DC PROPERTY MANAGER EXAM – UPDATED 2025/2026 | EXAM QUESTIONS WITH
100% CORRECT ANSWERS (VERIFIED & ALIGNED WITH DCRA REQUIREMENTS)
1. Management Agreement - ANSWERS-The ______________ is a formal and binding
contract that establishes the authority and responsibilities that the manager has on
behalf of the owner and in operating the property. Many of the provisions typically
found in a ____________________ are as follows:
• Provides the name of the owner and manager
• Specifies the term of the agreement
• Describes the property
• Describes the services provided by the manager
• Identifies who collects the rent payments
• Identifies in whose name all service contracts are to be made
• Describes when funds are to be disbursed
• Identifies whose employees work at the property
• Determines if fidelity bonds necessary
• Indicates how many bank accounts are needed and their purpose
• Identifies who maintains various building licenses (elevator, boiler, etc.)
• Provides insurance requirements and who secures the policies
• Specifies the management fee compensation
2. _______________________ typically last for many years. However, they can be
terminated for various reasons. The most common are:
• Sale or transfer of the property
• Improper financial reporting
• Stealing funds
• Negligence
• Taking kickbacks or benefiting directly from discounts from vendors
• Commingling funds
3. Owner's Objective - ANSWERS-It is this that should determine all of the
recommendations and decisions related to the property. For example, the manager
prepares an annual budget, including staffing levels, marketing plans, and capital
expenditures, but it is the owner who accepts or modifies the budget. The manager
can make recommendations to renovate a building or to change common area
finishes, but the owner makes the final decision. Similarly, when it becomes time to
sell a property, the manager can make suggestions to enhance its appeal, but the
owner decides which, if any, improvements will be made prior to sale.
4. Analysis of Competitive Properties - ANSWERS-Understanding the subject property's
strengths and weaknesses compared to its competition are important factors to know
and to be able to explain to the owner. Since most prospective tenants or residents
will visit a number of properties before making a decision, it is important to
understand how the subject property may rank in relation to its competitors. By
understanding this information, the manager can develop a strategy to improve the
weaknesses and enhance the strengths through the management plan and budget.
For example, if most competitive properties offer concierge services or a health club,
100% CORRECT ANSWERS (VERIFIED & ALIGNED WITH DCRA REQUIREMENTS)
1. Management Agreement - ANSWERS-The ______________ is a formal and binding
contract that establishes the authority and responsibilities that the manager has on
behalf of the owner and in operating the property. Many of the provisions typically
found in a ____________________ are as follows:
• Provides the name of the owner and manager
• Specifies the term of the agreement
• Describes the property
• Describes the services provided by the manager
• Identifies who collects the rent payments
• Identifies in whose name all service contracts are to be made
• Describes when funds are to be disbursed
• Identifies whose employees work at the property
• Determines if fidelity bonds necessary
• Indicates how many bank accounts are needed and their purpose
• Identifies who maintains various building licenses (elevator, boiler, etc.)
• Provides insurance requirements and who secures the policies
• Specifies the management fee compensation
2. _______________________ typically last for many years. However, they can be
terminated for various reasons. The most common are:
• Sale or transfer of the property
• Improper financial reporting
• Stealing funds
• Negligence
• Taking kickbacks or benefiting directly from discounts from vendors
• Commingling funds
3. Owner's Objective - ANSWERS-It is this that should determine all of the
recommendations and decisions related to the property. For example, the manager
prepares an annual budget, including staffing levels, marketing plans, and capital
expenditures, but it is the owner who accepts or modifies the budget. The manager
can make recommendations to renovate a building or to change common area
finishes, but the owner makes the final decision. Similarly, when it becomes time to
sell a property, the manager can make suggestions to enhance its appeal, but the
owner decides which, if any, improvements will be made prior to sale.
4. Analysis of Competitive Properties - ANSWERS-Understanding the subject property's
strengths and weaknesses compared to its competition are important factors to know
and to be able to explain to the owner. Since most prospective tenants or residents
will visit a number of properties before making a decision, it is important to
understand how the subject property may rank in relation to its competitors. By
understanding this information, the manager can develop a strategy to improve the
weaknesses and enhance the strengths through the management plan and budget.
For example, if most competitive properties offer concierge services or a health club,
