Property Management Exam Questions and Answers | 100% Correct | Verified & Updated 2024

Property Management Exam Questions and Answers | 100% Correct | Verified & Updated 2024 The demand for professional property management that occurred in the late 1800's resulted primarily from - Answer ️️ -Reshaping the urban center by building tall buildings with elevators The traditional concentration of retail property in downtown areas became decentralized as a result of - Answer ️️ -Evolution of the suburban shopping center The growth of shopping centers has been stimulated by - Answer ️️ -Population shifts to the suburbs All of the following should be goals of the professional property manager EXCEPT - Answer ️️ -Maintain 100% occupancy Which professional organization has the longest history? - Answer ️️ -Building Owners and Managers Association International (BOMA) Incubator spaces are MOST likely to be found in: - Answer ️️ -Research parks What is an example of special-purpose property? - Answer ️️ -Nursing home Which type of real estate property utilizes more professional property managers? - Answer ️️ - Residential The professional property manager formulates plans to - Answer ️️ -Achieve the objectives of the owner, Generate income to the owner, and increase the value of the property The construction of multifamily unit ownership housing has been stimulated by - Answer ️️ - Rising land and construction costs Income-producing properties that offer services are known as - Answer ️️ -Office property and business parks The ability of a property manager to assess a market and implement sales promotion is MOST critical when dealing with - Answer ️️ -Retail property Ministorage, unlike many other types of industrial property, is: - Answer ️️ -Not designed to meet the needs of any particular industry Areas that are predominately warehousing, light manufacturing, or assembly zones are that are created under state statutes are called: - Answer ️️ -Enterprise zones What are classified as special-purpose property? - Answer ️️ -Hotels, motels, theaters, schools, and places of worship Which of the following offers a combination of home ownership and site rental? - Answer ️️ - Manufactured home parks Messenger services, taxi services, fax services, and shopping are all services commonly offered by: - Answer ️️ -Concierges Asset managers often have the task of: - Answer ️️ -Monitoring the financial performances of a portfolio of properties If a property owner asks a property manager to manage the property in violation of current civil rights laws, the property manager should: - Answer ️️ -Terminate the management agreement Ethical conduct refers to: - Answer ️️ -Socially or culturally imposed imposed rules of conduct that go above and beyond the letter of the law A commercial property is generally considered to be a ________ _______________ - a private entity that provides goods, services, facilities, or accommodations to the public - Answer ️️ - public accommodation Office property is a type of ___________ __________ commercial property from which a particular service is rendered - Answer ️️ -income-producing Retail property is a commercial property from which ______ _____ ______ - Answer ️️ - goods are sold _____________ ___________ includes all land and facilities that convert raw materials into finished products - Answer ️️ -Industrial property What characterizes the expansion phase in the business cycle? - Answer ️️ -production increases At or just before the peak of the general business cycle, ______ ______ _________ - Answer ️️ -supply surpasses demand Movements of the general economy that usually are measured over 50 years or more are called - Answer ️️ -Long-term movements Cycles of the general business economy differ from those of the real estate market in that the - Answer ️️ -trends in real estate lag significantly behind trends in the general eco