Champions SAE Property
Management questions and answers
Property Manager - correct answer ✔✔ A PM's expected tasks will be spelled out by the
management agreement with the property owner. In general, a property manager must be able
to wear many different hats and have detailed knowl- edge about all aspects of real estate.
As a fiduciary, the property manager (agent) owes the owner (principal) - correct answer ✔✔ •
Obedience • Loyalty • Disclosure • Confidentiality Accounting Reasonable care
CCIM (gold standard of commercial) - correct answer ✔✔ Expects its members to believe in and
promote: ethical leadership, cultural awareness, investment in the future, staying connected,
fiscal responsibilty, and acting globally. Must complete educational requirements, and pass a
comp exam. Applicants must also submit a Portfolio of Qualifying Experience.
International Residential Code (IRC) - correct answer ✔✔ Is the minimum standard code for the
State of Texas for one and two family dwellings compromised of three stories or less.
(Townhomes less than 3 stories)
Supply and demand - correct answer ✔✔ When the demand for real estate is high adn the
supply low prices in the market go up.
Promotion - correct answer ✔✔ PROMOTION After spending some time getting to know the
product, it becomes incumbent upon the property manager, to get the word out on the street -
promotion.
Price - correct answer ✔✔ PRICE Pricing is a vital element of marketing. The prices of products
and services can either attract or repel clients. Do not recommend that landlords price their
, properties above what the market in their geographic regions can bear. Higher prices will deter
tenants
Submarkets - correct answer ✔✔ Drilling down even deeper into the neighborhood, will reveal
submarkets that exist within the wider neighborhood mar- ket. For example, there be may a
submarket in an urban neigh- borhood for luxury high-rises
Physical deterioration - correct answer ✔✔ Is the loss in a property's value due to daily wear
and tear
Functional obsolescence - correct answer ✔✔ Is the loss in tge desirabilty of the style, layout, or
function of a property due to age.
External obsolescence - correct answer ✔✔ Refers to the loss in value of a property caused by
factors outside of the property itself.
First step in creating a management plan - correct answer ✔✔ Assess the subject property.
4 P's of marketing - correct answer ✔✔ Product, place, promotion, and price
Product - correct answer ✔✔ Marketing sheds light on the following questions: What is the
product? Who needs the product? Why do they need the product? How to reach people who
need the product? Where to promote the product? Any successful salesperson knows his/her
product.
Place - correct answer ✔✔ The place is the physical location of the product.
Second Level of analysis - correct answer ✔✔ The local market.
Management questions and answers
Property Manager - correct answer ✔✔ A PM's expected tasks will be spelled out by the
management agreement with the property owner. In general, a property manager must be able
to wear many different hats and have detailed knowl- edge about all aspects of real estate.
As a fiduciary, the property manager (agent) owes the owner (principal) - correct answer ✔✔ •
Obedience • Loyalty • Disclosure • Confidentiality Accounting Reasonable care
CCIM (gold standard of commercial) - correct answer ✔✔ Expects its members to believe in and
promote: ethical leadership, cultural awareness, investment in the future, staying connected,
fiscal responsibilty, and acting globally. Must complete educational requirements, and pass a
comp exam. Applicants must also submit a Portfolio of Qualifying Experience.
International Residential Code (IRC) - correct answer ✔✔ Is the minimum standard code for the
State of Texas for one and two family dwellings compromised of three stories or less.
(Townhomes less than 3 stories)
Supply and demand - correct answer ✔✔ When the demand for real estate is high adn the
supply low prices in the market go up.
Promotion - correct answer ✔✔ PROMOTION After spending some time getting to know the
product, it becomes incumbent upon the property manager, to get the word out on the street -
promotion.
Price - correct answer ✔✔ PRICE Pricing is a vital element of marketing. The prices of products
and services can either attract or repel clients. Do not recommend that landlords price their
, properties above what the market in their geographic regions can bear. Higher prices will deter
tenants
Submarkets - correct answer ✔✔ Drilling down even deeper into the neighborhood, will reveal
submarkets that exist within the wider neighborhood mar- ket. For example, there be may a
submarket in an urban neigh- borhood for luxury high-rises
Physical deterioration - correct answer ✔✔ Is the loss in a property's value due to daily wear
and tear
Functional obsolescence - correct answer ✔✔ Is the loss in tge desirabilty of the style, layout, or
function of a property due to age.
External obsolescence - correct answer ✔✔ Refers to the loss in value of a property caused by
factors outside of the property itself.
First step in creating a management plan - correct answer ✔✔ Assess the subject property.
4 P's of marketing - correct answer ✔✔ Product, place, promotion, and price
Product - correct answer ✔✔ Marketing sheds light on the following questions: What is the
product? Who needs the product? Why do they need the product? How to reach people who
need the product? Where to promote the product? Any successful salesperson knows his/her
product.
Place - correct answer ✔✔ The place is the physical location of the product.
Second Level of analysis - correct answer ✔✔ The local market.
