GA - Property Management UPDATED
ACTUAL Exam Questions and CORRECT
Answers
Fiduciary - CORRECT ANSWER - Someone in a position of trust and confidence held by
law to high standards of good faith and loyalty.
General agent - CORRECT ANSWER - An agent granted the power to work on behalf of
a principal in a particular capacity for an ongoing period.
Planned unit development (PUD) - CORRECT ANSWER - A mix of land uses—such as
residential and commercial—in one contained development
Triple net lease - CORRECT ANSWER - The tenant pays rent plus taxes, insurance, and
maintenance.
Community association manager (CAM) - CORRECT ANSWER - Manager licensed by
the state to manage a community association. CAMs must keep detailed records and budgets, and
complete 36 hours of continuing education every four years in order to stay licensed.
Property management agreement - CORRECT ANSWER - An agreement between the
property owner and sponsoring broker. It sets forth the nature of the relationship between the two
parties. The agreement covers such items as time period, property manager's responsibilities,
extent of property manager's authority, compensation, and reporting.
Property management proposal - CORRECT ANSWER - Lays out the proposed
management plan a manager has for a property, as well as providing references and experience.
Agency - CORRECT ANSWER - A relationship in which one party (the principal)
authorizes another party (the agent) to act as the principal's representative in dealing with third
parties.
ACTUAL Exam Questions and CORRECT
Answers
Fiduciary - CORRECT ANSWER - Someone in a position of trust and confidence held by
law to high standards of good faith and loyalty.
General agent - CORRECT ANSWER - An agent granted the power to work on behalf of
a principal in a particular capacity for an ongoing period.
Planned unit development (PUD) - CORRECT ANSWER - A mix of land uses—such as
residential and commercial—in one contained development
Triple net lease - CORRECT ANSWER - The tenant pays rent plus taxes, insurance, and
maintenance.
Community association manager (CAM) - CORRECT ANSWER - Manager licensed by
the state to manage a community association. CAMs must keep detailed records and budgets, and
complete 36 hours of continuing education every four years in order to stay licensed.
Property management agreement - CORRECT ANSWER - An agreement between the
property owner and sponsoring broker. It sets forth the nature of the relationship between the two
parties. The agreement covers such items as time period, property manager's responsibilities,
extent of property manager's authority, compensation, and reporting.
Property management proposal - CORRECT ANSWER - Lays out the proposed
management plan a manager has for a property, as well as providing references and experience.
Agency - CORRECT ANSWER - A relationship in which one party (the principal)
authorizes another party (the agent) to act as the principal's representative in dealing with third
parties.
