Question 1 1 pts A property manager would classify a manufactured home park as: mixed-use property special-purpose property residential property industrial property Flag this Question Question 2 1 pts...




Question 1
1 pts
A property manager would classify a manufactured home park as:
mixed-use property


special-purpose property


residential property


industrial property



Flag this Question



Question 2



1 pts


A property manager would classify a motel as a:


mixed-use property


special-purpose property


retail property


residential property



Flag this Question



Question 3



1 pts


A property manager's duties are many and varied. They commonly include all of the following, except:


overseeing maintenance


preparing an operating budget


preparing the client's income tax return


marketing the property



Flag this Question



Question 4



1 pts


A property manager's work is likely to be regulated by laws concerning all of the following, except for:


agency relationships


racial discrimination


predatory lending


false advertising



Flag this Question



Question 5



1 pts


An example of institutional property would be a building that:


generates rental income for the corporation that owns it


is occupied by the corporation that owns it


is rented from the owner by the corporation that occupies it


None of the above



Flag this Question



Question 6



1 pts


Each of Martin's clients owns a portfolio of managed properties. He primarily helps them with long-term planning for their portfolios, including decisions concerning a property's highest and best use, when to change a property's use, and when to sell a property. Of the following choices, the most appropriate job title for Martin would be:


institutional manager


executive manager


asset manager


site manager



Flag this Question



Question 7



1 pts


From a property manager's point of view, which of the following would be categorized as an incidental or interim property owner?


An individual who joins a real estate investment group


An individual who buys a single-family home as an investment


A bank that acquires a single-family home through foreclosure


A bank that owns the property occupied by one of its branches



Flag this Question



Question 8



1 pts


In states that require property managers to be licensed, which of the following is most likely to be exempt from the licensing requirement?


An unlicensed family member of the property manager


An unlicensed family member of the property owner


A property manager who works with no more than five clients at a time


A property manager with at least three years of practical experience in the field



Flag this Question



Question 9



1 pts


In states that require property managers to be licensed, the licensing requirement typically applies:


when someone other than the owner leases property to tenants on behalf of the owner in exchange for compensation


whenever someone else leases property on behalf of the owner, whether or not compensation is expected


only to the leasing of residential property


only to the leasing of commercial property for compensation



Flag this Question



Question 10



1 pts


Many states require professional property managers to hold either a real estate license or a property manager's license. A few states offer a separate type of license for those who specialize in:


income-producing property


single-family rental homes


shopping center management


community association management



Flag this Question



Question 11



1 pts


Probably the most widely recognized designation or certification conferred by a professional association for property managers is the CPM® designation, which is offered by:


BOMA®


NARPM®


IREM®


NAA®



Flag this Question



Question 12



1 pts


Property managers are most often hired by investor-owners who have purchased:


property for their own use


undeveloped land that is expected to appreciate


unencumbered property


income-producing property



Flag this Question



Question 13



1 pts


Sherie manages the Hawthorne Manor, a 65-unit apartment building. She lives in one of the apartments, and her responsibilities include showing and leasing units, common area maintenance, rent collection, responding to tenant complaints, and much more. She reports to a supervisor and has very limited contact with the owners of the building. Of the following choices, the most appropriate job title for Sherie would be:


management assistant


submanager


portfolio manager


site manager



Flag this Question



Question 14



1 pts


When a property manager takes on a new client, the manager consults with the client to prepare a:


management plan that will guide the manager in her work


management plan for submission to the state licensing agency


notification of employment for submission to the state licensing agency


notification of employment (Form 3906) for submission to the Internal Revenue Service



Flag this Question



Question 15



1 pts


When technological advances made high-rise office and apartment buildings possible, it fueled demand for professional property managers. Which of the following is among the reasons why?


Buildings that exceed a specified height are required to have a professional property manager under federal law


Tall buildings are more expensive to develop, so they tend to be owned by investment groups rather than individuals


Tenants in high-rise buildings are less likely to pay their rent on time and more likely to leave the property in poor condition when they move out


As a general rule, the taller the building, the faster the tenant turnover rate



Flag this Question



Question 16



1 pts


Which of the following is an example of a special-purpose property?


A warehouse on the edge of a business district


A beauty salon in a strip mall


A supermarket in a regional shopping center


A church in a residential neighborhood



Flag this Question



Question 17



1 pts


Which of the following is an example of industrial property?


A regional shipping and receiving facility for a large retail business


Military housing adjacent to an air force base


A big-box store in a large shopping center on the outskirts of a town


All of the above



Flag this Question



Question 18



1 pts


Which of the following statements about investment property is correct?


Investment property is owned to provide a financial return, rather than for personal use


Most investment property is income-producing property that does not appreciate


A real estate investor's return usually takes the form of dividends


All of the above



Flag this Question



Question 19



1 pts


Which of these aspects of a property manager's work is most likely to be regulated by state law?


How trust funds are treated


How much the manager charges clients


How many properties the manager can manage at one time


Preparation of annual operating budgets for clients' property



Flag this Question



Question 20



1 pts


Which of these organizations lobbies on behalf of the commercial real estate industry and is also the oldest professional association for property managers in the United States?


BOMA®


NARPM®


IREM®


NAA®


Dec 07, 2021
SOLUTION.PDF

Get Answer To This Question

Related Questions & Answers

More Questions »

Submit New Assignment

Copy and Paste Your Assignment Here