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Real Estate Practice Chapter 15 Questions And Answers With Verified Solutions 100% Correct!!!
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Real Estate Practice Chapter 15 Questions And Answers With Verified Solutions 100% Correct!!!
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Real Estate Practice Chapter 15Questions And Answers With Verified
Solutions 100% Correct!!!
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). - 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. - 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. - ANSWER✔✔ D) all of the above
Basic responsibilities of a property manager: - 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. - 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. - 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.
(d)All of the above. - ANSWER✔✔ D) all of the above
Among the responsibilities of the manager of an office building is,
(a)merchandising office space.
(b)maintenance.
(c)protection of the premises.
(d)all of the above. - ANSWER✔✔ D) all of the above
An effective security plan applies to
(a)tenants.
(b)employees.
(c)guests.
(d)all of the above. - ANSWER✔✔ D) all of the above
The fees charged for property management are usually
(a)A flat fee and a percentage of gross rents
(b)A percentage of net rent
(c)Flat fee plus expenses
(d)Flat rate - ANSWER✔✔ (A) flat fee and a % of gross rents
The selection and maintenance of an adequate trust fund accounting system is
essential in property management to
(a)guarantee the payment of management fees.
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