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Professional Property Management Part 1 Questions And Answers With Verified Solutions 100% Correct!!!
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Professional Property Management Part 1 Questions And Answers With Verified Solutions 100% Correct!!!

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  • November 19, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • milking a property
  • professional property management part 1 questions
  • roles of property management
  • manager as facilitator of owners interests

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  • Certified Professional Property Specialist
  • Certified Professional Property Specialist

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Professional Property Management Part
1 Questions And Answers With Verified
Solutions 100% Correct!!!
Roles of Property Management - ANSWER✔✔ 1. Economist. 2. involved in the
community. 3. facilitator of owners interests. 4. Versatility 5. Specialization 6.
Non-standardized titles


Manager as facilitator of owner's interests - ANSWER✔✔ • achieve the objectives
of the property owners;
• generate income for the owners; and
• preserve/increase the value of the investment property.


Milking a property - ANSWER✔✔ Even if not actually expressed or even tacitly
admitted, it occurs when an owner demands frequent payments of accumulated
cash; refuses to make any repairs except those absolutely necessary to keep the
property operating; and pays bills, and even taxes, at the last possible minute.


Slumdogs - ANSWER✔✔ owner that will direct a property manager to operate a
property in a manner that extracts every possible dollar from the property without
putting any money back into it.


When owner is a Slumdog - ANSWER✔✔ the property manager should document
the owner's direction with a confirming letter. The property manager should
consider whether to continue managing the property under policies that may be
illegal and would appear to doom the project to financial failure.


Versatility - ANSWER✔✔ a property manager may be called on to act as a market
analyst, advertising executive, salesperson, accountant, diplomat, or even
maintenance engineer

, Classification of real property - ANSWER✔✔ • Residential
• Commercial
• Industrial
• Special-purpose


Residential Real Property - ANSWER✔✔ is the largest source of demand for the
services of professional property managers. Consists of:
- Single-family homes
- Manufactured home parks
- Multifamily residences
-Facilities for the aging


Commercial Real Property - ANSWER✔✔ is generally considered to be a "public
accommodation"—a private entity that provides goods, services, facilities, or
accommodations to the public. Consists of :
- Office Property
- Retail Property
- Research Parks


Industrial Real Property - ANSWER✔✔ includes all land and facilities that
convert raw materials into finished products. Activities involve the production,
storage, and distribution of goods. Consists of:
-Heavy manufacturing
- Light manufacturing
- Industrial parks
- Loft buildings

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