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DC Property Manager Exam – Questions with correct Answers
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DC Property Manager Exam – Questions with correct Answers
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DC Property Manager Exam – Questions with correct AnswersManagement Plan - Answer- This describes in detail the subject property's current use along with its physical condition, fiscal projections, and any operational issues. It also includes an analysis of the market (both regional and neighborhood), the competing properties, as well as potential improvements or alternative uses for the subject property.
Market Analysis - Answer- This focuses on both a regional and neighborhood evaluation, which includes the demographic conditions, geographic features, governmental prospective, existing real estate supply, potential future developments, and tenant/resident demand.
Analysis of Alternatives - Answer- This looks at the theoretical costs and corresponding increase in rents by making different improvements, even the subject property's redevelopment.
Capital Expenditures - Answer- Work performed on properties that are occupied and operational with the goal of trying to prevent the property from declining and becoming obsolete.
Physical Obsolescence - Answer- A status characterized as a condition of aging (i.e. wear and tear) or deferred maintenance. Examples are worn carpets, peeling paint, a leaking roof, or dead landscaping.
Functional Obsolescence - Answer- A status characterized by old or outdated designs or building systems. Examples include equipment that is not repairable because parts or
no longer manufactured; single pane window systems because they waste a large amount of energy; outdated bathroom fixtures because of changing designs and tastes.
Economic Obsolescence - Answer- A status that represents a loss in value due to outside forces (i.e. location, market conditions). An example would be an office building,
located in a small town, where the major employer closes. This may result in both lower demand and rental rates.
Depreciation - Answer- The process by which properties begin to deteriorate as soon as
they are completed. It represents the loss in value from the various forms of obsolescence.
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