Property Management Exam 1 Latest Questions with 100% Accurate Answers

Property Management Exam 1 Latest Questions with 100% Accurate Answers goal of the resident manager - Answer ️️ -increase net operating income obligation of the manager - Answer ️️ -provide the highest quality of living environment to residents while preserving the property's value and producing a profit for the owner key to success of the resident manager - Answer ️️ -to work effectively with the on-site team site-based positions - Answer ️️ -leasing professional, assistant manager, bookkeeper, maintenance supervisor, maintenance technician, housekeeping, ground workers, door staff and/or concierge, part-time or seasonal workers major responsibilities of the resident manager - Answer ️️ -maintaining the property, managing the staff, managing the occupancy, providing good customer service, marketing the property, risk management administration responsibilities of the resident manager - Answer ️️ -work within guidelines of formal management plan, maintain complete records, maintain system of account payable and receivable, make bank deposits, prepare budget, create a complete operations manual, create a resident handbook, upgrade security and safety procedures, collect rents, issue notices, process evictions, handle move-ins and move-outs, report accidents to regional manager operations responsibilities of the resident manager - Answer ️️ -hire employees, supervise team, coordinate ordering of supplies, obtain cost estimates, set up control system for service requests marketing responsibilities of the resident manager - Answer ️️ -prepare a marketing plan, set up model or rental office, use good salesmanship techniques, qualify prospects and process applications, market within guidelines of fair housing public relations responsibilities of the resident manager - Answer ️️ -communicate to create a good image for the property, resolve problems quickly, stimulate resident pride in property how to be a great manager - Answer ️️ -focus on making life at the property a positive experience for the residents, be responsive to the team, walk the property, cultivate good communication skills conventional properties - Answer ️️ -residential rentals that rent at market rates without government assistance, privately owned government-assisted housing - Answer ️️ -provides housing for low to moderate income households, if managed properly almost assured of 100% occupancy, more regulations and paperwork, certificates not always accepted but must be accepted at tax credit properties project-based assistance - Answer ️️ -one form of government assisted housing where everyone living there receives a subsidy resident-based assistance - Answer ️️ -residential rentals that rent at fair market rates with rental assistance from the government, privately owned, no new construction today, greatest construction period during 1970s and 1980s, resident receives a housing voucher or certificate and government pays a portion of the rent to the management (Section 8 certificate) Section 236 - Answer ️️ -owner received discount on mortgage and, in turn, charges a lower rent Section 8 - Answer ️️ -type of housing built after 1974, but no longer being built today, most converted into conventional housing public housing - Answer ️️ -federally subsidized housing where residents pay 30% of their income for housing, publicly owned, notorious for mismanagement and has become the poster child for government's failure to solve problems of poverty, today much is being torn down or renovated the new PHA - Answer ️️ -began in mid 90s with HUD monies, demolished 20 high-rise towers and replaced with low-rise homes, goal is to help the city revitalize tax credit properties (Affordable, Section 42, or LIHTC) - Answer ️️ -part of Tax Reform act of 1986, 1993 made a permanent part of the International Revenue Code, enables each state to allocate $1.75 of per capita federal tax credits for eligible housing projects each year, at least 20% of units must be rent restricted, must be occupied by residents with 50% or less of area median gross income adjusted for family size, responsible for much of new construction, specific laws imposed by IRS, management must know what they are doing or risk large penalties trade association - Answer ️️ -an organization that promotes certain product National Apartment Association (NAA) - Answer ️️ -serves the interest of multifamily housing owners, managers, developers, and suppliers and helps to maintain a high level of professionalism in the rental housing arena two major thrusts of NAA - Answer ️️ -legislative alliance with the National Multi Housing Council and provides education for its members NAA professional designations - Answer ️️ -National Apartment Leasing Professional (NALP), Certified Apartment Manager (CAM), Certified Apartment Property Supervisor (CAPS), Certified Apartment Maintenance Technician (C