Question 11 ptsA property manager would classify a manufactured home park as:mixed-use property
special-purpose property
residential property
industrial property
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Question 2
1 pts
A property manager would classify a motel as a:
mixed-use property
special-purpose property
retail property
residential property
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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
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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
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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
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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
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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
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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
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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
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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
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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®
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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
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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
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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
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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
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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
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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
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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
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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
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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®