Practice of Property Management- Real Estate
Council of Alberta Exam Questions & Answers||
GRADED A+||LATEST UPDATE 2025/26
Types of Properties -CORRECT ANSWER 1. Single Family Residential
2. Multi Family Residential: Low High, Mid Rise High Rise, Row Housing
3. Cooperative
4. Condominium
5. Commercial
Forms of Ownership -CORRECT ANSWER 1. Individual Investors
2. Sole Proprietorship
3. Partnership
4. Limited Partnership
5. Syndication
6. Commercial
7. Government
Types of Property Management Operations -CORRECT ANSWER 1. Professional Fee
Management Company
2.Asset Management
3. In-House Management
4. Self- Management
,The Role of the Property Manager -CORRECT ANSWER To provide professional
management in order to assist the landlord in reaching his or her objectives
Types of Residential Property -CORRECT ANSWER 1. Duplexes
2. Fourplexes
3. Townhouses
4. Low-rise/Garden Apartments
5. High-rise apartments
Special Residential Projects -CORRECT ANSWER Retirement Homes for Seniors
Personal Care Homes
Student Housing
Public Housing
Mobile Home or Trailer Parks
Remote Area Corporate Housing
Mixed Use Properties
Reasons Individual Owners Lease Property -CORRECT ANSWER 1. The Property was
owner's residence which was kept for rental purposes
2. The property was purchased by the owner as a revenue producing investment
3. The property was purchased in a good market as a future retirement home
, 4. The property was inherited as part of an estate and the owner may wish to lease it
while waiting for an improved market to sell it or keep it for his or her own retirement
5. The owner was transferred to another city ,but wishes to retain the house and re-
occupy it upon return
Factors for Individual Owners to consider -CORRECT ANSWER 1. What is the market rent
of the property.
2. Which type of tenant is most appropriate for the property
3. What is the duration of the tenancy
4. Will the residence be leased, unfurnished, partially furnished or fully furnished
Management of Condominium -CORRECT ANSWER Board of Directors is responsible for
the control, management and administration of the complex.
Duties of Board of Directors -CORRECT ANSWER 1. Appoint Auditors, enter into property
management agreements and supervise the affairs of the commission
2. Approve an annual operating budget for anticipated .e.g. landscaping. exterior
painting, expenses
3. Allocate funds to the reserve funds for major common areas repairs and replacement
4. Enter into contracts for management, provision of other services, leasing of common
elements or the provision of recreational or other facilities.
Property Manager Duties in a Condominium -CORRECT ANSWER 1. Occupant Duties
Council of Alberta Exam Questions & Answers||
GRADED A+||LATEST UPDATE 2025/26
Types of Properties -CORRECT ANSWER 1. Single Family Residential
2. Multi Family Residential: Low High, Mid Rise High Rise, Row Housing
3. Cooperative
4. Condominium
5. Commercial
Forms of Ownership -CORRECT ANSWER 1. Individual Investors
2. Sole Proprietorship
3. Partnership
4. Limited Partnership
5. Syndication
6. Commercial
7. Government
Types of Property Management Operations -CORRECT ANSWER 1. Professional Fee
Management Company
2.Asset Management
3. In-House Management
4. Self- Management
,The Role of the Property Manager -CORRECT ANSWER To provide professional
management in order to assist the landlord in reaching his or her objectives
Types of Residential Property -CORRECT ANSWER 1. Duplexes
2. Fourplexes
3. Townhouses
4. Low-rise/Garden Apartments
5. High-rise apartments
Special Residential Projects -CORRECT ANSWER Retirement Homes for Seniors
Personal Care Homes
Student Housing
Public Housing
Mobile Home or Trailer Parks
Remote Area Corporate Housing
Mixed Use Properties
Reasons Individual Owners Lease Property -CORRECT ANSWER 1. The Property was
owner's residence which was kept for rental purposes
2. The property was purchased by the owner as a revenue producing investment
3. The property was purchased in a good market as a future retirement home
, 4. The property was inherited as part of an estate and the owner may wish to lease it
while waiting for an improved market to sell it or keep it for his or her own retirement
5. The owner was transferred to another city ,but wishes to retain the house and re-
occupy it upon return
Factors for Individual Owners to consider -CORRECT ANSWER 1. What is the market rent
of the property.
2. Which type of tenant is most appropriate for the property
3. What is the duration of the tenancy
4. Will the residence be leased, unfurnished, partially furnished or fully furnished
Management of Condominium -CORRECT ANSWER Board of Directors is responsible for
the control, management and administration of the complex.
Duties of Board of Directors -CORRECT ANSWER 1. Appoint Auditors, enter into property
management agreements and supervise the affairs of the commission
2. Approve an annual operating budget for anticipated .e.g. landscaping. exterior
painting, expenses
3. Allocate funds to the reserve funds for major common areas repairs and replacement
4. Enter into contracts for management, provision of other services, leasing of common
elements or the provision of recreational or other facilities.
Property Manager Duties in a Condominium -CORRECT ANSWER 1. Occupant Duties
