Property Management Final Exam Questions and Answers Already Graded A

Property Management Final Exam Questions and Answers Already Graded A The highest designation bestowed on a property manager? Certified Property Manager (CPM) 3 important technological advances that occurred in the early 1900's? 1. The structural advantages of steel-framed buildings 2. The perfection of high-speed elevators 3. The continued use of the automobile Resident Managers duties include? 1. Renting units 2. Collecting rents 3. Responsibility for tenant relations 4. Maintenance 5. Supervision 6. Keeping records 7. Completing proper paperwork Property Manager duties include? 1. Budgeting, reports, and monthly statements 2. Onsite inspections 3. Supervision 4. Controlling expenditures 5. Establishing rental rates 6. Establishing standard operating procedures 7. Maximizing income steam and value Vacany Rates are often? incorrectly calculated. go to a apartment association for better data Excess demand can lead to? overcrowding and doubling up of tenants technical oversupply is? when there are more houses than there is demand Economic oversupply is? when tenants can not afford the existing rent levels for housing The cost approach is? a form of appraisal that calculates the cost that it would be to build a building of similar stature The market approach is? a form of appraisal based off the rental rates of similar buildings in the area The income approach is? a form of appraisal derived by the income generated by the property Cash flow is also known as? $12000 per month in rent $13000 per month loan Net Operating Income -$1000 per month cash flow Different forms of Real Depreciation? 1. Physical Loss of value from wear and tear 2. Economic and Social Obsolescence zoning, noise, nuisance, population 3. Functional Obsolescence poor design and lacking amenities The lessor is the? owner The lessee is the? tenant Estate at Sufferance is? When a tenant overstays there contracted