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

Question 1

1 pts

A 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®