REAL Question and answers verified to pass 2024/2025
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Course
Property management
Institution
Property Management
REAL Question and answers verified to pass 2024/2025 REAL-370 Ch. 21
1. The Institute of Real Estate Management (IREM) awards which of the following designations? - correct answer b. CPM
2. A contractual relationship in which an individual must act in the best interests of a principal whe...
REAL-370 Ch. 21
1. The Institute of Real Estate Management (IREM) awards which of the
following designations? - correct answer ✔b. CPM
2. A contractual relationship in which an individual must act in the best
interests of a principal when dealing with a third party is termed: - correct
answer ✔a. An agency relationship
3. The requirement of a real estate property manager to act in the best
interests of the landlord when dealing with a tenant is termed: - correct
answer ✔c. A fiduciary responsibility
4. Which of these is not typically a responsibility of a property manager? -
correct answer ✔d. Income tax analysis
5. Remodeling and rehabilitation: - correct answer ✔c. Are expected to add
value to the property if undertaken
6. Both the owner and the manager may be better off if property management
compensation were based on a percentage of the property's: - correct answer
✔c. Net operating income.
7. The following are necessary for a lease to be valid, except: - correct
answer ✔c. Tenant's contact phone number, or address, in the event of an
emergency.
8. The asset manager is generally NOT responsible for: - correct answer ✔c.
Making maintenance decisions
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