Property Management Mock Exam #4 Clearly Solved 2023.

Property Management Mock Exam #4 Clearly Solved 2023.The demand for professional property management around the end of the nineteenth century resulted primarily from - ANSWER the invention of the high-speed elevator---Also steel framed buildings, development of suburban areas and investment opportunities. What organization awards the designation Certified Property Manager (CPM)? - ANSWER Institute of Real Estate Management (IREM)---IREM offers opportunities for property managers to share ideas and programs to instruct those coming into the business. They are an affiliate group of NAR Which of the following BEST defines real property? - ANSWER Land, including its subsurface and airspace above and all improvements---Land from subsurface rights (oil, gas, mineral) to air rights above plus all man made improvements (buildings, streets, sewers) equals real property Two principal categories of commercial real estate are office property and - ANSWER retail property---Both are income producing properties. Warehouse properties would be part of industrial. A major contributing factor to the decline of centralized commercial districts was the - ANSWER development of suburban areas.---With the expansion of transportation the population shifted to the suburbs. As a result suburban shopping centers were built away from the city. Along with knowledge, experience, and expertise, the property manager must have which of the following personal characteristics? - ANSWER Honesty and integrity---Honesty and integrity to do the right thing Housing prices have greatly increased in some parts of the country. What are the consequences if people cannot afford to buy their housing? - ANSWER Greater demand for rental properties---This would cause many to not qualify for financing creating the need to rent. In a marketing analysis, the specific goal of a property manager is to identify major economic trends and the - ANSWER effect on the value of the specific property at the manager's particular market level---A market analysis incorporates information about the region and local area where the property is located. Which of the following is a major part of a neighborhood analysis? - ANSWER Boundaries and land use---Also included would be building codes, transportation, utilities, economy, supply and demand, amenities and facilities