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Ch1: The Professional Property Manager Questions And Answers With Verified Solutions Already Passed!!!
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Ch1: The Professional Property Manager Questions And Answers With Verified Solutions Already Passed!!!

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Document information

  • November 19, 2024
  • 9
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • resident site manager
  • ch1 the professional property manager questions a
  • individual property manager
  • individual building manager

Written for

  • Certified Professional Property Specialist
  • Certified Professional Property Specialist

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Ch1: The Professional Property Manager
Questions And Answers With Verified
Solutions Already Passed!!!
individual property manager - ANSWER✔✔ - usually a real estate broker who
manages properties for one owner or a number of owners
- typically works directly with the property owners to:
1. prepare management plans
2. consult about major decisions
3. provide operating and financing reports

resident / site manager - ANSWER✔✔ - lives on the property and may be
employed by a real estate broker, managing agent, or owner
- responsible for day to day tasks
- typically NOT involved in long-term planning/decision making
- may or may not be licensed

individual building manager - ANSWER✔✔ - usually manages a single large
property
- may or may not have a real estate license
- may be employed by a property manager or an owner

regional & executive managers - ANSWER✔✔ - usually supervise on-site
managers instead of performing the management functions themselves
- regional manager responsible for handling the management business itself
- executive manager may be the owner or executive officer of a firm

Leasing agents - ANSWER✔✔ - bring together tenants and prospective rental
properties
- can move from property to property on a monthly basis or choose to stay long-
term with a property

corporate property managers - ANSWER✔✔ - create facilities and manage
properties for corporations that invest in real estate
- typically employees of the corporation and NOT independent contractors

asset management services - ANSWER✔✔ - financial management of a number of
investments properties

, - deal with large properties
- study local markets
- compare individual properties with other similar properties in the investor's
portfolio

a real estate *asset manager* acts as the owner's: - ANSWER✔✔ - agent &
advisor for the property
- typically has a say in retention or disposition of property

what does an asset manager focus on? - ANSWER✔✔ - long-term strategic
financial planning, rather than day-to-day operations of the property

what is the main difference between an *asset manager* and a *traditional
property manager*? - ANSWER✔✔ - the asset manager is responsible for
managing the portfolio of properties in the same way as a securities portfolio
would be managed

what 3 things must an asset manager do? - ANSWER✔✔ 1. collect dividends
(rent)
2. review property performance
3. analyze the types of properties invested in or to be invested in

concierge services - ANSWER✔✔ - courier and secretarial services
- cater lunches and arrange conferences
- provide rental services for office equipment
- may also handle personal services (dry cleaning, etc.)

Tech Expert - ANSWER✔✔ - fiber-optics
- telecommunications
- both office and residential

How did the 1930s depression era affect property management? - ANSWER✔✔
Business failures and real estate foreclosures put much of the nation's real estate in
the hands of mortgage lenders who did not have the skills or experience to manage
the properties.

residential properties include: - ANSWER✔✔ - single-family homes
- apartment buildings and condos

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