Property Management Exam Questions With Verified Answers
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Property Management Exam Questions With
Verified Answers
The demand for professional property management that occurred in the late 1800's resulted
primarily from - answerReshaping the urban center by building tall buildings with elevators
The traditional concentration of retail property in down...
Property Management Exam Questions With
Verified Answers
The demand for professional property management that occurred in the late 1800's resulted
primarily from - answer✔Reshaping the urban center by building tall buildings with elevators
The traditional concentration of retail property in downtown areas became decentralized as a
result of - answer✔Evolution of the suburban shopping center
The growth of shopping centers has been stimulated by - answer✔Population shifts to the
suburbs
All of the following should be goals of the professional property manager EXCEPT -
answer✔Maintain 100% occupancy
Which professional organization has the longest history? - answer✔Building Owners and
Managers Association International (BOMA)
Incubator spaces are MOST likely to be found in: - answer✔Research parks
What is an example of special-purpose property? - answer✔Nursing home
Which type of real estate property utilizes more professional property managers? -
answer✔Residential
The professional property manager formulates plans to - answer✔Achieve the objectives of the
owner, Generate income to the owner, and increase the value of the property
The construction of multifamily unit ownership housing has been stimulated by - answer✔Rising
land and construction costs
Income-producing properties that offer services are known as - answer✔Office property and
business parks
The ability of a property manager to assess a market and implement sales promotion is MOST
critical when dealing with - answer✔Retail property
Ministorage, unlike many other types of industrial property, is: - answer✔Not designed to meet
the needs of any particular industry
Areas that are predominately warehousing, light manufacturing, or assembly zones are that are
created under state statutes are called: - answer✔Enterprise zones
What are classified as special-purpose property? - answer✔Hotels, motels, theaters, schools, and
places of worship
Which of the following offers a combination of home ownership and site rental? -
answer✔Manufactured home parks
Messenger services, taxi services, fax services, and shopping are all services commonly offered
by: - answer✔Concierges
Asset managers often have the task of: - answer✔Monitoring the financial performances of a
portfolio of properties
If a property owner asks a property manager to manage the property in violation of current civil
rights laws, the property manager should: - answer✔Terminate the management agreement
Ethical conduct refers to: - answer✔Socially or culturally imposed imposed rules of conduct that
go above and beyond the letter of the law
A commercial property is generally considered to be a ________ _______________ - a private
entity that provides goods, services, facilities, or accommodations to the public - answer✔public
accommodation
Office property is a type of ___________ __________ commercial property from which a
particular service is rendered - answer✔income-producing
Retail property is a commercial property from which ______ _____ ______ - answer✔goods are
sold
_____________ ___________ includes all land and facilities that convert raw materials into
finished products - answer✔Industrial property
What characterizes the expansion phase in the business cycle? - answer✔production increases
At or just before the peak of the general business cycle, ______ ______ _________ -
answer✔supply surpasses demand
Movements of the general economy that usually are measured over 50 years or more are called -
answer✔Long-term movements
Cycles of the general business economy differ from those of the real estate market in that the -
answer✔trends in real estate lag significantly behind trends in the general economy
From an economic standpoint, the rental market as a segment of the economy .... - answer✔is
generally poor during a contraction phase
In the operating budget, what is the name of the expenditure that accounts for money for
replacement expenditures? - answer✔Reserve funds
When more space is available than potential tenants demand it indicates: - answer✔a technical
oversupply
In the market analysis, the specific goal of the property manager is to identify major economic
trends and their: - answer✔Effect on the value of a specific property at the manager's particular
market level
The objective in a market analysis is to - answer✔determine the optimum rental price for a
standard space in the area
To avoid any surprises when taking over a new property, the manager should first - answer✔read
all the leases
When evaluating the data in a neighborhood market survey, a residential property manager will
be most concerned with - answer✔trends in population demographics
Economic oversupply results when - answer✔tenants cannot afford the rents
What should the manager do if the building is 100% occupied? - answer✔Consider raising the
rents
Prospective tenants form their initial impression of a rental property based on the - answer✔curb
appeal of the property
After inspecting and analyzing the comparables, a property manager should be able to estimate
the routine operating costs for the subject property and - answer✔provide the owner with an
estimate of the capital expenditures required to make the property competitive with similar
properties
A good management plan is based on - answer✔an operating budget for one year
What should a property manager keep in mind when setting goals and objectives? - answer✔A
property manager may make a real contribution by assisting in establishing written goals
Cash flow from a property is predicted by which of the following formulas? -
answer✔Anticipated revenue minus total adjusted operating expenses and minus debt service
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