Property Management Exam One: Quiz Review (Chapters 1-5) Exam with 100% Correct Answers | 2024 Update

Property Management Exam One: Quiz Review (Chapters 1-5) Exam with 100% Correct Answers | 2024 Update Property Managers have three goals: - Answer ️️ -1. Maintain/Raise property value 2. Obtain Owner's objectives 3. Raise owner's income Several developments caused demand for effective, professional managers. They are: - Answer ️️ -a. suburban sprawl b. steel building/elevators c. industrial building d. the capital gains of buying and holding property The four (4) major classifications of real estate are: - Answer ️️ -1. Residential: single and multi-family residences 2. Commercial: Office & Retail property 3. Industrial: Mini storage, Distribution 4. Special-Use: Hotel, Motel The definition of Real Property: - Answer ️️ -Surface, the air above the surface, and the ground below the surface. The land and improvements on the land. A short-sided property owner may choose to operate a property to extract every possible dollar from the property without putting any money back into the property. This type of owner is called: - Answer ️️ -Slumlord Who are the two parties necessary for a market? - Answer ️️ -Buyer and seller The 4 types of changes in the general economy that affect real estate are: - Answer ️️ -1. Seasonal changes 2. Economic changes 3. Market changes 4. Government policy changes like section 8 housing The four types of business cycles are: - Answer ️️ -1. Expansion