Practice of Property Management- Real Estate Council of
Alberta Exam Questions and Answers 2024
Types of Properties -Answer-1. Single Family Residential
2. Multi Family Residential: Low High, Mid Rise High Rise, Row Housing
3. Cooperative
4. Condominium
5. Commercial
Forms of Ownership -Answ...
Practice of Property Management - Real Estate Council of Alberta Exam Questions and Answers 2024 Types of Properties -Answer -1. Single Family Residential 2. Multi Family Residential: Low High, Mid Rise High Rise, Row Housing 3. Cooperative 4. Condominium 5. Commercial Forms of Ownership -Answer -1. Individual Investors 2. Sole Proprietorship 3. Partnership 4. Limited Partnership 5. Syndication 6. Commercial 7. Government Types of Property Management Operations -Answer -1. Professional Fee Management Company 2.Asset Manage ment 3. In-House Management 4. Self - Management The Role of the Property Manager -Answer -To provide professional management in order to assist the landlord in reaching his or her objectives Types of Residential Property -Answer -1. Duplexes 2. Fourplexes 3. Townhouses 4. Low -rise/Garden Apartments 5. High -rise apartments Special Residential Projects -Answer -Retirement Homes for Seniors Personal Care Homes Student Housing Public Housing Mobile Home or Trailer Parks Remote Area Corporate Housing Mixed Use Pro perties Reasons Individual Owners Lease Property -Answer -1. The Property was owner's residence which was kept for rental purposes 2. The property was purchased by the owner as a revenue producing investment 3. The property was purchased in a good market as a future retirement home 4. The property was inherited as part of an estate and the owner may wish to lease it while waiting for an improved market to sell it or keep it for his or her own retirement 5. The owner was transferred to another city ,but wishes to retain the house and re -occupy it upon return Factors for Individual Owners to consider -Answer -1. What is the market rent of the property. 2. Which type of tenant is most appropriate for the property 3. What is the duration of the tenancy 4. Will the residence be leased, unfurnished, partially furnished or fully furnished Management of Condominium -Answer -Board of Directors is responsible for the control, management and administration of the complex. Duties of Board of Directors -Answer -1. Appoint Auditors, enter into property management agreements and supervise the affairs of the commission 2. Approve an annual operating budget for anticipated .e.g. landscaping. exterior painting, expenses 3. Allocate funds to the reserve funds for major common areas repairs and replacement 4. Enter into contracts for management, provision of other services, leasing of common elements or the pro vision of recreational or other facilities. Property Manager Duties in a Condominium -Answer -1. Occupant Duties 2. Building/complex Duties Duties of the Property Manager(Building/Complex Duties) -Answer -1. Prepare the Annual Ops Budget
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller BrittieDonald. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
