DC Property Managers Study Guide exam with
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correct answers |
Management |Plan |- |Assists |the |owner |in |meeting |their |goals |while |maximizing |the |property's |value |
and |return. |The |plan |describes |in |detail |the |subject |property's |current |use |along |with |it's |physical |
condition, |fiscal |projections, |and |operational |issues |(includes |an |analysis |of |the |market |regional |& |
neighborhood).
Organizational |and |educational |programs |available |to |assist |in |enhancing |the |property |manager's |
knowledge, |identifying |resources |to |resolve |issues, |and |expanding |their |business |network. |- |Institute |
of |Real |Estate |Management |(IREM), |National |Association |of |Realtors |(NAR), |Greater |Capital |Area |
Association |of |Realtors |(GCARR), |building |Owners |& |Managers |Association |(BOMA), |National |
Association |of |Real |Estate |Brokers, |International |Council |of |Shopping |Centers |(ICSC), |and |National |
Property |Management |Association.
Market |Analysis |- |Focuses |on |regional |and |neighborhood |evaluations. |Includes |demographic |
conditions, |geographic |features, |governmental |prospective, |existing |real |estate |supply, |future |
developments, |and |tenant/resident |demand
Market |Analysis |& |Competitive |Property |Analysis |helps |to..... |- |Identify |the |subject |property's |
strengths |and |weaknesses
The |Highest |& |Best |Use |- |When |the |property |manager |considers |alternatives |to |improve |the |
property's |weaknesses |or |further |enhance |its |strengths |to |improve |overall |economic |performance.
Analysis |of |Alternative |- |Looks |at |the |theoretical |costs |and |corresponding |increase |in |rents |by |making |
different |improvements, |even |property's |redevelopment.
When |determining |the |best |use |of |property, |alternatives |to |consider |are......... |- |Rehabilitate |without |
altering |its |existing |use, |Modernize |by |updating |finishes |(more |efficient |equipment), |Change |the |Use |
of |building |(including |conversion), |or |Conversion |to |a |condominium |m |ownership |structure.
, Capital |Expenditures |- |Projects |that |help |extend |the |property's |life.
Physical |Obsolescene |- |is |characterized |as |a |condition |of |aging |(i.e. |wear |& |tear) |or |deferred |
maintenance. |Examples |are |worn |carpet, |peeling |paint, |a |leaking |roof, |or |dead |landscaping
Functional |Obsolescene |- |is |characterized |by |old |or |outdated |designs |or |building |systems.
Economic |Obsolesence |- |Represents |a |loss |in |value |due |to |outside |forces |(i.e. |location, |market |
conditions). |Examples |would |be |an |office |building, |locates |in |a |small |town, |where |the |major |employer
|closes.
Investment |Value |- |A |value |generally |used |by |investors
Assessed |Value |- |The |value |used |by |government |tax |assessment |offices
Market |Value |- |The |value |that |is |agreed |to |between |a |buyer |& |seller
Rules |of |Ethics |for |Property |Manager |- |Loyalty |to |client, |confidentiality, |accurate |accounting |& |
reporting, |protection |of |owner's |funds, |conflicts |of |interest, |and |compliance |with |law |regulations.
An |owner |can |be |directly |affected |by |manager's..... |- |Improper |handling |of |evictions, |unlawful |rent |
collections, |failure |to |return |security |deposits, |not |maintaining |proper |compliance |with |the |Rental |
Accommodations |Division |(RAD)
The |Management |Agreement |- |is |a |formal |and |binding |contract |that |establishes |the |authority |and |
responsibilities |that |a |manager |has |on |behalf |of |the |owner.
Name |of |the |owner |& |manager, |term |of |agreement, |describes |the |property, |describes |services |
provided |by |manager, |identifies |who |collects |rental |payments, |identifies |whose |name |all |service |
contracts |are |to |be |made, |when |funds |are |disbursed, |whose |employees |work |at |the |property, |bank |
accounts, |fidelity |bonds, |identifies |building |licenses, |insurance |requirements/ |who |secures |policies, |
and |management |fees |compensation |- |Some |provisions |outlined |in |the |Management |Agreement |
include:
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correct answers |
Management |Plan |- |Assists |the |owner |in |meeting |their |goals |while |maximizing |the |property's |value |
and |return. |The |plan |describes |in |detail |the |subject |property's |current |use |along |with |it's |physical |
condition, |fiscal |projections, |and |operational |issues |(includes |an |analysis |of |the |market |regional |& |
neighborhood).
