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We know how frustrating memorizing all the information to pass the exam can be. We have helped countless people pass the exam with our question and answer pages. SAVING YOU DAYS, WEEKS AND MONTHS OF STUDYING! examples: CPM means: Certified Property Manager. Certified Property Mentor. Certified Property Management. Certification of Property Managers. Which of the following statements demonstrates how population growth has affected property management in the United States? It has increased demand for professional property managers. Higher crime rates with urbanization have led to less specialization in property management careers. Less property managers are needed as monopolies in the industry have become commonplace. The need for property managers has become limited to large metropolitan areas. ______________ managers administer the daily affairs and oversee the maintenance of property and facilities jointly owned and used by the homeowners through the association. Associative joint Joint maintenance Homeowner representative Community association If a property manager deals with properties that conduct commerce, what real estate market does a property manager represent? Agricultural Commercial Multi-family Residential A _________ inspects the structural parts of a building. leasing agent building engineer maintenance supervisor structural supervisor Condominiums and multi-family units are examples of __________ properties. commercial residential special purpose industrial All of the following are examples of senior property management positions, EXCEPT: executive. property supervisor. asset manager. Certified Property Manager. A portfolio manager is also known as a(n): asset manager. regional manager. money manager. on-site manager. The main function of the professional property manager is to __________ and __________ the property. preserve / increase the value of maintain / clean-up buy / sell units of develop / dispose of Which of the following are commercial properties? office buildings. shopping centers. warehouses all of the above An example of a specialty position is: maintenance. supervisor. building engineer. manager. Which of the following is a geographic, economic, or specialized subdivision of a specific market? Neighborhood Submarket Borough Block People interested in a career in property management receive education through colleges, membership and certification in professional organizations, and: television real estate programs. visits to property management companies. purchasing property. on-the-job training. A person who owns an individual unit together with the shared use of common areas and facilities has what type of real estate ownership interest? Communal interest Common interest development Commercial development Community health facility What organization issues the CPM certification? Institute of Real Estate Management National Apartment Association National Association of Residential Property Managers Building Owners Managers Institute International Many property managers often have: financial problems. a master’s degree. little professional experience. a real estate license and/or professional certification. Which of the following is a commercial property specialist that manages property owned by colleges and universities (non-profit)? Property supervisor Facility manager Resident manager Leasing agent The on-site manager is often called the: specialty manager. maintenance manager. residential manager. facility manager. The formation of the Resolution Trust Corporation was sparked by the: Great Depression. savings and loan crisis of the late 1980s. invention of the telephone in the early 20th century. stock market crash of 1929. Residential properties include those designed and built as __________ residences. suburban family safe family single frame single-family During the decade between 2010 and 2020, employment of property and community association managers was projected to increase by 3%. 6%. 9%. 12%. An asset manager is also known as a(n) __________ manager. regional money on-site portfolio At the beginning of the 20th century, __________ were built to accommodate thousands of workers. Because these structures were owned by investors and the spaces needed to be rented promptly with rents collected on time, a need for efficient managers rose. hotels skyscrapers monuments government buildings Apartment complexes are examples of: commercial property. residential property. special purpose property. industrial property. The property management profession offers: diversity, job satisfaction, and a highly structured work environment. earning potential, travel, job satisfaction, a slow-paced work environment, and job security. a quiet, slow-paced work environment, with limited earning potential. earning potential, travel, job satisfaction, a fast-paced work environment, and job security. The __________ supervises the keeping of financial records pertaining to the properties being managed. accountant/bookkeeper. on-site manager administrative assistant maintenance supervisor Community apartment projects, stock cooperatives, condominiums, and planned developments are considered: multiple income developments. individually purposed developments. selective use developments. common interest developments. Commercial properties include all of the following, EXCEPT: office buildings. shopping centers. single-family residences. warehouses. The principle of __________ is the basis for analysis of any market economy and is a major economic influence on the real estate