan is to:
A. Implement the owners objectives in the property management
B. Realize an immediate positive return on investment
C. Comply with all government regulations
D. Maintain the organizations market position and revenue stream -
ANSWER-A. Implement the owners objectives in property
management
,Mark manages a property with $850,603 in gross potential income,
$45,018 in operating expenses and a $72,000 vacancy loss. What is
the NOI?
A. $733,585
B. $778,603
C. $805,585
D. $877,585 -ANSWER-A. $733,585
Elwood is considering a particular building for investment purposes.
Since the building is 15 years old, it can be considered:
A. Class A building only
B. Class B building only
C. Either a class A or class B building
D. Neither a class A or class B building -ANSWER-C. either a class A
or class B building
Overall, it is best if Barbara, an asset manager, receives her
comprehensive reporting package:
A. Weekly
B. Monthly
C. Quarterly
D. Annually -ANSWER-B. Monthly
Because of severe financial setbacks, Cesar has had his company's
property foreclosed upon, The very first step in this foreclosure
procedure is:
A. The deed being cleared of all junior liens
B. The lender assigning rents to itself
C. A notice of default being sent to the recorders office
D. A notice of default being given to the borrower -ANSWER-D. A
notice of default being given to the borrower
,Jurgen will be selling his property as-is, This means that he makes no
warranties or representation about the ____________ of the property.
A. Condition
B. Habitability
C. Potential use
D. All of the above -ANSWER-D. All of the above
If Harvey is to establish the date, location, and subject of an audit, he
would need to:
A. Send a pre-audit letter
B. Conduct a pre-audit interview
C. Conduct an exit interview
D. Send an audit response letter -ANSWER-A. Send a pre-audit letter
Donald is examining the factors that affect, either positive or negative,
the value of the property created by leasing. These factors include all
of the following except?
A. Co-tenancy clauses
B. Go-green clauses
C. Ownership objectives
D. Creditworthiness of tenants -ANSWER-B. Go-green clauses
Janelle is a tenant representative. As such, she owes a fiduciary
responsibility to:
A. The owner only
B. The tenant only
C. Both the owner and the tenant
D. Neither the owner nor the tenant -ANSWER-B. The tenant only
Jeanine wants a loan characterized by having an interest rate at a set
level. This is a _________ loan.
A. Fixed-rate
, B. Variable-rate
C. Tax-exempt
D. Wraparound -ANSWER-A. Fixed-rate
Magda has a 12,000 sq ft property with a current value of $2,400,000
and a net operating income of $180,000. What is its yield?
A. 0.06
B. 0.065
C. 0.07
D. 0.075 -ANSWER-D. O.075
Albert is at the last step in the ownership cycle of investment real
estate, which is:
A. Managing the acquisition
B. overseeing property disposition
C. Enhancing the value of the property
D. Developing the asset plan -ANSWER-B. Overseeing property
disposition
Glenna wants to buy the property at the lowest possible price. She
knows there are many factors, besides location, that affect price.
Which of the following is not one of those quantifiable factors?
A. Taxes
B. Reputation
C. Interior condition
D. Operational costs and expenses -ANSWER-B. Reputation
Don, an asset manager, is selecting a property manager to mange his
investment real estate. He must consider several factors when making
his decision. Which of the following would likely not be one of the
factors he should consider?
A. Holding period
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