REM 300 Final exam 2024/2025 with 100% correct answers
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Course
REM 300 Fin
Institution
REM 300 Fin
Highest and Best Use correct answersThe use of a property found to be (1) legally permissible, (2) physically possible, (3) financially feasible, and (4) maximally productive.
Substitution correct answersBuyers won't pay more for one house if they can get a reasonably similar substitute for less...
Highest and Best Use correct answersThe use of a property found to be (1) legally permissible, (2)
physically possible, (3) financially feasible, and (4) maximally productive.
Substitution correct answersBuyers won't pay more for one house if they can get a reasonably similar
substitute for less money
Property Management correct answersStrategic management of an asset or portfolio of assets
Operations Management correct answerstechnical management of an asset or portfolio of assets-
Emphasis on immediacy, project management and equipment performance
Client Relationship Management (CRM) correct answersA strategy for managing an organization's
relationships and interactions with customers and potential customers. The goal is to improve business
relationships.
Tenant Sophistication correct answersAs tenants became more knowledgeable about the workings of
their buildings, PMs had to understand customer service and operations
Tenant Engagement correct answersTenants have become more engaged in their space selection process
and their actual experience as building occupants. Tenants expect to have an ongoing dialogue about
their expectations with the PM team. For example, green credentials, carbon footprint analysis
common areas correct answersAreas used by all tenants for which landlord is responsible
Office parks correct answersAn area of land in which many office buildings are grouped together
Natural Vacancy Rates (NVRS) correct answersThe vacancy rate at which rents are stable, that is if
vacancy rates drop below the NVR we would expect rents to start rising while a vacancy rate above the
NVR would put downward pressure on rents.
, Factors affecting the Demand Elasticity in a market correct answers1. Location preference
2. Search cost for new space
Two components of supply elasticity correct answers1. Ease and speed with which stock can be added to
the market
2. The willingness of landlords to move on rent
Types of Landlords correct answersIndividual investors
Developers
Syndication
REIT
Government
Professional fee management companies correct answersOwners hire a firm to do their
propertymanagement functions
In-house management correct answersLarger firms (banks, developers, large investors)have property
managers on staff
Property Management Agreement correct answersAn agency contract between the owner of income
property and a management firm or an individual property manager that outlines the scope of the
manager's authority.
Inelastic
Prices not so important - location performance is high correct answersLow NVR (Demand)
Elastic
Prices is important - location performance is low correct answersHigh NVR (Demand)
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