market. substitution supply and demand competition value When demand in the market exceeds supply, _________ exists. saturation chaos scarcity poverty Based on the principal of supply and demand, when a supply of a type of property does not meet demand, what is the effect on prices and rent? The prices go down and rents go up. There is no appreciable effect. They decrease. They increase. Which of the following is a social factor in a neighborhood market analysis? Building type Family size Property tax burden Rental levels Rental inventory fluctuates constantly. Which of the following would increase the inventory? Conversion to other uses Abandonment New construction Demolition What is the upper turning point of a business cycle? Contraction Expansion Peak Recovery An evaluation that determines how much rent a property can yield given the current condition and competing properties within the market area is a: market rent analysis. yielding interest analysis. rental rate survey. comparable rent survey. In the supply and demand analysis, which is a factor of supply? Demographics Housing starts Location Purchasing power Regional employment affects residential real estate value. When a major employer closes, the loss of employment could cause home prices to: appreciate. increase. decrease. be unaffected. What is a vital step during the preparation of a market rental survey? Adjust rental rates based on the differences of the features and amenities Comparable properties and disregard rental data from those properties Guess at the current market rental rate Ignore market rental and occupancy rate trends The portion of the market analysis that examines whether a certain type of property is marketable based on the local or regional economy, demand, pricing, and demographics is a __________ analysis. property neighborhood regional supply If the actual rent schedule is substantially below the estimated market rent schedule, the property manager must: consider the probability of raising existing rents to current market levels. lower the existing rent in order to beat competition. sell all existing properties at current market level. take no action The principle of __________ indicates that a tenant will not pay more to lease a space than for equivalent properties in a given market area. substitution equality rental terms competition During a neighborhood analysis, the major economic consideration is if: pride of ownership exists among the residents. a sufficient amount of business and household income exists. any special assessments are present. a trend is apparent in property values. Pat is trying to determine which phase of the business cycle the local economy is in. There has been a long period of demand for rental property, in which prices have risen. There are some indications that the market is slowing, but demand is still strong. What is this phase of the business cycle called? Construction phase Contraction phase Expansion phase Reduction phase What is necessary in order for a product to have value? An economic base Stability Purchasing power Economic trends The basic component of supply and demand is: income. competition. transferability. utility. A(n) _____________ is temporary suspension of new building construction in order to control growth. housing stall saturation absorption block building moratorium Economic issues to consider in a regional analysis include: the quality of consumer industries. building codes. planning and development. variances. Political factors that a property manager must consider when conducting a regional analysis include: zoning restrictions. vacancy rates. transportation corridors. demographics. Which of the following is a social factor to consider in a neighborhood analysis? Employment Per capita income Family size Absorption rates Which of the following refers to areas where market participants live and work? Suburban area Market area Demographic region Property region Social issues to consider in a regional analysis include: zoning ordinances. data on commuting times. community improvement programs. the availability of playgrounds and parks. The amount of new construction revealed in housing starts is important because it: is a leading indicator. lets us know what happened in the past. reveals information that is useful in forecasting future trends. is a leading indicator and reveals information that is useful in forecasting future trends. If a builder wants to build a project that does not adhere to zoning for the location, the builder must apply for a: political waiver. regional slip. variance. service code. What is the significance of preparing a rental survey? The importance of the data in assessing the property’s social factors Using the data to finish the regional analysis of the property Hiring qualified management staff Obtaining accurate rental rate estimates When supply exceeds demand, which of the following occurs? Scarcity Supply-side economics Depression Saturation __________ provides statistical data on items, such as average income levels, spending habits, and educational background. An economic base A real estate cycle A supply analysis Demographic information Local neighborhoods, cities, and counties are all part of the: principle of competition. market area. comparative property analysis. principle of substitution. The U.S. Drug Enforcement Agency: has a three strikes policy regarding drugs on a property. can seize the property if no action is taken to stop drug use. provides loans to property owners who cannot afford to install security measures on their property. requires all property