Property Management Exam 1 with 97
complete solutions.
Property Management Exam 1 with 97
complete solutions.
Goal of the resident manager - ANSWER increase net operating income
obligation of the manager - ANSWER provide the highest quality of living environment to residents while
preserving the property's value and producing a profit for the owner
key to success of the resident manager - ANSWER to work effectively with the on-site team
site-based positions - ANSWER leasing professional, assistant manager, bookkeeper, maintenance
supervisor, maintenance technician, housekeeping, ground workers, door staff and/or concierge, part-
time or seasonal workers
major responsibilities of the resident manager - ANSWER maintaining the property, managing the staff,
managing the occupancy, providing good customer service, marketing the property, risk management
administration responsibilities of the resident manager - ANSWER work within guidelines of formal
management plan, maintain complete records, maintain system of account payable and receivable,
make bank deposits, prepare budget, create a complete operations manual, create a resident handbook,
upgrade security and safety procedures, collect rents, issue notices, process evictions, handle move-ins
and move-outs, report accidents to regional manager
operations responsibilities of the resident manager - ANSWER hire employees, supervise team,
coordinate ordering of supplies, obtain cost estimates, set up control system for service requests
marketing responsibilities of the resident manager - ANSWER prepare a marketing plan, set up model or
rental office, use good salesmanship techniques, qualify prospects and process applications, market
within guidelines of fair housing
, Property Management Exam 1 with 97
complete solutions.
public relations responsibilities of the resident manager - ANSWER communicate to create a good image
for the property, resolve problems quickly, stimulate resident pride in property
how to be a great manager - ANSWER focus on making life at the property a positive experience for the
residents, be responsive to the team, walk the property, cultivate good communication skills
conventional properties - ANSWER residential rentals that rent at market rates without government
assistance, privately owned
government-assisted housing - ANSWER provides housing for low to moderate income households, if
managed properly almost assured of 100% occupancy, more regulations and paperwork, certificates not
always accepted but must be accepted at tax credit properties
project-based assistance - ANSWER one form of government assisted housing where everyone living
there receives a subsidy
resident-based assistance - ANSWER residential rentals that rent at fair market rates with rental
assistance from the government, privately owned, no new construction today, greatest construction
period during 1970s and 1980s, resident receives a housing voucher or certificate and government pays
a portion of the rent to the management (Section 8 certificate)
Section 236 - ANSWER owner received discount on mortgage and, in turn, charges a lower rent
Section 8 - ANSWER type of housing built after 1974, but no longer being built today, most converted
into conventional housing
public housing - ANSWER federally subsidized housing where residents pay 30% of their income for
housing, publicly owned, notorious for mismanagement and has become the poster child for
government's failure to solve problems of poverty, today much is being torn down or renovated
the new PHA - ANSWER began in mid 90s with HUD monies, demolished 20 high-rise towers and
replaced with low-rise homes, goal is to help the city revitalize
complete solutions.
Property Management Exam 1 with 97
complete solutions.
Goal of the resident manager - ANSWER increase net operating income
obligation of the manager - ANSWER provide the highest quality of living environment to residents while
preserving the property's value and producing a profit for the owner
key to success of the resident manager - ANSWER to work effectively with the on-site team
site-based positions - ANSWER leasing professional, assistant manager, bookkeeper, maintenance
supervisor, maintenance technician, housekeeping, ground workers, door staff and/or concierge, part-
time or seasonal workers
major responsibilities of the resident manager - ANSWER maintaining the property, managing the staff,
managing the occupancy, providing good customer service, marketing the property, risk management
administration responsibilities of the resident manager - ANSWER work within guidelines of formal
management plan, maintain complete records, maintain system of account payable and receivable,
make bank deposits, prepare budget, create a complete operations manual, create a resident handbook,
upgrade security and safety procedures, collect rents, issue notices, process evictions, handle move-ins
and move-outs, report accidents to regional manager
operations responsibilities of the resident manager - ANSWER hire employees, supervise team,
coordinate ordering of supplies, obtain cost estimates, set up control system for service requests
marketing responsibilities of the resident manager - ANSWER prepare a marketing plan, set up model or
rental office, use good salesmanship techniques, qualify prospects and process applications, market
within guidelines of fair housing
, Property Management Exam 1 with 97
complete solutions.
public relations responsibilities of the resident manager - ANSWER communicate to create a good image
for the property, resolve problems quickly, stimulate resident pride in property
how to be a great manager - ANSWER focus on making life at the property a positive experience for the
residents, be responsive to the team, walk the property, cultivate good communication skills
conventional properties - ANSWER residential rentals that rent at market rates without government
assistance, privately owned
government-assisted housing - ANSWER provides housing for low to moderate income households, if
managed properly almost assured of 100% occupancy, more regulations and paperwork, certificates not
always accepted but must be accepted at tax credit properties
project-based assistance - ANSWER one form of government assisted housing where everyone living
there receives a subsidy
resident-based assistance - ANSWER residential rentals that rent at fair market rates with rental
assistance from the government, privately owned, no new construction today, greatest construction
period during 1970s and 1980s, resident receives a housing voucher or certificate and government pays
a portion of the rent to the management (Section 8 certificate)
Section 236 - ANSWER owner received discount on mortgage and, in turn, charges a lower rent
Section 8 - ANSWER type of housing built after 1974, but no longer being built today, most converted
into conventional housing
public housing - ANSWER federally subsidized housing where residents pay 30% of their income for
housing, publicly owned, notorious for mismanagement and has become the poster child for
government's failure to solve problems of poverty, today much is being torn down or renovated
the new PHA - ANSWER began in mid 90s with HUD monies, demolished 20 high-rise towers and
replaced with low-rise homes, goal is to help the city revitalize
