Champion Real Estate Property Management Questions With Complete Solutions

4 Phases of a Business cycle correct answer: 1. Prosperity 2. Recession 3. Contraction 4. Recovery When is Equilibrium reached? correct answer: when demand equals supply General Business Economy and Real Estate Economy are _______? correct answer: Cyclical Does the Real Estate Cycle or General economic cycle move faster? correct answer: Real Estate Cycle moves slower A thorough Property Analysis includes... correct answer: 1. local market data 2. physical characteristics 3. property condition 4. location 5. neighborhood 6. Age What must every property in a property managers portfolio have in it? correct answer: A Property Management Plan on File This ultimately determines the management plan that will be implemented? correct answer: The Goals and Objectives of the property owner Fiscal Condition Requirements correct answer: 1. 3 years worth of operating expenses 2. Current Rent Roll 3. Operating Budget Regional Analysis Includes correct answer: 1. Neighborhood Market 2. Submarkets