Real Estate Practice Chapter 15 Question and answers 100% correct 2024/2025
4 views 0 purchase
Course
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
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.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller flyhigher329. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.49. You're not tied to anything after your purchase.
