Property Management Exam Questions and Answers | 100% Correct | Verified & Updated

Property Management Exam Questions and Answers | 100% Correct | Verified & Updated Property Manager - Answer️️ - Someone who manages real estate for another person for compensation. Duties include collecting rents, maintaining the property, and keeping up all accounting. A good reputation is often the manager's best advertising. A manager who consistently demonstrates the ability to increase property income over previous levels, while meeting legal requirements and enhancing the property's attractiveness to tenants, should have little difficulty finding new business. Before contracting to manage any property, the professional property manager should be certain that the building owner has realistic income expectations. Necessary maintenance, unexpected repairs, and effective marketing all take time and money. In addition, most states have landlord- tenant laws that require the landlord-owner to keep the property repaired and make sure it complies with building codes. Through the agency relationship with the owner, the property manager becomes responsible for repairs and the building's condition. Three Main Roles of Property Manager - Answer️️ - -achieve the objectives of the property owners, -generate income for the owners, and -preserve and/or increase the value of the investment property. Possible Clients of a Property Manager - Answer️️ - -corporate owners, -apartment buildings, -owners of small rental residential properties, -homeowners associations, -investment syndicates, -trusts -owners of office buildings. Property Management Specialties - Answer️️ - Community Association Management The prevalence of homeowners and condominium associations combined with complex planning and development codes have placed new demands on property managers. Working as part of a team, property managers assist in providing a comprehensive array of services to volunteer boards. Many states now require at least a real estate license or an association management license for those who specialize in managing associations. Housing for Seniors Opportunities abound in managing housing for those age 55 and older, including federally assisted housing programs. In addition to marketing, managers of senior housing are often responsible for the operation of the facility, as well as housekeeping, meal service, social event planning, and medical emergency planning. When subsidized housing is involved, the property manager needs to be familiar with state and federal rules pertaining to eligibility requirements and income verification. Manufactured Homes Homes built in factories meeting HUD specifications are called manufactured homes or HUD- code homes. These homes may be placed on individually owned land, but more than a third are sited in communities. A tenant may rent only the "pad," the land on which the home is sited, or the home itself. Many communities, especially those in the sun belt states, are geared toward seniors; managers at these communities must be effective at building community spirit. Resort Housing Managing second-home and resort rentals presents specific challenges. A resort manager must be able to care for and maintain often-vacant properties and be able to attract and manage short- term tenants. Many such properties are located in high-risk areas for natural disasters such as hurricanes, so the manager must be able to prepare for an emergency as well as to work with insurance Management Agreement - Answer️️ - A contract between the owner of income property and a management firm or individual property manager that outlines the scope of the manager's authority. What a Management Agreement should include: - Answer️️ - -Description of the property. -Time period the agreement covers and specific provisions f