Practice of Property Management- Real Estate Council of Alberta Exam Questions and Answers 2024

Practice of Property Management- Real Estate Council of Alberta Exam Questions and Answers 2024 Types of Properties -Answer-1. Single Family Residential 2. Multi Family Residential: Low High, Mid Rise High Rise, Row Housing 3. Cooperative 4. Condominium 5. Commercial Forms of Ownership -Answer-1. Individual Investors 2. Sole Proprietorship 3. Partnership 4. Limited Partnership 5. Syndication 6. Commercial 7. Government Types of Property Management Operations -Answer-1. Professional Fee Management Company 2.Asset Management 3. In-House Management 4. Self- Management The Role of the Property Manager -Answer-To provide professional management in order to assist the landlord in reaching his or her objectives Types of Residential Property -Answer-1. Duplexes 2. Fourplexes 3. Townhouses 4. Low-rise/Garden Apartments 5. High-rise apartments Special Residential Projects -Answer-Retirement Homes for Seniors Personal Care Homes Student Housing Public Housing Mobile Home or Trailer Parks Remote Area Corporate Housing Mixed Use Properties Reasons Individual Owners Lease Property -Answer-1. The Property was owner's residence which was kept for rental purposes 2. The property was purchased by the owner as a revenue producing investment 3. The property was purchased in a good market as a future retirement home 4. The property was inherited as part of an estate and the owner may wish to lease it while waiting for an improved market to sell it or keep it for his or her own retirement 5. The owner was transferred to another city ,but wishes to retain the house and re-occupy it upon return Factors for Individual Owners to consider -Answer-1. What is the market rent of the property. 2. Which type of tenant is most appropriate for the property 3. What is the duration of the tenancy 4. Will the residence be leased, unfurnished, partially furnished or fully furnished Management of Condominium -Answer-Board of Directors is responsible for the control, management and administration of the complex. Duties of Board of Directors -Answer-1. Appoint Auditors, enter into property management agreements and supervise the affairs of the commission 2. Approve an annual operating budget for anticipated .e.g. landscaping. exterior painting, expenses 3. Allocate funds to the reserve funds for major common areas repairs and replacement 4. Enter into contracts for management, provision of other services, leasing of common elements or the provision of recreational or other facilities. Property Manager Duties in a Condominium -Answer-1. Occupant Duties 2. Building/complex Duties Duties of the Property Manager(Building/Complex Duties) -Answer-1. Prepare the Annual Ops Budget 2. Paying Common Area Expenses 3. Submitting monthly operating statements 4. Maintaining/repairing common property, negotiate contracts, reviewing capital costs 5. Purchasing/renewing adequate Insurance coverage and process claims 6.Maintaince of landscaping, de-icing etc 7. Provide notice of annual meeting to condominium building owners 8. Attend Board of Director meetings, take minutes, present reports and advising the Board as necessary. 9. Collecting Condominium fees from unit owners. Condominium Fee is paid into -Answer-A common expense account Each Condominium unit is allocated a proportionate share of the common area expenses - Answer-This is based on the size of t