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CPPS - Module 1, Chapter 1 Property Management Questions And Answers With Verified Solutions 100% Correct!!!
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CPPS - Module 1, Chapter 1 Property Management Questions And Answers With Verified Solutions 100% Correct!!!

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  • November 19, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • cpps module 1 chapter 1 property management que
  • what is the property management office pmo
  • what are the key responsibilities of the property
  • what does ownership mean in property managemen

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  • Certified Professional Property Specialist
  • Certified Professional Property Specialist

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CPPS - Module 1, Chapter 1 Property
Management Questions And Answers
With Verified Solutions 100% Correct!!!
Q1: What is the Property Management Office (PMO)?
A1: The Property Management Office (PMO) is a department within an
organization responsible for controlling and managing property. It is tasked with
establishing, guiding, managing, and maintaining an efficient property system,
communicating effectively with other departments, and developing and delivering
training related to property management.


Q2: What are the key responsibilities of the Property Management Office
(PMO)?
A2: The PMO is responsible for:
 Establishing and maintaining an effective property control system.
 The property control system includes property management personnel,
processes, and management information systems (MIS).
 Ensuring that assets are adequately controlled, protected, and preserved to
maximize their useful life and provide the best possible return on
investment.


Q3: What does "Ownership" mean in property management?
A3: Ownership refers to having legal or rightful title to property, giving the owner
full rights to control and make decisions regarding that property.


Q4: What is "Accountability" in property management?
A4: Accountability means possessing and having the use of property that belongs
to another party, with delegated duties and responsibilities. The accountable party
does not have legal title to the property and is subject to penalties in case of
default.
Key elements of accountability include:
 Provider of the property

,  Recipient of the property
 Specific duties and responsibilities
 Penalties for default


Q5: What is the difference between "Responsibility" and "Accountability"?
A5:
 Responsibility means being answerable for a trust or obligation, such as the
maintenance or storage of property.
 Accountability means being answerable for the overall control of property,
which may or may not include maintaining it physically but involves
overseeing its use and condition.
The key distinction is that accountability involves being answerable to someone
for the property, while responsibility relates to specific actions, like maintenance
or storage.


Q6: What is a Property Control System?
A6: A Property Control System is a set of written policies, procedures, operational
guidelines, and records, along with a Management Information System (MIS) that
helps facilitate these functions. The system must safeguard physical assets,
periodically verify their status, and ensure the accuracy of property records.


Q7: What are the 15 functional areas of Property Management?
A7: The 15 functional areas of property management are:
1. Acquisition
2. Receiving
3. Identification
4. Records
5. Reports
6. Storage

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