Organizational |and |educational |programs |available |to |assist |in |enhancing |the |property |manager's |
knowledge, |identifying |resources |to |resolve |issues, |and |expanding |their |business |network. |- |Institute |
of |Real |Estate |Management |(IREM), |National |Association |of |Realtors |(NAR), |Greater |Capital |Area |
Association |of |Realtors |(GCARR), |building |Owners |& |Managers |Association |(BOMA), |National |
Association |of |Real |Estate |Brokers, |International |Council |of |Shopping |Centers |(ICSC), |and |National |
Property |Management |Association.
Market |Analysis |- |Focuses |on |regional |and |neighborhood |evaluations. |Includes |demographic |
conditions, |geographic |features, |governmental |prospective, |existing |real |estate |supply, |future |
developments, |and |tenant/resident |demand
Market |Analysis |& |Competitive |Property |Analysis |helps |to..... |- |Identify |the |subject |property's |
strengths |and |weaknesses
The |Highest |& |Best |Use |- |When |the |property |manager |considers |alternatives |to |improve |the |
property's |weaknesses |or |further |enhance |its |strengths |to |improve |overall |economic |performance.
Analysis |of |Alternative |- |Looks |at |the |theoretical |costs |and |corresponding |increase |in |rents |by |making |
different |improvements, |even |property's |redevelopment.
When |determining |the |best |use |of |property, |alternatives |to |consider |are......... |- |Rehabilitate |without |
altering |its |existing |use, |Modernize |by |updating |finishes |(more |efficient |equipment), |Change |the |Use |
of |building |(including |conversion), |or |Conversion |to |a |condominium |m |ownership |structure.
, Capital |Expenditures |- |Projects |that |help |extend |the |property's |life.
Physical |Obsolescene |- |is |characterized |as |a |condition |of |aging |(i.e. |wear |& |tear) |or |deferred |
maintenance. |Examples |are |worn |carpet, |peeling |paint, |a |leaking |roof, |or |dead |landscaping
Functional |Obsolescene |- |is |characterized |by |old |or |outdated |designs |or |building |systems.
Economic |Obsolesence |- |Represents |a |loss |in |value |due |to |outside |forces |(i.e. |location, |market |
conditions). |Examples |would |be |an |office |building, |locates |in |a |small |town, |where |the |major |employer
|closes.
Investment |Value |- |A |value |generally |used |by |investors
Assessed |Value |- |The |value |used |by |government |tax |assessment |offices
Market |Value |- |The |value |that |is |agreed |to |between |a |buyer |& |seller
Rules |of |Ethics |for |Property |Manager |- |Loyalty |to |client, |confidentiality, |accurate |accounting |& |
reporting, |protection |of |owner's |funds, |conflicts |of |interest, |and |compliance |with |law |regulations.
An |owner |can |be |directly |affected |by |manager's..... |- |Improper |handling |of |evictions, |unlawful |rent |
collections, |failure |to |return |security |deposits, |not |maintaining |proper |compliance |with |the |Rental |
Accommodations |Division |(RAD)
The |Management |Agreement |- |is |a |formal |and |binding |contract |that |establishes |the |authority |and |
responsibilities |that |a |manager |has |on |behalf |of |the |owner.
Name |of |the |owner |& |manager, |term |of |agreement, |describes |the |property, |describes |services |
provided |by |manager, |identifies |who |collects |rental |payments, |identifies |whose |name |all |service |
contracts |are |to |be |made, |when |funds |are |disbursed, |whose |employees |work |at |the |property, |bank |
accounts, |fidelity |bonds, |identifies |building |licenses, |insurance |requirements/ |who |secures |policies, |
and |management |fees |compensation |- |Some |provisions |outlined |in |the |Management |Agreement |
include:
