UNIT FIFTEEN Questions with complete solution 2024/2025
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Course
Property management
Institution
Property Management
UNIT FIFTEEN Questions with complete solution 2024/2025 UNIT FIFTEEN - PROPERTY MANAGEMENT AND LEASING 15%
The Institute of Real Estate Management (IREM) certifies individual managers as - correct answer Certified Property Managers (CPM). - because In 1933, the IREM developed the designation C...
UNIT FIFTEEN - PROPERTY
MANAGEMENT AND LEASING 15%
The Institute of Real Estate Management (IREM) certifies individual managers
as - correct answer ✔Certified Property Managers (CPM). - because In
1933, the IREM developed the designation Certified Property Manager (CPM)
to certify individual managers.
State law requires a resident manager for property containing - correct
answer ✔State law requires a resident manager for property containing 16 or
more units.
In addition to the property manager's dual role of an administrator for the
owner and an advocate for the resident, the California Department of Real
Estate requires a property manager to - correct answer ✔maintain proper
records and make regular reports to the owner, supervise employees, and
create and supervise maintenance schedules and repairs. - Additionally the
general responsibilities of the property manager, the Department of Real
Estate also lists specific duties.
The amount of rent paid after deducting negotiated concessions such as one
month's free rent is called - correct answer ✔effective rent. - because The
effective rent is the amount of rent after deduction negotiated concessions
such as one month's free rent.
To make certain that rent increases are not in violation of the law, residential
property managers should be familiar with - correct answer ✔rent control
ordinances. - because Residential property managers should be familiar with
local rent control ordinances to make certain that rents and/or rent increases
charged are not in violation of the law.
, How would the duties of a condominium property manager differ from those of
a residential property manager? - correct answer ✔Condominium property
managers don't make policy, Condominium managers carry out policies as
directed by the board of directors, and Condominium managers must face the
politics of the homeowner's association.
Among the responsibilities of the manager of an office building is, - correct
answer ✔merchandising office space, maintenance, and protection of the
premises.
An effective security plan applies to - correct answer ✔tenants, employees,
and guests. Security applies to personal security of tenants, employees, and
guests as well as security for the lessee's property.
The fees charged for property management are usually - correct answer ✔A
flat fee and a percentage of gross rents - because Property managers can
charge a flat fee and/or a percentage of gross rents. Usually when they take
over a property, the manager may require the flat fee in order to bring the
property up to market.
The selection and maintenance of an adequate trust fund accounting system
is essential in property management to - correct answer ✔keep track of
income received and disbursements. - because The responsibility for trust
fund records is placed on the property management broker. An adequate trust
fund accounting system is essential to keep tract of income received and
disbursements.
A month-to-month lease is considered a(n) - correct answer ✔periodic
tenancy. - because A periodic tenancy is a lease that continues from period to
period until one of the parties give notice of termination. The most common
periodic tenancy is month-to-month.
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