RE Prop Mgmt Ch 1 Questions and Answers Graded A

RE Prop Mgmt Ch 1 Questions and Answers Graded A An Advisory Services Specialist would be a member of _______: IREM. CAR. COMA. SIOR. SIOR The manager's role is determined by: the tenants' needs. the type and size of the property. the owner's investment in the property. the length of the manager's contract. the type and size of the property. Professional property management is important to which type of property due to the size and tenant mix? Special purpose Mixed-use Shopping center Industrial Shopping center The ______________ plans and directs the purchase, development, and disposition of real estate on behalf of the business and investors. leasing agent corporate property manager asset manager regional manager asset manager Which of the following is a good financial reason for hiring a property manager? Property managers are less willing to raise rents than owners are. The life of the property can be extended under a property manager's care. Property managers know how to have damages taken care of without the need for security damage bonds. Although hiring a property manager does not reduce expenses, it does save the owner time. The life of the property can be extended under a property manager's care. Which type of property involves a special business or organizational undertaking that dictates the design and operation of the building itself? Industrial Mixed-use Residential Special Purpose Special Purpose Which of the following is not an office building manager's duty? Set return on investment goals. Oversee construction. Provide administrative support. Maintain bank account. Set return on investment goals. Residential property includes which of the following? Hospitals Mobile home parks Hotels Military housing Mobile home parks What is the most common professionally managed property in the US? Residential Retail Office Special Purpose Residential Many owners find that hiring a property manager does NOT reduce expenses. increase the value of the property. reduce problems. subtract from the financial bottom line. subtract from the financial bottom line. Which of the following is NOT an exemption to the California broker licensing requirement? An owner managing his own building A manager living on the property An individual managing a mobile home park A salesperson working under the supervision of a licensed broker An individual managing a mobile home park Who is expected to monitor income and expenses for the property? The owner The leasing agent The accountant The property manager The property manager A broker's license is required in California for any person or company that leases or rents or offers to lease or rent or collects rents from real property under what circumstance? When a contract for management services is in place When the person or company performing these services does so for compensation When the services are being performed for longer than 1 year When the property owner and the person performing these services have a verbal agreement When the person or company performing these services does so for compensation Which organization has the Accredited Residential Manager designation? IREM BOMA NAIOP ULI IREM The property manager whose primary job is to find tenants and collect rent is a resident manager. asset manager. concierge. leasing agent. leasing agent. The property manager brings together the property owner and tenants. property owner and his family. tenants and the property manager. contractors and the owners. property owner and tenants. Military housing is what type of property? Mixed-use Residential Industrial Special Purpose Special Purpose The NAA is an advocate for homeless shelters. quality multifamily housing. education. land use reform. quality multifamily housing. Corporate outsourcing and downsizing results in increased opportunities for asset managers. concierges. property management companies. individual building managers. property management companies. Which of the following property types requires the least hands-on management? Office Retail Multifamily Warehouse Warehouse What does the owner of a property want the most? Happy tenants Good building cosmetics Good return on investment Reasonable management fees Good return on investment In a shopping center, the manager is NOT responsible for the interior tenant spaces. the landscaped courtyard. the parking lot. the trash enclosure. the interior tenant spaces. The classroom education component for the voluntary Certified CID Manager certification does not include risk management. budget development. local regulations. hazardous materials. budget development. Which of the following statements is true? Property owners manage their own property to save time and money. Many owners do not have the temperament to handle the problems and people associated with managing property. The property owner has an understanding of the leasing and rental market and is likely to know how to find good tenants. Owners are always careful to be knowledgeable of tenant-related laws and seek never to violate those laws. Many owners do not have the temperament to handle the problems and people associated with managing property.