Property Management Exam 1 Questions and Answers | 100% Correct | Latest Update 2024

Property Management Exam 1 Questions and Answers | 100% Correct | Latest Update 2024 4 special residential property types - Answer ️️ -affordable housing condo single family housing student housing affordable housing - Answer ️️ -when the government provides subsidies to make housing more affordable; government rent controlled vouchers and tax credit properties are examples challenges of affordable housing - Answer ️️ -may compete with market rate housing paperwork is extensive working with owners and the government tight budgets compliance screening criteria for residents condo - Answer ️️ -joint ownership of a property by individual investors; owners have the interior space of their condo and share community spaces; has a board of directors; non-income producing property, so marketing and leasing of typical properties do no apply challenges of condos - Answer ️️ -navigating the roles and responsibilities between management, directors, and owners single family housing - Answer ️️ -includes some 2-4 person homes or converted large houses or 6-16 unit buildings (all managed by the same types of people); common in resort towns, many owners are accidental investors because they cannot sell the unit challenges of renting single family homes - Answer ️️ -marketing and budgeting student housing - Answer ️️ -both on and off campus housing for university or college students; focus on elevating student lifestyle and experiences challenges of student housing - Answer ️️ -students and parents have high expectations, managing residents may be hard because of roommate issues and the fact that most students are alone for the first time, seasonal, high turnover trend of housing affordability - Answer ️️ -rent is increasing and median income is decreasing 4 site management themes - Answer ️️ -owner goals and objectives, agency relationships and management agreements, customer service, problem solving owner goals and objectives - Answer ️️ -every decision that the site manager makes affects the bottom line and value of the property (developing an emergency plan keeps damages down and value up, following up on package delivery makes a resident want to renew) agency relationship - Answer ️️ -when a principal authorizes another person (the agent) to act on his or her behalf; formalized in writing management agreement - Answer ️️ -formalizes the agency relationship, contract that authorizes the site manager to do certain things, manager must disclose that he works for the owner because the fiduciary responsibilities apply to the owner- ie the resident has an agreement with the owner not the manager agency relationships and management agreement style - Answer ️️ -keep the principal informed of status and operations of the property, follow instructions of the principal, represent principal in third part dealings and create new contracts, responsible for insurance issues customer service style - Answer ️️ -all about service- trimmed lawns, recycling programs, online rent; train staff to be responsive, planning resident appreciation events etc problem solving style - Answer ️️ -manage by a plan philosophy,- but regardless of how good your plan is, shit happens so site managers must focus on problem solving 4 main jobs of a property manager - Answer ️️ -HR, finance, maintenance and risk management, marketing and leasing ` Autocratic (theory X) style - Answer ️️ -assume that employees inherently dislike work and would prefer to be directed; people must be cont