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Property Management Questions And Answers With Verified Solutions 100% Correct!!!
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Property Management Questions And Answers With Verified Solutions 100% Correct!!!
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Property Management Questions AndAnswers With Verified Solutions 100%
Correct!!!
When did the professional property management industry begin?
1960s
1930s
1950s
1970s - ANSWER✔✔ 1930s
What is the oldest professional organization of property managers and owners?
NAR
NAPM
BOMA
HUD - ANSWER✔✔ BOMA Building Owners and Managers Association
What professional designations does the Institute of Real Estate Management
(IREM) program offer?
Certified Property Manger (CPM)
Secondary Management Official (SMO)
Property Management Professional (PRP)
Affiliated Management Organization (AMO) - ANSWER✔✔ Certified Property
Manager (CPM)
Hospitals, hotels, restaurants, bars, and schools are examples of which type of
property?
Heavy Industrial
Light Industrial
Special Use
Commercial - ANSWER✔✔ Special Use
How are income properties often categorized?
Economic Use
,Business Use
Service Use
Management use - ANSWER✔✔ economic use
Generally, who hires property managers?
Property owners
Property buyers
Lenders
The Real Estate Commission - ANSWER✔✔ property owners
Why are light Industrial spaces often a good investment in an economy with
changing demands?
They are flexible and can be used for several types of industries
They are considered sunk costs
They are tenant specific
They represent a clean industrial look, which is essential in a changing economy -
ANSWER✔✔ They are flexible and can be used for several types of industries
Which type of manager is involved with the refinancing, or sale of a single owner's
multiple properties?
Resident manager
Individual property manager
Asset manager
Individual building manager - ANSWER✔✔ Asset manager
What must a property manager understand first to help the owner?
Basic economic trends
environmental issues
condition problems
interior design trends - ANSWER✔✔ basic economic trends
What is the order of the business cycle
recession
expansion
, contraction
revival - ANSWER✔✔ expansion
recession
contraction
revival
What will a property manager NOT examine when creating a market analysis
Occupancy rates of comparable local properties
Availability of utilities in the neighborhood
religious practices of the local population
Availability and security of transportation in the neighborhood - ANSWER✔✔
religious practices of the local population
A competent, professional management plan begins with which of the following
things?
Improvement plan
long-term budget
regional and neighborhood analysis
projected rental income - ANSWER✔✔ regional and neighborhood analysis
In which phase is there less of a demand for products, so fewer products are made?
expansion
recession
contraction
revival - ANSWER✔✔ recession
What information is NOT taken into consideration when calculating a property's
anticipated annual revenue?
The property's market sale price
Data on the average duration of leases
vacancy losses
the Property's rent schedules - ANSWER✔✔ property's market sale price
What serves as a blueprint for the direction for the property manager and the basis
for evaluation by the owners?
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