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Real Estate: Project Management (Class 3) - Chapter 1 Questions And Answers With Verified Solutions 100% Correct Latest Updated 2024 $14.99   Add to cart
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Real Estate: Project Management (Class 3) - Chapter 1 Questions And Answers With Verified Solutions 100% Correct Latest Updated 2024
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Real Estate: Project Management (Class 3) - Chapter 1 Questions And Answers With Verified Solutions 100% Correct Latest Updated 2024

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  • November 20, 2024
  • 16
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • real estate project management class 3 chapte
  • how did the 1930s depression era affect property m
  • briefly explain an individual property manager
  • give three examples of residential properties

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  • Certified Professional Property Specialist
  • Certified Professional Property Specialist

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Real Estate: Project Management (Class
3) - Chapter 1 Questions And Answers
With Verified Solutions 100% Correct
Latest Updated 2024
How did the 1930s depression era affect property management? - ANSWER✔✔
Business failures and real estate foreclosures put much of the nation's real estate in
the hands of mortgage lenders who did not have the skills or experience to manage
the properties.

Briefly explain an individual property manager. - ANSWER✔✔ An individual
property manager is usually a real estate broker who manages properties for one
owner or a number of owners and typically works directly with the property
owner(s) to prepare management plans, to consult about major decisions, and to
provide operating and financial reports.

List five specializations in property management. - ANSWER✔✔ Leasing agents,
corporate property managers, asset management services, concierge services, and
technology experts.

Briefly explain what an asset manager does. - ANSWER✔✔ An asset manager
deals with several large properties and handles the financial performance of the
property, studies local markets, and compares individual properties with other
similar properties. He/she plans and directs the purchase, development, and
disposition of real estate on behalf of the investors.

List five types of properties that fall under special purpose properties. -
ANSWER✔✔ Theaters, motels, hospitals, schools, churches

Give three examples of residential properties. - ANSWER✔✔ Single family
homes, apartment buildings, mobile home parks

List four examples of retail properties. - ANSWER✔✔ Shopping centers, strip
malls, stand-alone stores, regional malls

What is the most commonly professionally managed property type in the U.S.? -
ANSWER✔✔ Residential

,Give three examples of situations where a single-family home might need a
professional manager. - ANSWER✔✔ When the home was purchased as rental
property, when there is an absentee owner, when the home if for short-term rentals,
when the property is in probate or foreclosure

Which type of property is more time intensive for property managers than other
commercial properties? - ANSWER✔✔ Office buildings

What are some expectations office building owners have of property managers? -
ANSWER✔✔ Preparation and monitoring of the budget, collecting rent,
overseeing any tenant construction, and general tenant issues.

Why is professional property management critical for retail centers? -
ANSWER✔✔ It is critical because of the size of the center and it's diverse tenant
mix.

Which property type involves the least intensive property management than almost
any other property type? - ANSWER✔✔ Industrial

What is the common element of all special purpose properties, and who typically
manages these properties? - ANSWER✔✔ The common element is that the
activity in the buildings is a special business or organizational undertaking that
dictates the design and operation of the buildings themselves.

Briefly explain the main reason(s) why owners employ property managers. -
ANSWER✔✔ The management duties become too burdensome and take up too
much of the owner's time.

List the financial benefits to hiring property managers. - ANSWER✔✔ Life of the
property is extended due to property manager handling maintenance and
repairs.Property managers may be more willing to increase rents.The vacancy rate
is reduced.Damages are reduced and covered by security damage bonds set up by
property managers.Property managers are in a position to obtain discounts for bulk
purchases.

, What are the three main things that employing a property manager does for an
owner? - ANSWER✔✔ Reduces expenses, adds to the financial bottom line, and
increases value of the property

What is the property manager's primary role? - ANSWER✔✔ To accomplish the
owners goal(s)

Why does the manager need to know the owner's primary objective? -
ANSWER✔✔ To determine how the property will be managed

What is the property manager's primary role in an institutional property? -
ANSWER✔✔ To ensure the property meets the owner's needs

What are the determining factors of a property manager's role? - ANSWER✔✔
Type and size of property and the owner's goals

What two duties are inherent in the property manager's role? - ANSWER✔✔
Administrator for the owner and advocate for the tenant

List five specific duties of a property manager. (Additional answers are found on
page #31.) - ANSWER✔✔ Marketing the space by advertising and screening
applicants to help secure the ideal tenants. Setting and collecting rents Staying
knowledgeable and updated on applicable laws Monitoring income and expenses
Managing risks

List five duties specific to an office building manager. (Additional answers are
found on page #32.) - ANSWER✔✔ Negotiate contracts for all building services.
Maintain an office either onsite or remotely where records are kept. Oversee
construction. Provide security services. Provide administrative support

List five duties specific to a shopping center manager. - ANSWER✔✔ Trash
pickup, parking lot maintenance, maintaining common areas, maintaining exterior
of building, paying property taxes

List five exemptions for California's requirement that property managers hold a
California real estate broker's license. - ANSWER✔✔ Performing real estate
broker acts without compensation. Property owners who manage their own
property. Acts performed by employees of a broker that are also supervised by the

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