Residential Property Management - Final Exam (Wells) Questions with 100% Correct Answers | Latest Update 2024

Residential Property Management - Final Exam (Wells) Questions with 100% Correct Answers | Latest Update 2024 The on-site commercial property manager - Answer ️️ -is one of the most important members of the management team. He or she is responsible for the day-to-day operations of a single large property, such as an office building or a shopping center. (pg. 428) The commercial property manager - Answer ️️ -coordinates fire and police protection services, and emergency evacuation and relocation plans. They arrange for building security, deal with threats and protesters, and control evacuations and other emergency procedures. (pg. 430) market analysis at the regional and neighborhood level - Answer ️️ -As with any type of investment, property managers must conduct a ________________________ to determine supply and demand and absorption rates for commercial real estate. (pg. 431) Personal Guarantee - Answer ️️ -is a promise to repay business debts from personal assets if the business is unable to pay. (pg. 435) letter of intent - Answer ️️ -A preliminary offer that proposes basic terms and conditions for the lease. Once all of a prospective commercial tenant's questions have been answered and his or her objectives quelled, the tenant or tenant's agent will draw up a ________ and present it to the property manager. (pg. 440) Negotiating the Lease - Distinctions between Commercial and Residential Leases (pg. 441): - Answer ️️ -No standard forms Long-term and binding Negotiability and flexibility Basic Common Area Maintenance fees (pg. 443): - Answer ️️ -Utilities Maintenance and Repairs Landscaping Security Insurance premiums Real property taxes Special tax assessments Due Diligence - Answer ️️ -A clause that provides a prospective tenant the necessary time in the initial stages of the lease to investigate the lease site, obtain permits, and determine any obstacles. (pg. 450) Alterations and improvements - Answer ️️ -Trade Fixtures (pg. 451): Counters Shelves Cash registers Moveable partitions Wall mirrors Signs Industrial lease - hazardous materials clause - Answer ️️ -Included as a method of preventing the leased property from becoming contaminated by hazardous materials used by the tenant and stipulates that the tenant is responsible for the hazmat cleanup. (pg. 454) An office building - Answer ️️ -is a building divided into individual office space where professional or clerical services are performed. Anchor Tenant - Answer ️️ -chosen in part for its potential to attract customers to the shopping center and allows for multitasking (pg. 469) Which of the following contributed to the escalation of property management as a profession during the early 20th century? a. Invention of the telephone, elevator, and automobile b. Great Depression and mortgage foreclosures c. Building of multi-family apartments and skyscrapers d. All of the above - Answer ️️ -d. All of the above: Invention of the telephone, elevator, and automobile, Great Depression and mortgage foreclosures, and Building of multi-family apartments and skyscrapers An individual who wishes to become a property manager in the 21st century should: a. be computer literate b. have an understanding of updating building codes c. understand the needs of foreign property owners d. do all of the above - Answer ️️ -d. do all of the above: be computer literate, have an understanding of updating building codes, and understand the needs of foreign property owners The specific markets for real estate that may be managed by a property manager include _______ and _____ property. a. agricultural / residential b. agricultural / industrial c. residential / commercial d. residential / agricultural - Answer ️️ -c. residential / commercial Commercial properties include al