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RE Property Management MC Exam Questions with Correct Solutions Graded A+
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RE Property Management MC Exam Questions with Correct Solutions Graded A+
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RE PropertyManagement MC
Exam Questions
with Correct
Solutions Graded
Denning [Date] [Course title]
,BOMA:
CAI:
ICSC:
IREM:
NAA:
NAIOP:
SIOR:
TAA:
ULI: - Answer: Building Owners and Managers Association
Community Associations Institute
International Council of Shopping Centers
Institute of Real Estate Management
National Apartment Association
National Association of Industrial Office Parks
Society of Industrial and Office REALTORS®
Texas Apartment Association
Urban Land Institute (non-profit)
Person's whose job is to maximize the owner's return on investment by creating an effective marketing
campaign, establish rent rates, manage tenant relations, budget capital expenditures, manage risks. -
Answer: CPM- Certified Property Manager
,The primary functions of a property manager are: - Answer: Accomplish the owner's objectives
Maintain the physical integrity of the property
Develop a plan for building adequate reserves for replacement
Establish a budget and maintain fiscal control
Candidates for a CPM certification must meet the criteria established by: - Answer: IREM - Institute of
Real Estate Management
Which organization initiates research that anticipates emerging land use trends and issues, proposing
creative solutions based on that research. - Answer: ULI - Urban Land Institute
Which organization has the Accredited Resident Manager designation? - Answer: IREM - Institute of
Real Estate Management
For how much time must a person be a candidate to get a CPM? - Answer: At least a year
Which organization would you turn to in order to obtain rental forms for Texas apartment housing? -
Answer: TAA- Texas Apartment Association
The NAA is an advocate for _______________ - Answer: Quality rental housing
Which organization focuses on the shopping center industry? - Answer: ICSC - International Council of
Shopping Centers
Advisory Services Specialists, Executive Specialists, Industrial Specialists, Office Specialists, and Sales
Management Specialists would be members of _______ - Answer: SIOR - Society of Industrial and
Office REALTORS
Which of the following is not a requirement for a Certified Leasing Specialist Designation?
, passing a written exam
5 years experience in shopping center management
continuing education fulfillment
4 out of the past 6 years as a leasing specialist - Answer: 5 years experience in shopping center
management
Which of the following is not a required course in order to obtain the designation of Real Property
Administrator (RPA) from the Building Owners and Managers Institute (BOMI)?
Environmental Health and Safety Issues
Real Estate Investment and Finance
Law and Risk Management - Answer: Law and Risk Management
In order to obtain RPA, the candidate must complete 7 required courses
What is the purpose of the capital reserve? - Answer: To provide funds for deferred maintenance
If there is a person who works for both the property owner and the property manager, what document
defines whose employee the person is? - Answer: The management agreement
What is included in the calculation of cash flow? - Answer: Mortgage Payments
Operating expenses
Capital expenditures
What should a landlord do if it becomes necessary to reduce rent to fill vacancies? - Answer: Reduce
the length of lease terms
Lowering rent helps to fill vacancies, but to protect against a change in the market that would support
higher rent, the owner should provide shorter-term leases so the owner is not locked into the lower rent
for a long period.
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