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Chapter 15 - Property Management And Leasing Questions And Answers With Verified Solutions 100% Correct!!!
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Chapter 15 - Property Management And Leasing Questions And Answers With Verified Solutions 100% Correct!!!

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  • November 20, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • chapter 15 property management and leasing quest
  • institute of real estate management irem
  • certified property manager cpm
  • accredited residential manager arm
  • accredited management organization amo

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  • Certified Professional Property Specialist
  • Certified Professional Property Specialist

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Chapter 15 - Property Management And
Leasing Questions And Answers With
Verified Solutions 100% Correct!!!
Institute of Real Estate Management (IREM) - ANSWER✔✔ Formed by 100
companies, in 1933, under the National Association of Realtors to improve the
professional standards of property managers.

Certified Property Manager (CPM) - ANSWER✔✔ Certified individual managers
rather than the companies that employed them to deal with the lax standards set by
IREM.

Accredited Residential Manager (ARM) - ANSWER✔✔ Residential property
manager designation.

Accredited Management Organization (AMO) - ANSWER✔✔ Designation given
by IREM to a company.
- Needs to have at least one CPM in charge.
- Have property management as primary activity.
- Follow minimum standards and the rules of IREM.
- Renew accreditation yearly.

3 Basic Kinds of Managers - ANSWER✔✔ Licensee/Property Managers
Individual Property Managers
Resident Managers

Licensee/Property Manager - ANSWER✔✔ A licensee of a real estate office or
agency that manages a number of properties for various owners. May be full time
in management, self-employed as a managing agent, or may be one of several
managers in the management department of a large real estate company.

Persons working under the direct supervision of a licensed property manager need
not be licensed to show property, accept preprinted rental applications, provide
information on rental terms, and accept signed leases and deposits.

Individual Property Manager - ANSWER✔✔ An individual property manager
manages a single property for the owner and may or may not possess a real estate
licesnse. This person susually is employed on a straight salary basis.

, Resident Manager (If you have 16 or more units, you need a resident manager who
is a "responsible person.") (Mobile home parks having more than 50 units must
have a resident manager.) - ANSWER✔✔ Lives on the property and may be
employed by the owner or by a managing agent. Does not require a RE license.
Usually qualified for this assigned by previous management experience or by
special training. Personality is critical to success; specifically, the manager should
exhibit the following:

- The merchandising ability to contract, show and close the rental of a unit.
- A high degree of self-confidence and willingness to take charge.
- Accuracy in handling money, checks, bank deposits, and other bookkeeping
duties.
- Awareness of and sensitivity to the events occurring on and around the property.
- Orderliness and legibility in keeping records meticulousness in filing, cataloging,
and making reports.
- Computer skills, such as the ability to access and interpret data.
- The ability to select residents on the basis of economic capability and credit
references.
- The diligence to maintain the property (the amount of maintenance will vary with
the size of the property and the policies of management).

Functions of a property manager: - ANSWER✔✔ Administrator for the Owner:
- The highest return from the property realizing its highest and best use.
- The enhancement or preservation of the physical value of the property.

Specific Duties of a Property Manager:

State Defined Responsibilities

Basic Responsibilities

As an agent, the property manager must: - ANSWER✔✔ - Show good faith and
loyalty to her principal (the owner).
- Perform her duties with skill, care, and due diligence.
- Fully disclose all pertinent facts.
- Avoid commingling funds.
- And refrain from personal profits without the principal's full knowledge and
consent

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