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PRACTICE OF PROPERTY MANAGEMENT ()- REAL ESTATE COUNCIL OF ALBERTA EXAM
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PRACTICE OF PROPERTY MANAGEMENT ()- REAL ESTATE COUNCIL OF ALBERTA EXAM
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PRACTICE OF PROPERTY MANAGEMENT (2024-2025)-REAL ESTATE COUNCIL OF ALBERTA EXAM
Which principle makes the property manager liable for the
actions of its employees - <<,Answerrs>>>>The principal of
vicarious liability
Types of Insurable Losses - <<,Answerrs>>>>1. Property
Damage
2. Personal Injury
3. Financial Loss
Fire Protection can be categorized into two -
<<,Answerrs>>>>1. Active Protection
2. Passive Protection
In Alberta, Land use planning is governed by two statutes -
<<,Answerrs>>>>The Public Lands Act and the Municipal
Government Act.
The public lands act governs - <<,Answerrs>>>>The
administration, use and allocation of provincially owned lands
Alberta is divided into three types of municipalities -
<<,Answerrs>>>>!. Urban
2. Rural
3. Specialized
,PRACTICE OF PROPERTY MANAGEMENT (2024-2025)-
REAL ESTATE COUNCIL OF ALBERTA EXAM
In Alberta real property is taxed based on the ad valorem
principle - <<,Answerrs>>>>meaning according to value
Assesment - <<,Answerrs>>>>Is the process of determining a
property tax value for taxation
Taxation - <<,Answerrs>>>>Is the process of applying a tax
rate to a property's assessed value to determine how much a
property owner will pay.
The statistics used by a property assessor is to determine an
assessment are - <<,Answerrs>>>>An historical range of
values gathered from sales data of similar properties .
Approaches used by an assessor to determine the value of the
subject property - <<,Answerrs>>>>1. Direct sales approach
compares sales prices of similar properties.
2. Cost approach compares cost of new, nearly new or unique
properties
3. Income approach is used to assess income producing
properties.
What is valuation date - <<,Answerrs>>>>The date
assessment values are based to ensure that all properties
within a municipality are valued of the same date... July 1st
, PRACTICE OF PROPERTY MANAGEMENT (2024-2025)-
REAL ESTATE COUNCIL OF ALBERTA EXAM
The condition date - <<,Answerrs>>>>is the date the
condition of a property is recorded for property assessment
purposes. Dec 1
Assessment class is assigned to each property -
<<,Answerrs>>>>which depends on the property's use
Assessment Class - <<,Answerrs>>>>Class 1 -residential.
Class 2- Non -Residential
Class 3 - Farm land
Class 4- Machinery and equipment
Functions of Accounting System - <<,Answerrs>>>>1.
Record
2. Classify
3. Summarize
4. Communicate
5. Interpret
Developing accounting information in conformity with
generally accepted accounting principles is called -
<<,Answerrs>>>>Financial Accounting.
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