Property Management is not considered a core business function; but rather a key component of the business process. ( 1-1)
TRUE or FALSE correct answers FALSE
Establishing and maintaining of a property control system is also the responsiblity of the: (1-2)
____ OPMO
____ PMO
____ PA
...
CPPS Exam Chapters 1-11 Study Questions with
complete solutions
Property Management is not considered a core business function; but rather a key component of the business process. ( 1-1)
TRUE or FALSE correct answers FALSE
Establishing and maintaining of a property control system is also the responsiblity of the: (1-2)
____ OPMO
____ PMO
____ PA
____ PMF correct answers PMO
Which three of the following are key elements of property accountability? (1-2)
____ Provider
_____ Records Management
_____ Recipient
_____ Specific penalties in case of default correct answers -Provider
-Recipient
-Specific penalties in case of default
When accountability shifts from one entity to another it is called a: (1-3)
______ Transfer of accountability
______ Internal transfer
______ Transfer of custody
______Ownershiptransfer correct answers Transfer of accountability The Property Control System is comprised of written policies, procedures, operational guidelines and related records as well as the management information system (MIS) that facilitates performing those functions. (1-4)
TRUE or FALSE correct answers TRUE
The PMO must ensure that assets owned by the organization for which the they are accountable are adequately controlled, protected, preserved and maintained to maximize their: (1-4)
____ Aadequate security and longevity
____ Useful life and provide the best possible return on investment
____ Accuracy of records and residual book value correct answers Useful life and provide the best possible return on investment
There are several factors that influence where the property function would most effectively reside. They do not include include: (1-5)
▪ _____ Type, size, and geographical layout of the organization
▪ Compliance requirements and related risks
▪ Availability of outsourcing resources
▪ Level and type of interface needed with key stakeholders correct answers Availability of outsourcing resources
9) For organizations that are able to decide upon the implementation of the organizational structure for their property function, which would be top considerations? (1-6)
______ Centralized vs. Decentralized
______ Single individual responsibility vs. a fully staffed Property division or department
______ Functional groupings within the department-by business process, support to business team,
area for specialty, type of property, etc.
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