REAL PROPERTY MANAGEMENT
COMPREHENSIVE PREP QUESTIONS AND
ANSWERS COMPLETE REVIEW MATERIAL
●● A.R.M.
Answer: ACCREDITED RESIDENT MANAGER
(ARM®) designation for the on-site manager who successfully
completes a prescribed educational
program, meets an experience requirement, and subscribes to IREM's
ethical code and rules and
regulations.
●● Ad Valorem Tax
Answer: Is based on the value of a transaction or of property. It is
typically imposed at the time of a transaction, as in the case of a sales
tax or value-added tax (VAT).
●● Agent
Answer: a person acting under provisions of this
title in a real property transactions, and includes a person who is licensed
as a real estate broker under Chapter 3 (commencing with §10130) of
Part 1 of Division 4 of the Business and Professions Code, and under
whose license a listing is executed or an offer to purchase is obtained.
,●● Allodial System
Answer: Form of private landholding in which land is held in absolute
party.
●● Allodial Tenure
Answer: trust account gives the titleholder free and full ownership of
property-is not subject to county, state, or federal codes, ordinances, or
zoning regulations ("police power"), nor can it be taken through legal or
regulatory means ("inalienable").
●● B.O.M.I.
Answer: Building Owners and Managers Institute
Provides educational programs aimed primarily at the commercial
property
management industry.
●● How many courses are there for BOMI?
Answer: 7 courses offered
Successful completion of the7 courses leads to the designation of Real
Property Administrator (RPA.)
●● C.P.M.
Answer: Certified Property Managers
, (1) Be a member of a local real estate board or a member of the National
Associations of
Realtors©.
(2) Have been actively engaged in the real estate management business
in a responsible
position for a minimum of 3 years.
(3) Demonstrate his ability to manage real estate,
(4) Pass certain minimum, educational requirements.
(5)Pass two written examinations prepared by the institute;
(6)Present proof of 15 years of active management experience in order
to be allowed to take part in a special examination.
●● Feudalism
Answer: A political and economic system
of the ninth to 15th centuries in which the king had supreme right over
the land, which then was divided among lords and their vassals based on
conditions of homage and service.
●● I.R.E.M.
Answer: Institute of Real Estate Management
Est 1933
To establish a body of tested, capable, and honest individuals in the
given field from which prospective clients can choose, and second, to
COMPREHENSIVE PREP QUESTIONS AND
ANSWERS COMPLETE REVIEW MATERIAL
●● A.R.M.
Answer: ACCREDITED RESIDENT MANAGER
(ARM®) designation for the on-site manager who successfully
completes a prescribed educational
program, meets an experience requirement, and subscribes to IREM's
ethical code and rules and
regulations.
●● Ad Valorem Tax
Answer: Is based on the value of a transaction or of property. It is
typically imposed at the time of a transaction, as in the case of a sales
tax or value-added tax (VAT).
●● Agent
Answer: a person acting under provisions of this
title in a real property transactions, and includes a person who is licensed
as a real estate broker under Chapter 3 (commencing with §10130) of
Part 1 of Division 4 of the Business and Professions Code, and under
whose license a listing is executed or an offer to purchase is obtained.
,●● Allodial System
Answer: Form of private landholding in which land is held in absolute
party.
●● Allodial Tenure
Answer: trust account gives the titleholder free and full ownership of
property-is not subject to county, state, or federal codes, ordinances, or
zoning regulations ("police power"), nor can it be taken through legal or
regulatory means ("inalienable").
●● B.O.M.I.
Answer: Building Owners and Managers Institute
Provides educational programs aimed primarily at the commercial
property
management industry.
●● How many courses are there for BOMI?
Answer: 7 courses offered
Successful completion of the7 courses leads to the designation of Real
Property Administrator (RPA.)
●● C.P.M.
Answer: Certified Property Managers
, (1) Be a member of a local real estate board or a member of the National
Associations of
Realtors©.
(2) Have been actively engaged in the real estate management business
in a responsible
position for a minimum of 3 years.
(3) Demonstrate his ability to manage real estate,
(4) Pass certain minimum, educational requirements.
(5)Pass two written examinations prepared by the institute;
(6)Present proof of 15 years of active management experience in order
to be allowed to take part in a special examination.
●● Feudalism
Answer: A political and economic system
of the ninth to 15th centuries in which the king had supreme right over
the land, which then was divided among lords and their vassals based on
conditions of homage and service.
●● I.R.E.M.
Answer: Institute of Real Estate Management
Est 1933
To establish a body of tested, capable, and honest individuals in the
given field from which prospective clients can choose, and second, to
