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Chapter 1: Professional Property Management: An Overview Questions And Answers With Verified Solutions 100% Correct!!!
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Chapter 1: Professional Property Management: An Overview Questions And Answers With Verified Solutions 100% Correct!!!

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  • November 19, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • Certified Professional Property Specialist
  • Certified Professional Property Specialist

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Chapter 1: Professional Property
Management: An Overview Questions
And Answers With Verified Solutions
100% Correct!!!
Income-producing property - ANSWER✔✔ Investment property that is held not
just for appreciation, but also because it generates rental income


Incidental/interim owners - ANSWER✔✔ Property owners who are responsible
for an investment property only temporarily or incidentally (for instance, because
of a foreclosure or an inheritance). These owners often plan to sell the property as
soon as possible, but need managers in the meantime.


Institutional Property - ANSWER✔✔ A property manager employed by an
institutional owner to manage the property it is occupying


Residential Property - ANSWER✔✔ Property where people reside; it includes
single-family homes, duplexes, apartment buildings, and manufactures/mobile
home parks. Residential property also includes condominiums, cooperatives, and
planned unit developments. Residential real estae is the largest source of demand
for professional property management.


Special-Purpose Property - ANSWER✔✔ Property that does not fit into the
categories of residential, office, retail, or industrial property. Examples of special-
purpose properties include hospitals and nursing homes, schools and colleges,
places of worship, military housing, theaters, hotels and motels, resorts, clubs , and
other recreational facilities.

, Mangement Plan - ANSWER✔✔ A plan that serves as a blueprint for the
property's management; it addresses the financial and operational strategy for
managing a property


Site Manager - ANSWER✔✔ A resident manager in an apartment or other
residential building, or a building manager in an office building. A site manager is
responsible for the day-to-day tasks required to manage a single property,
including leasing, rent collectionn, physical maintenance, and handling tenant
complaints. (also called an on-site manager.)


Asset Manager - ANSWER✔✔ A manager who handles the long-term planning
for a client's property, including evaluating whether the property is serving its
highest and best use and implementing any desired change in the property's use


Institute of Real Estate Management (IREM) - ANSWER✔✔ A professional
association that offers property management courses and conferences, and
publishes a journal of proerty management. It is an affiliate of the National
Associations of REALT'ors, and its member include both residential and
commercial property managers.


Building Owners and Managers Association International (BOMA) -
ANSWER✔✔ The oldest property management group in the US (founded in
1907); it is an organization of local and regional property manaement groups and
associations. BOMA lobbies on behalf of the commercial real estate industry, and
produces a number of industry publications.


National Apartment Association (NAA) - ANSWER✔✔ This organization, created
in 1939, is composed of state and local apartment housing associations. Its
memebers include apartment amangers, developes, builders, and suppliers.

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