Chapter 1: The Professional Property Manager (2023/2024) Graded A+

Chapter 1: The Professional Property Manager (2023/2024) Graded A+ An Advisory Services Specialist would be a member of _______ SIOR [Society of Industrial and Office Realtors] Which type of property involves a special business or organizational undertaking that dictates the design and operation of the building itself? Special Purpose The property manager brings together the property owner and tenants Who is expected to monitor income and expenses for the property? The Property Manager The manager's role is determined by the type and size of the property. The classroom education component for the voluntary Certified CID Manager certification does not include budget development. In a shopping center the manager is NOT responsible for the interior tenant spaces. Which of the following is NOT an exemption to the California broker licensing requirement? An individual managing a mobile home park What is the most common professionally managed property in the US? Residential What does the owner of a property want the most? Good return on investment The ______________ plans and directs the purchase, development, and disposition of real estate on behalf of the business and investors. asset manager Corporate outsourcing and downsizing results in increased opportunities for property management companies. Which of the following property types requires the least hands-on management? Warehouse Which of the following is a good financial reason for hiring a property manager? The life of the property can be extended under a property manager's care. Professional property management is important to which type of property due to the size and tenant mix? Shopping center Which of the following is not an office building manager's duty? Set return on investment goals. Specific duties of an office building manager include overseeing construction, providing administration support, and maintaining a bank account to keep track of income and expenses. Setting goals for return on investment is not the responsibility of an office building manager. The NAA is an advocate for *National Apartment Association quality multifamily housing. Which organization has the Accredited Residential Manager designation? IREM [Institute of Real Estate Management] The property manager whose primary job is to find tenants and collect rent is a leasing agent. Many owners find that hiring a property manager does NOT subtract from the financial bottom line. Military housing is what type of property? Special Purpose Which of the following statements is true? A. Property owners manage their own property to save time and money. B. Many owners do not have the temperament to handle the problems and people associated with managing property. C. The property owner has an understanding of the leasing and rental market and is likely to know how to find good tenants. D. Owners are always careful to be knowledgeable of tenant-related laws and seek never to violate those laws. B. Many owners do not have the temperament to handle the problems and people associated with managing property. 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 the person or company performing these services does so for compensation Residential property includes which of the following? Mobile home parks