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CERTIFIED PROFESSIONAL PROPERTY
SPECIALIST CPPS - STUDY GUIDE 2025
QUESTIONS AND ANSWERS.
Benefits of an Effective Property Function - Correct answer-
- Maximize return of Investment
- Facilitate Compliance
- Maximize reutilization
- Depreciation expense
Other names of Property Accounting - Correct answer-- Fixed asset
accounting
- Inventory Control
- Material/Property Control
Three key concepts of Property Management - Correct answer-- Ownership
- Accountability
- Responsibility
Records - Correct answer-- Crucial element of Property Control
Management
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Begin during acqusition process, continues through every related
transaction to include protection, preservation, utilization, maintenance and
disposition - Correct answer-Records
Cornerstone of effective Property Control - Correct answer-Communication,
to include routine or special purpose reports, and Training
Benefits gained by efficient property management - Correct answer--
Return of Investment (ROI)
-Reutilization of excess property
-Compliance of internal and external procedures
-Value of organization
What is Process? - Correct answer-The series of steps taken to produce a
desired result
What is Procedure? - Correct answer-Steps that must be followed to
produce results
Having legal/rightful title to property either by organization or sponsor under
certain terms - Correct answer-Ownership
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Means to possess and have use of company property with delegated duties
and responsibilties - Correct answer-Accountability
Key elements of Property Accountabilty - Correct answer-- Provider
- Recipient
- Specific duties and responsibilities
- Specific penalties in case of default
Transfer of accountability - Correct answer-When accountability shifts from
one entity to another.... may or may not include physical relocation of
assets
Transfer approval must be coordinated when, how, and why? - Correct
answer-When? In advance
How? in writing
Why? To be made of historical file and audit trail of assets
Transfer document must include three things? - Correct answer-1. Effective
date of transfer
2. Purpose of transfer
3. Description of property to be transferred
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Bottom line... transfers occur when property and accountability shift from
what? - Correct answer-From the using organization to another
An organization with multiple sites with multiple subunits, change in
location is a ______________ and not an
_____________________________ - Correct answer-Change in location is
a movement not an interdepartmental transfer
What is responsibility? - Correct answer-to be answerable for a trust or
obligation
Property Professional Key distinction Standpoint - Correct answer-One is
accountable to someone for the property while being responsible for certain
actions ie maintenance/storage related to the property or asset
Interdepartmental transfers of property occurs when? - Correct answer-
When property and accountability shift from the using organization to
another
What does FAR 52.245-1-Government Property (FAC 2005-56, April 2012)
(Ref, (b) (2) Property Management pertain to? - Correct answer-The
Contractor's responsibility extending from the initial acquisition and receipt
of property, through stewardship, custody, and until use formally relieved of
responsibility by means, including delivery, consumption, expanding, sale
CERTIFIED PROFESSIONAL PROPERTY
SPECIALIST CPPS - STUDY GUIDE 2025
QUESTIONS AND ANSWERS.
Benefits of an Effective Property Function - Correct answer-
- Maximize return of Investment
- Facilitate Compliance
- Maximize reutilization
- Depreciation expense
Other names of Property Accounting - Correct answer-- Fixed asset
accounting
- Inventory Control
- Material/Property Control
Three key concepts of Property Management - Correct answer-- Ownership
- Accountability
- Responsibility
Records - Correct answer-- Crucial element of Property Control
Management
, Page | 2
Begin during acqusition process, continues through every related
transaction to include protection, preservation, utilization, maintenance and
disposition - Correct answer-Records
Cornerstone of effective Property Control - Correct answer-Communication,
to include routine or special purpose reports, and Training
Benefits gained by efficient property management - Correct answer--
Return of Investment (ROI)
-Reutilization of excess property
-Compliance of internal and external procedures
-Value of organization
What is Process? - Correct answer-The series of steps taken to produce a
desired result
What is Procedure? - Correct answer-Steps that must be followed to
produce results
Having legal/rightful title to property either by organization or sponsor under
certain terms - Correct answer-Ownership
, Page | 3
Means to possess and have use of company property with delegated duties
and responsibilties - Correct answer-Accountability
Key elements of Property Accountabilty - Correct answer-- Provider
- Recipient
- Specific duties and responsibilities
- Specific penalties in case of default
Transfer of accountability - Correct answer-When accountability shifts from
one entity to another.... may or may not include physical relocation of
assets
Transfer approval must be coordinated when, how, and why? - Correct
answer-When? In advance
How? in writing
Why? To be made of historical file and audit trail of assets
Transfer document must include three things? - Correct answer-1. Effective
date of transfer
2. Purpose of transfer
3. Description of property to be transferred
, Page | 4
Bottom line... transfers occur when property and accountability shift from
what? - Correct answer-From the using organization to another
An organization with multiple sites with multiple subunits, change in
location is a ______________ and not an
_____________________________ - Correct answer-Change in location is
a movement not an interdepartmental transfer
What is responsibility? - Correct answer-to be answerable for a trust or
obligation
Property Professional Key distinction Standpoint - Correct answer-One is
accountable to someone for the property while being responsible for certain
actions ie maintenance/storage related to the property or asset
Interdepartmental transfers of property occurs when? - Correct answer-
When property and accountability shift from the using organization to
another
What does FAR 52.245-1-Government Property (FAC 2005-56, April 2012)
(Ref, (b) (2) Property Management pertain to? - Correct answer-The
Contractor's responsibility extending from the initial acquisition and receipt
of property, through stewardship, custody, and until use formally relieved of
responsibility by means, including delivery, consumption, expanding, sale