managers to take classes on the dangers of recreational drug use. By adding lights so that walkways are well lit at all times, the property manager is __________ risk. adding reducing retaining transferring Part of the overall risk management program for the property is to create a plan to minimize damage caused by a disaster or emergency. What type of plan is this? Disaster plan Emergency stress prevention Fitness equipment inspections Tenant recruitment training The property manager whose tenants work with hazardous substances should refer to the __________ to determine the requirements of managing environmentally sensitive issues. Environmental Protection Agency local law enforcement agency Department of Homeland Security Federal Emergency Management Agency Which insurance provides coverage primarily for the liability exposure of an individual, business, or organization? Building insurance Casualty insurance Flood insurance Renters insurance Risk management is the process of analyzing exposure to harm or loss and deciding how to __________ the physical and/or financial impact. eliminate maximize minimize control The property manager should __________ risk by taking steps to minimize risks on the property. reduce retain transfer avoid What are some steps a property manager can take to reduce incidents of crime committed by visitors? Use an intercom system and instruct tenants only to buzz in other tenants Require all sales personnel, utility, and repair personnel to agree to a background check before entering the property Require all maintenance providers to provide proof of security certification Use an intercom system and instruct tenants only to buzz in people they know personally and require all tenants’ visitors to sign an agreement regarding acceptable behavior on the property The property manager should designate a(n) __________, who will act as the staff member on the scene of an emergency and will be responsible for providing factual information to the employees’ and tenants’ families. emergency officer spokesperson disaster officer safety coordinator __________ insurance is used to cover losses caused by employee dishonesty. Fidelity Liability Casualty Fire legal liability __________ is a type of casualty insurance. Loss of rent Glass insurance Regulatory insurance Builder’s risk Builder’s risk insurance covers: mechanical breakdowns, certain devices that transmit mechanical or electrical power, and explosions of high-pressure steam boilers. the cost of demolition, removal, and cleanup of the site before reconstruction begins, as well as the cost of building the new structure to current building code requirements. a new building or structure under construction or an existing structure undergoing additions, alterations, or repairs. liability for accidental injury or property damage that results from either a condition on the premises or operations in progress. What type of insurance policy can protect an owner from an excess liability judgment? Excess liability Insurance Policy Loss Payable Insurance Policy Umbrella Policy Actual Insured Policy NFIP stands for: Natural Flood Insurance Program. National Fire Insurance Program. National Flood Insurance Program. National Flood Insurance Protection. If a property manager were to remove the waterslide from beside the swimming pool this could best be described as: reducing risk. avoiding risk. retaining risk. transferring risk. The amount the insured must pay when any insurance claim is filed is called the: deductible. premium. rating. quote. Which of the following is the first step in risk management? Assess each risk Implement strategies for removing or minimizing risk Identify risks Investigate the property Which type of insurance policy covers the amount of loss above the limits of a basic liability policy? Umbrella Property Inflation Guard Exclusive __________ is important for protecting sensitive data on a computer system from theft and fraudulent use. Antivirus software Firewall protection Malware Trust Why are most tenants required to have renters insurance? The insurance reimburses the owner for any damage done to the property by the tenant. The insurance covers employees working in the tenant’s business. The insurance covers the tenant’s personal property that is stolen or damaged. The insurance is required by state statute. The __________ is responsible for evacuating tenants and enforcing safety warnings. property manager spokesperson emergency headquarters coordinator emergency officer A property manager should use __________ to block access to computer files from anyone other than the property management company’s employees. security detectors antivirus software closed-circuit television firewall protection __________ insurance covers personal property that is stolen or damaged, and pays the expenses of finding a different place to rent while the property is being restored. Renters Property Casualty Fidelity Which of the following is a detailed outline of preventative measures taken, which includes information about property improvements, the location of an emergency headquarters, staff training and assignments, and informing tenants? Disaster plan Community watch First aid preparation Training manual As a property manager, you have decided to establish several preventive security measures against drug activity on the property. Which of the listed methods applies towards preventing drug activity on a property? Allow easy access near walkways, exits, or vehicles Decrease marked security patrol vehicles Repair broken doors, fences, and windows promptly Disconnect security