REAL PROPERTY MANAGEMENT
ASSESSMENT REVIEW FULL QUESTIONS
AND CORRECT ANSWERS RESOURCE
●● What is the oldest professional organization of property managers
and owners?
NAR
NAPM
BOMA
HUD
Answer: BOMA Building Owners and Managers Association
●● What professional designations does the Institute of Real Estate
Management (IREM) program offer?
Certified Property Manger (CPM)
Secondary Management Official (SMO)
Property Management Professional (PRP)
Affiliated Management Organization (AMO)
Answer: Certified Property Manager (CPM)
,●● Hospitals, hotels, restaurants, bars, and schools are examples of
which type of property?
Heavy Industrial
Light Industrial
Special Use
Commercial
Answer: Special Use
●● How are income properties often categorized?
Economic Use
Business Use
Service Use
Management use
Answer: economic use
●● Generally, who hires property managers?
Property owners
Property buyers
Lenders
,The Real Estate Commission
Answer: property owners
●● Why are light Industrial spaces often a good investment in an
economy with changing demands?
They are flexible and can be used for several types of industries
They are considered sunk costs
They are tenant specific
They represent a clean industrial look, which is essential in a changing
economy
Answer: They are flexible and can be used for several types of industries
●● Which type of manager is involved with the refinancing, or sale of a
single owner's multiple properties?
Resident manager
Individual property manager
Asset manager
Individual building manager
Answer: Asset manager
●● What must a property manager understand first to help the owner?
, Basic economic trends
environmental issues
condition problems
interior design trends
Answer: basic economic trends
●● What is the order of the business cycle
recession
expansion
contraction
revival
Answer: expansion
recession
contraction
revival
●● What will a property manager NOT examine when creating a market
analysis
Occupancy rates of comparable local properties
ASSESSMENT REVIEW FULL QUESTIONS
AND CORRECT ANSWERS RESOURCE
●● What is the oldest professional organization of property managers
and owners?
NAR
NAPM
BOMA
HUD
Answer: BOMA Building Owners and Managers Association
●● What professional designations does the Institute of Real Estate
Management (IREM) program offer?
Certified Property Manger (CPM)
Secondary Management Official (SMO)
Property Management Professional (PRP)
Affiliated Management Organization (AMO)
Answer: Certified Property Manager (CPM)
,●● Hospitals, hotels, restaurants, bars, and schools are examples of
which type of property?
Heavy Industrial
Light Industrial
Special Use
Commercial
Answer: Special Use
●● How are income properties often categorized?
Economic Use
Business Use
Service Use
Management use
Answer: economic use
●● Generally, who hires property managers?
Property owners
Property buyers
Lenders
,The Real Estate Commission
Answer: property owners
●● Why are light Industrial spaces often a good investment in an
economy with changing demands?
They are flexible and can be used for several types of industries
They are considered sunk costs
They are tenant specific
They represent a clean industrial look, which is essential in a changing
economy
Answer: They are flexible and can be used for several types of industries
●● Which type of manager is involved with the refinancing, or sale of a
single owner's multiple properties?
Resident manager
Individual property manager
Asset manager
Individual building manager
Answer: Asset manager
●● What must a property manager understand first to help the owner?
, Basic economic trends
environmental issues
condition problems
interior design trends
Answer: basic economic trends
●● What is the order of the business cycle
recession
expansion
contraction
revival
Answer: expansion
recession
contraction
revival
●● What will a property manager NOT examine when creating a market
analysis
Occupancy rates of comparable local properties
