Chapter 17 Questions with complete solution 2024/2025
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Module
Property management
Institution
Property Management
Chapter 17 Questions with complete solution 2024/2025 Chapter 15 - Property Management And Leasing
Institute of Real Estate Management (IREM) - correct answer Formed by 100 companies, in 1933, under the National Association of Realtors to improve the professional standards of property manager...
Chapter 15 - Property Management And
Leasing
Institute of Real Estate Management (IREM) - correct answer ✔Formed by
100 companies, in 1933, under the National Association of Realtors to
improve the professional standards of property managers.
Certified Property Manager (CPM) - correct answer ✔Certified individual
managers rather than the companies that employed them to deal with the lax
standards set by IREM.
Accredited Management Organization (AMO) - correct answer ✔Designation
given by IREM to a company.
- Needs to have at least one CPM in charge.
- Have property management as primary activity.
- Follow minimum standards and the rules of IREM.
- Renew accreditation yearly.
Licensee/Property Manager - correct answer ✔A licensee of a real estate
office or agency that manages a number of properties for various owners. May
be full time in management, self-employed as a managing agent, or may be
, one of several managers in the management department of a large real estate
company.
Persons working under the direct supervision of a licensed property manager
need not be licensed to show property, accept preprinted rental applications,
provide information on rental terms, and accept signed leases and deposits.
Individual Property Manager - correct answer ✔An individual property
manager manages a single property for the owner and may or may not
possess a real estate licesnse. This person susually is employed on a straight
salary basis.
Resident Manager (If you have 16 or more units, you need a resident
manager who is a "responsible person.") (Mobile home parks having more
than 50 units must have a resident manager.) - correct answer ✔Lives on the
property and may be employed by the owner or by a managing agent. Does
not require a RE license. Usually qualified for this assigned by previous
management experience or by special training. Personality is critical to
success; specifically, the manager should exhibit the following:
- The merchandising ability to contract, show and close the rental of a unit.
- A high degree of self-confidence and willingness to take charge.
- Accuracy in handling money, checks, bank deposits, and other bookkeeping
duties.
- Awareness of and sensitivity to the events occurring on and around the
property.
- Orderliness and legibility in keeping records meticulousness in filing,
cataloging, and making reports.
- Computer skills, such as the ability to access and interpret data.
- The ability to select residents on the basis of economic capability and credit
references.
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