CERTIFIED PROPERTY MANAGER
UPDATED ACTUAL EXAM QUESTIONS AND
CORRECT ANSWERS COMPLETE STUDY
GUIDE
●● What significant event led to the creation of property managers?
Answer: The Great Depression.
●● What major change occurred in property management during the
1980s?
Answer: Real estate investors needed more capable property managers
due to changes in tax laws.
●● What does the acronym REIT stand for?
Answer: Real Estate Investment Trust.
●● What is the importance of property codes?
Answer: They ensure compliance with legal standards and regulations in
property management.
●● What organization is known for its code of ethics in property
management?
Answer: Institute of Real Estate Management (IREM).
, ●● What role does a property manager play as an economist?
Answer: They evaluate properties in terms of operating income and
forecast future potential.
●● What is a caretaker manager?
Answer: A manager responsible for maintaining properties before the
formal role of property managers emerged.
●● What is the significance of the Low-Income Housing Tax Credit
(LIHTC)?
Answer: It sparked a boom in affordable housing projects.
●● What does the Building Owners and Managers Association (BOMA)
focus on?
Answer: Advocating for the interests of building owners and managers.
●● What is the role of a property manager as a facilitator of the owner's
interests?
Answer: To align management practices with the owner's goals and
objectives.
●● What are some specialized opportunities in real property
management?
UPDATED ACTUAL EXAM QUESTIONS AND
CORRECT ANSWERS COMPLETE STUDY
GUIDE
●● What significant event led to the creation of property managers?
Answer: The Great Depression.
●● What major change occurred in property management during the
1980s?
Answer: Real estate investors needed more capable property managers
due to changes in tax laws.
●● What does the acronym REIT stand for?
Answer: Real Estate Investment Trust.
●● What is the importance of property codes?
Answer: They ensure compliance with legal standards and regulations in
property management.
●● What organization is known for its code of ethics in property
management?
Answer: Institute of Real Estate Management (IREM).
, ●● What role does a property manager play as an economist?
Answer: They evaluate properties in terms of operating income and
forecast future potential.
●● What is a caretaker manager?
Answer: A manager responsible for maintaining properties before the
formal role of property managers emerged.
●● What is the significance of the Low-Income Housing Tax Credit
(LIHTC)?
Answer: It sparked a boom in affordable housing projects.
●● What does the Building Owners and Managers Association (BOMA)
focus on?
Answer: Advocating for the interests of building owners and managers.
●● What is the role of a property manager as a facilitator of the owner's
interests?
Answer: To align management practices with the owner's goals and
objectives.
●● What are some specialized opportunities in real property
management?
