PROPERTY MANAGEMENT EXAM 1 QUESTIONS
WITH CORRECT ANSWERS 2026
Goal of the resident manager - CORRECT ANSWER -increase net operating income
Obligation of the manager - CORRECT ANSWER -provide the highest quality of living
environment to residents while preserving the property's value and producing a profit for the
owner
Key to success of the resident manager - CORRECT ANSWER -to work effectively with the on-site
team
Site-based positions - CORRECT ANSWER -leasing professional, assistant manager, bookkeeper,
maintenance supervisor, maintenance technician, housekeeping, ground workers, door staff
and/or concierge, part-time or seasonal workers
Major responsibilities of the resident manager - CORRECT ANSWER -maintaining the property,
managing the staff, managing the occupancy, providing good customer service, marketing the
property, risk management
Administration responsibilities of the resident manager - CORRECT ANSWER -work within
guidelines of formal management plan, maintain complete records, maintain system of account
payable and receivable, make bank deposits, prepare budget, create a complete operations
manual, create a resident handbook, upgrade security and safety procedures, collect rents,
issue notices, process evictions, handle move-ins and move-outs, report accidents to regional
manager
Operations responsibilities of the resident manager - CORRECT ANSWER -hire employees,
supervise team, coordinate ordering of supplies, obtain cost estimates, set up control system for
service requests
, Marketing responsibilities of the resident manager - CORRECT ANSWER -prepare a marketing
plan, set up model or rental office, use good salesmanship techniques, qualify prospects and
process applications, market within guidelines of fair housing
Public relations responsibilities of the resident manager - CORRECT ANSWER -communicate to
create a good image for the property, resolve problems quickly, stimulate resident pride in
property
How to be a great manager - CORRECT ANSWER -focus on making life at the property a positive
experience for the residents, be responsive to the team, walk the property, cultivate good
communication skills
Conventional properties - CORRECT ANSWER -residential rentals that rent at market rates
without government assistance, privately owned
Government-assisted housing - CORRECT ANSWER -provides housing for low to moderate
income households, if managed properly almost assured of 100% occupancy, more regulations
and paperwork, certificates not always accepted but must be accepted at tax credit properties
Project-based assistance - CORRECT ANSWER -one form of government assisted housing where
everyone living there receives a subsidy
Resident-based assistance - CORRECT ANSWER -residential rentals that rent at fair market rates
with rental assistance from the government, privately owned, no new construction today,
greatest construction period during 1970s and 1980s, resident receives a housing voucher or
certificate and government pays a portion of the rent to the management (Section 8 certificate)
Section 236 - CORRECT ANSWER -owner received discount on mortgage and, in turn, charges a
lower rent
WITH CORRECT ANSWERS 2026
Goal of the resident manager - CORRECT ANSWER -increase net operating income
Obligation of the manager - CORRECT ANSWER -provide the highest quality of living
environment to residents while preserving the property's value and producing a profit for the
owner
Key to success of the resident manager - CORRECT ANSWER -to work effectively with the on-site
team
Site-based positions - CORRECT ANSWER -leasing professional, assistant manager, bookkeeper,
maintenance supervisor, maintenance technician, housekeeping, ground workers, door staff
and/or concierge, part-time or seasonal workers
Major responsibilities of the resident manager - CORRECT ANSWER -maintaining the property,
managing the staff, managing the occupancy, providing good customer service, marketing the
property, risk management
Administration responsibilities of the resident manager - CORRECT ANSWER -work within
guidelines of formal management plan, maintain complete records, maintain system of account
payable and receivable, make bank deposits, prepare budget, create a complete operations
manual, create a resident handbook, upgrade security and safety procedures, collect rents,
issue notices, process evictions, handle move-ins and move-outs, report accidents to regional
manager
Operations responsibilities of the resident manager - CORRECT ANSWER -hire employees,
supervise team, coordinate ordering of supplies, obtain cost estimates, set up control system for
service requests
, Marketing responsibilities of the resident manager - CORRECT ANSWER -prepare a marketing
plan, set up model or rental office, use good salesmanship techniques, qualify prospects and
process applications, market within guidelines of fair housing
Public relations responsibilities of the resident manager - CORRECT ANSWER -communicate to
create a good image for the property, resolve problems quickly, stimulate resident pride in
property
How to be a great manager - CORRECT ANSWER -focus on making life at the property a positive
experience for the residents, be responsive to the team, walk the property, cultivate good
communication skills
Conventional properties - CORRECT ANSWER -residential rentals that rent at market rates
without government assistance, privately owned
Government-assisted housing - CORRECT ANSWER -provides housing for low to moderate
income households, if managed properly almost assured of 100% occupancy, more regulations
and paperwork, certificates not always accepted but must be accepted at tax credit properties
Project-based assistance - CORRECT ANSWER -one form of government assisted housing where
everyone living there receives a subsidy
Resident-based assistance - CORRECT ANSWER -residential rentals that rent at fair market rates
with rental assistance from the government, privately owned, no new construction today,
greatest construction period during 1970s and 1980s, resident receives a housing voucher or
certificate and government pays a portion of the rent to the management (Section 8 certificate)
Section 236 - CORRECT ANSWER -owner received discount on mortgage and, in turn, charges a
lower rent
