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Residential Property Management - Final Exam (Wells) Questions And Answers With Verified Solutions 100% Correct!!!
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Residential Property Management - Final Exam (Wells) Questions And Answers With Verified Solutions 100% Correct!!!

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Document information

  • November 20, 2024
  • 44
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • residential property management final exam well
  • the on site commercial property manager
  • the commercial property manage
  • as with any type of investment property managers

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  • Certified Professional Property Specialist
  • Certified Professional Property Specialist

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Residential Property Management - Final
Exam (Wells) Questions And Answers
With Verified Solutions 100% Correct!!!
The on-site commercial property manager - ANSWER✔✔ is one of the most
important members of the management team. He or she is responsible for the day-
to-day operations of a single large property, such as an office building or a
shopping center. (pg. 428)


The commercial property manager - ANSWER✔✔ coordinates fire and police
protection services, and emergency evacuation and relocation plans. They arrange
for building security, deal with threats and protesters, and control evacuations and
other emergency procedures. (pg. 430)


market analysis at the regional and neighborhood level - ANSWER✔✔ As with
any type of investment, property managers must conduct a
________________________ to determine supply and demand and absorption
rates for commercial real estate. (pg. 431)


Personal Guarantee - ANSWER✔✔ is a promise to repay business debts from
personal assets if the business is unable to pay. (pg. 435)


letter of intent - ANSWER✔✔ A preliminary offer that proposes basic terms and
conditions for the lease. Once all of a prospective commercial tenant's questions
have been answered and his or her objectives quelled, the tenant or tenant's agent
will draw up a ________ and present it to the property manager. (pg. 440)


Negotiating the Lease - Distinctions between Commercial and Residential Leases
(pg. 441): - ANSWER✔✔ No standard forms
Long-term and binding

,Negotiability and flexibility


Basic Common Area Maintenance fees (pg. 443): - ANSWER✔✔ Utilities
Maintenance and Repairs
Landscaping
Security
Insurance premiums
Real property taxes
Special tax assessments


Due Diligence - ANSWER✔✔ A clause that provides a prospective tenant the
necessary time in the initial stages of the lease to investigate the lease site, obtain
permits, and determine any obstacles. (pg. 450)


Alterations and improvements - ANSWER✔✔ Trade Fixtures (pg. 451):
Counters
Shelves
Cash registers
Moveable partitions
Wall mirrors
Signs


Industrial lease - hazardous materials clause - ANSWER✔✔ Included as a method
of preventing the leased property from becoming contaminated by hazardous
materials used by the tenant and stipulates that the tenant is responsible for the
hazmat cleanup. (pg. 454)

,An office building - ANSWER✔✔ is a building divided into individual office
space where professional or clerical services are performed.


Anchor Tenant - ANSWER✔✔ chosen in part for its potential to attract customers
to the shopping center and allows for multitasking (pg. 469)


Which of the following contributed to the escalation of property management as a
profession during the early 20th century?


a. Invention of the telephone, elevator, and automobile
b. Great Depression and mortgage foreclosures
c. Building of multi-family apartments and skyscrapers
d. All of the above - ANSWER✔✔ d. All of the above:


Invention of the telephone, elevator, and automobile,
Great Depression and mortgage foreclosures, and
Building of multi-family apartments and skyscrapers


An individual who wishes to become a property manager in the 21st century
should:


a. be computer literate
b. have an understanding of updating building codes
c. understand the needs of foreign property owners
d. do all of the above - ANSWER✔✔ d. do all of the above:

, be computer literate,
have an understanding of updating building codes, and
understand the needs of foreign property owners


The specific markets for real estate that may be managed by a property manager
include _______ and _____ property.


a. agricultural / residential
b. agricultural / industrial
c. residential / commercial
d. residential / agricultural - ANSWER✔✔ c. residential / commercial


Commercial properties include all of the following, except:


a. office buildings
b. shopping centers
c. single-family residences
d. warehouses - ANSWER✔✔ c. single-family residences


Today's property managers provide executive management, tenant relations, and
maintenance expertise to their clients. A good property manager knows the
importance of keeping current with the:


a. latest property management and landlord-tenant laws.
b. latest social media trends.
c. most recent fed funds rates.

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