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

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Document information

  • November 19, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • property management exam 1 questions and answers w
  • what is the goal of the resident manager
  • what is the main obligation of a resident manage
  • what is the key to success for a resident manager

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  • Certified Professional Property Specialist
  • Certified Professional Property Specialist

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Property Management Exam 1 Questions
And Answers With Verified Solutions
100% Correct!!!
What is the goal of the resident manager?
 Answer: The goal of the resident manager is to increase the property's net
operating income (NOI) by efficiently managing daily operations, reducing
costs, and maximizing occupancy.
2. What is the main obligation of a resident manager?
 Answer: The resident manager is responsible for providing a high-quality
living environment for residents, preserving the property’s value, and
ensuring profitability for the property owner.
3. What is the key to success for a resident manager?
 Answer: The key to success is effective teamwork and collaboration with
the on-site staff, which helps in maintaining smooth operations and
achieving the property’s financial goals.
4. What are some common site-based positions in property management?
 Answer: Common site-based positions include leasing professionals,
assistant managers, maintenance staff, housekeeping, concierge, and
seasonal or part-time workers.
5. What are the primary responsibilities of a resident manager?
 Answer: The resident manager is responsible for:
o Maintaining the property and ensuring it is safe and operational.
o Managing the staff, including hiring, training, and supervising.
o Managing occupancy, including lease renewals and addressing
vacancies.
o Providing excellent customer service to residents.
o Marketing the property to attract new tenants.
o Risk management, ensuring compliance with safety and legal
regulations.
6. What are the administrative duties of a resident manager?
 Answer: Administrative duties include:
o Maintaining records and accounts (rent collection, bills, financial
reports).
o Preparing budgets, ensuring timely payments, and creating
operational manuals.
o Handling move-ins and move-outs, issuing notices, and processing
evictions when necessary.
o Upgrading security and safety measures on-site.

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