Exam (elaborations)
DC PROPERTY MANAGERS EXAMINATION Part 1 QUESTIONS AND ANSWERS
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DC PROPERTY MANAGERS EXAMINATION Part 1 QUESTIONS AND ANSWERS
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DC PROPERTY MANAGERSEXAMINATION Part 1 QUESTIONS AND
ANSWERS
Management Plan.
This describes in detail the subject property's current use along with its physical
condition, fiscal projections, and any operational issues. It also includes an
analysis of the market (both regional and neighborhood), the competing
properties, as well as potential improvements or alternative uses for the subject
property.
MARKET ANALYSIS
This focuses on both a regional and neighborhood evaluation, which includes the
demographic conditions, geographic features, governmental prospective, existing
real estate supply, potential future developments, and tenant/ resident demand.
It is important to focus on how each of these elements impacts the subject
property.
ANALYSIS OF ALTERNATIVE
This looks at theoretical costs and corresponding increase in rents by making
different improvements, even the subject property's redevelopment. This is also
known as determining the property's highest and best use.
, Physical Obsolescence
is characterized as a condition of aging (i.e. wear and tear) or deferred
maintenance. Examples are worn carpets, peeling paint, a leaking roof, or dead
landscaping.
Functional Obsolescence
is characterized by old or outdated designs or building systems. Examples include
equipment that is not repairable because parts or no longer manufactured; single
pane window systems because they waste a large amount of energy; outdated
bathroom fixtures because of changing designs and tastes.
Economic Obsolescence
represents a loss in value due to outside forces (i.e. location, market conditions).
An example would be an office building, located in a small town, where the major
employer closes. This may result in both lower demand and rental rates.
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