telephones that can be used by anyone to alert the police of drug activity If the property owner does not maintain the insurance coverage required in a lending agreement, the lender has the right to: decrease monthly payments for the loan. foreclose on the property. do nothing. increase monthly payments by adding insurance costs to the loan and call the loan due to breach of contract and foreclose on the property. Painting, replacing blinds, and cleaning carpeting is considered what type of maintenance? Corrective maintenance Cosmetic maintenance Preventive maintenance Routine maintenance Inspecting a building and identifying trouble spots early to prevent future repairs is an example of __________ maintenance. routine preventive corrective cosmetic Operating expenses are expressed in: quarterly dollars per square meter. quarterly profits. annual dollars per square foot for commercial property. annual dollars per square mile. For residential property, a property manager will primarily focus his/her maintenance responsibility on the: areas adjacent to the property. common areas. complex areas. tenants’ cleaning habits. A property manager who is looking for the best response to maintenance requests should hire: a resident manager. on-site maintenance staff. a contractor. a subcontractor. A __________ will create daily reports on the condition of the property, which the property manager uses to determine a building’s maintenance requirements. common area supervisor resident manager property assistant contractor Which of the following is a fee that covers the cost for taking care of the elevators, lobby, restrooms, and other common areas in the building? Common area maintenance charge Community maintenance charge Shared facilities fee Shared residency fee In order to mitigate sudden and expensive repairs, property managers must: obtain a credit card with a high limit. maintain adequate cash reserves. ignore the expense until cash is available. complete the repair themselves. New construction that is extensive can also be referred to as: deferring. upgrading. maintaining. designing. Prior to hiring a contractor, a property manager should: research references. always seek the lowest price regardless of quality. obtain past work performance. research references and obtain past work performance. Any company that has more than _____ employees will need to follow the Americans with Disabilities Act (ADA). 3 10 15 18 In order to create a realistic budget for a maintenance program, the property manager must: make effective use of labor, time, and money. hire a resident manager. purchase the best and most expensive maintenance contractor. allow for deferred maintenance. Which of the following is a commercial property space previously occupied by another tenant and then renovated? Remodel Finish-out Make-ready Model Proper procedure for maintenance requests usually involves the: tenant calling the property owner directly. tenant completing a maintenance request form. tenant performing his or her own maintenance on complex jobs. on-site manager forwarding requests to the property owner. The most frequent type of ___________ maintenance involves the general, daily upkeep of the property, such as cleaning the common areas and building grounds. preventive cosmetic corrective routine Many maintenance personnel belong to _____________, and this will affect the composite of the maintenance staff. professional organizations community watch programs unions schools When creating the maintenance program, a property manager should be mindful of maintenance personnel and implement: uniforms. higher wages. a rewards program. safety practices. The financial limits a property manager can spend on a service contract before requiring the property owner’s approval are called: property spending caps. ceiling service costs. managerial limitations. contracting budget caps. A good resource for property managers to check a contracting company’s references and work performance is the: local Better Business Bureau. ADA Database. Phone Book. Customer Survey Report Upgrading and renovating are examples of __________ maintenance. routine preventive corrective cosmetic Daily upkeep tasks like housekeeping and cleaning are examples of __________ maintenance. routine preventive corrective cosmetic Keeping maintenance records will: impede preventive maintenance. increase tenant service interruptions. minimize costs for the property owner. accelerate deferred maintenance. The property owner’s on-site representative who coordinates all building maintenance operations is the: contractor. resident manager. maintenance leader. property assistant. Fixing items that need immediate repairs, such as fixing an air conditioning system on a warm day, is an example of __________ maintenance. routine preventive corrective cosmetic Trudy manages a large apartment complex. She wants to improve the landscaping at the property entrance and obtains a bid from Best Landscaping for $1,000. Before employing the contractor, Trudy must check the management agreement to see if there are any financial limits on hiring a service contractor before requiring the property owner’s approval. What is the name of this clause in a management agreement? Bond clause Ceiling service costs clause Third party clause Workers clause __________ metered refers to a utility company that provides service to one customer, who redistributes the utilities to the occupants within the building. Master Individually Efficiency Delegation In order to develop a cost-efficient maintenance program, the property manager must implement: