Real Estate Practice Chapter 15 Question and answers 100% correct 2024/2025
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Module
Property management
Institution
Property Management
Real Estate Practice Chapter 15 Question and answers 100% correct 2024/2025 Real Estate Practice Chapter 15
The Institute of Real Estate Management (IREM) certifies individual managers as
(a)Licensed Property Mangers (LPM).
(b)Professional Property Managers (PPM).
(c)Certified Property Mana...
real estate practice chapter 15 question and answe
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Real Estate Practice Chapter 15
The Institute of Real Estate Management (IREM) certifies individual managers
as
(a)Licensed Property Mangers (LPM).
(b)Professional Property Managers (PPM).
(c)Certified Property Managers (CPM).
(d)Certified Apartment Managers (CAM). - correct answer ✔C) certified
property managers (CPM)
State law requires a resident manager for property containing
(a)16 or more units.
(b)10 or more units.
(c)5 or more units.
(d)2 or more units. - correct answer ✔(A) 16 or more units
In addition to the property manager's dual role of an administrator for the
owner and an advocate for the resident, the California Department of Real
Estate requires a property manager to
(a)maintain proper records and make regular reports to the owner.
(b)supervise employees.
(c)create and supervise maintenance schedules and repairs.
(d)all of the above. - correct answer ✔D) all of the above
Basic responsibilities of a property manager: - correct answer ✔1. Marketing
space by advertising and securing desirable tenants
2.Collecting rents
3. Handling tenant complaints and physically caring for the premises
, 4. Purchasing supplies and equipment and paying for repairs
5.Hiring needed employees and maintaining good public relations
6.Keeping proper records and preparing required reports
7. Making recommendations to the owner on matters of improvements,
changes in use and insurance coverage, and operational changes requiring
owner approval
The amount of rent paid after deducting negotiated concessions such as one
month's free rent is called
(a)scheduled rent.
(b)effective rent.
(c)nominal rent.
(d)net rent. - correct answer ✔(B) effective rent
To make certain that rent increases are not in violation of the law, residential
property managers should be familiar with
(a)CC&Rs
(b)neighborhood rental rates.
(c)rent control ordinances.
(d)national rental standards. - correct answer ✔C) rent control ordinances
How would the duties of a condominium property manager differ from those of
a residential property manager?
(a)Condominium property managers don't make policy.
(b)Condominium managers carry out policies as directed by the board of
directors.
(c)Condominium managers must face the politics of the homeowner's
association.
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