ARE 5.0 Practice Management Question and answers rated A+ 2024/2025
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Course
Property management
Institution
Property Management
ARE 5.0 Practice Management Question and answers rated A+ 2024/2025 ARE 5.0 Practice Management
Sole Proprietorship - correct answer The business is owned by an individual
General Partnership - correct answer Two or more people (general partners) share in the management, profits and risk...
ARE 5.0 Practice Management
Sole Proprietorship - correct answer ✔The business is owned by an
individual
General Partnership - correct answer ✔Two or more people (general
partners) share in the management, profits and risk of the business
Limited Partnership - correct answer ✔Has at least one general partner
(invests in the business, manages it and are financially responsible for it) and
at least one limited partner (investor who receives a portion of the profits but
has no say in the management of the company)
C Corporation - correct answer ✔An association of individuals (stockholders,
directors and officers) that exists as a legal entity apart from its members
Stockholders - correct answer ✔Owners of the corporation in proportion to
the number of shares they own
Directors - correct answer ✔Have the fiduciary duty to act in the best interest
of the stockholders and are responsible for broad policy decisions
Officers - correct answer ✔Carry out the day-to-day management of the
corporation
S Corporation - correct answer ✔A corporation that chooses to allocate it's
income and losses directly to shareholders in proportion to their holdings.
Limited to small business corporations with less than 100 shareholders.
,Professional Corporation - correct answer ✔Similar to other corporations
except that liability for malpractice is limited to the person responsible for the
act.
Limited Liability Company (LLC) - correct answer ✔Business structure that
combines the advantages of a partnership or sole proprietorship with the
limited liability of a corporation. (Aka LLP Limited Liability Partnership)
Joint Venture - correct answer ✔A temporary association of two or more
persons or firms for the purpose of completing a specific project or achieving a
specific goal
Teaming Agreement - correct answer ✔Defines the roles, responsibilities
and contractual relationships that will be established if the firms are awarded
the project and the joint venture is formed. (Aka Memorandum of
Understanding)
Memorandum of Understanding - correct answer ✔Defines the roles,
responsibilities and contractual relationships that will be established if the
firms are awarded the project and the joint venture is formed (Aka Teaming
Agreement)
Standard of Care - correct answer ✔The level of skill and diligence that a
reasonably prudent architect would exercise in the same community, in the
same time frame, and given the same or similar facts and circumstances
Departmental Organization - correct answer ✔Staff is organized into
departments, each of which specializes in a different function. A project
moves from one department to another in its route from start to finish
(Horizontal Organization or Flat Organization)
, Studio Organization - correct answer ✔Staff is organized in groups called
studios. Each studio is responsible for completing an entire project (Vertical
Organization or Tall Organization)
Outsourcing - correct answer ✔Contracting with another company to do
some of the work needed for a project
Support Staff - correct answer ✔Employees other than the professional staff
and senior management
Business License - correct answer ✔Allows the business to practice and
usually serves as a basis for taxation
Certificate of Authorization (COA) - correct answer ✔Some states require a
firm to obtain this in order to offer services to the public
Human Resources Management - correct answer ✔Involves the entire range
of hiring, compensating, managing and terminating employees, along with the
legal responsibilities of having employees (personnel management)
Formal Employee Contract - correct answer ✔Spells out the employee's
responsibilities, work duties and compensation, as well as the firms benefits,
work conditions, termination procedures and policies
Independent Contractor - correct answer ✔Person hired for a specific
project. They control where and how they perform their work and provide their
own supplies and equipment
Job Description - correct answer ✔Defines the duties and responsibilities of
the person holding a specific job title
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