Sc Property Management Study Guide
Exam And Actual Answers.
Property Manager's Role - Answer achieve the objectives of the property owners;
generate income for the owners; and
preserve and/or increase the value of the investment property.
Current Challenges as Property Manager - Answer The most recent specialty is managing REOs, bank-
owned real estate, as a result of so many housing foreclosures.
Real Property - Answer surface of a parcel of land and moves on to the owner's rights to the air above
the surface and the soil and minerals beneath the surface, as well as anything permanently attached to
this land, either by nature or by human hands.
Largest need - Answer Residential property is the largest source of demand for the services of
professional property managers
Residential Multi family - Answer Rising construction costs and a decrease in the availability of usable
land have increased the popularity of multifamily developments such as town homes or row houses,
condominiums, and cooperatives, many of which are individually owned
Commercial Property - Answer Income producing properties
Institutional Property - Answer Real estate owned and occupied by a major corporation.
Incubator Spaces - Answer Located in Research parks for beginning companies
Commercial Real Estate - Answer success or failure of a shopping center often hinges on the property
manager's ability to assess the market, conduct sales promotion and public relations, and act swiftly and
decisively
,Research Parks - Answer Specialize in hair gah tech computing and engineering
Industrial Property - Answer includes all land and facilities used for heavy and light manufacturing, for
storage, and for the distribution of goods
Heavy Manufacturing - Answer property for heavy industry must be designed with the specific needs of
potential users in mind, such plants are generally occupied and managed by the owner
Enterprise Zones - Answer created through state statutes, and consist predominantly of warehousing,
light manufacturing, or assembly zones.
Special Purpose Property - Answer Hotels, motels, clubs, resorts, nursing homes, theaters, schools,
colleges, government institutions, and places of worship are considered
Milking and slumlords - Answer extracting every possible dollar from the property by owner without
putting any money back into the property
BOMA - Answer Building Owners and Managers Association
IREM - Answer Institute of Real Estate Management
NAA - Answer National Apartment Association
Prime factor influencing the real estate market - Answer Supply and demand
National Affordable Housing Management Association, NAHMA - Answer advocates on behalf of
multifamily property managers and owners who are involved in affordable housing
National Association of Residential Property Managers, NARPM - Answer permanent trade organization
for property managers who specialize in managing single-family dwellings
,National Multi Housing Council, NMHC - Answer are those who are involved in the apartment industry,
including ownership, development, management, and financing of larger apartment buildings. It works
with the National Apartment Association, NAA, to advocate on legislative and regulatory affairs relating
to rental properties of five or more units
Ethics - Answer is a system of moral principles, or rules of conduct that refer to fidelity, integrity, and
competency. he manager-agent pledges to act in the best interest of his or her principal and to handle all
transactions involving the property with honesty and discretion
BOMI - Answer was established in 1970 to provide educational programs for property owners and
managers of commercial properties
market - Answer situation where willing sellers and willing buyers exchange goods and services
Expansion,Recession,Contraction and Revival are phases of what ? - Answer Cyclic fluctuations
Recession - Answer when supply meets and begins to surpass the demand for products and services.
This is the peak of the cycle.
Contraction - Answer Follows recession . There is less and less demand for product
Revival - Answer Economy begins to rebound and consumers venture back into the market.
Expansion - Answer Production increases , country working at full employment
Comprehensive Management Plan includes? - Answer Market and alternative analysis, proposed
financing and other recommendations
First step in developing a Management Plan? - Answer Comprehensive analysis plan
Federal Reserve Board - Answer enact policies that seek to control runaway growth
, When space is in short supply rent is ? - Answer High
High occupancy rates suggest? - Answer Raising the rent
Management Plan - Answer The financial and operational strategy for the ongoing management of a
property
In formulating a Management Plan, PM focuses on? - Answer Regional & neighborhood market
analyses, Specific property analysis, Analysis of Owner's objectives
Regional Market Analysis includes? - Answer demographic and economic information on the regional
or metropolitan area in which the subject property is located
Neighborhood analysis begins with ? - Answer begins with a tour of the area
Low occupancy will result in ? - Answer Lower rents
A technical oversupply - Answer More units available then potential tenants .
Economic oversupply - Answer Tenants can't afford the price of available spaces
optimum price - Answer From this figure the expected base income for the property can be calculated
An industrial manager will specialize in the following, - Answer 1. Opportunities for expansion,
2. transportation facilities,
3. special utility services,
4. the availability of raw materials, and
5. the potential workforce in the area
