Level 24: Property Management - Chapter 1:
Property Management UPDATED Exam
Questions and CORRECT Answers
Chapter 1 Key Terms - CORRECT ANSWER - property manager: someone who is
hired by a property owner to market, maintain, and oversee the day-to-day operation of a
property (usually a rental property)
property management: the vocation of renting or leasing someone else's real property on
their behalf in exchange for compensation and in accordance with a property management
employee contract
resident manager: someone who represents a property management firm and may live on-site
at the property they manage
anchor stores: major retail chain or department stores in a shopping center which provide
exposure to smaller, complementary satellite stores
Planned Unit Development (PUD): a subdivision that includes residential dwellings along
with nonresidential real estate, departing from normal zoning and subdivision regulations;
recreational facilities may be co-owned by PUD lot owners as tenants in common
Who Is the Property Manager? - CORRECT ANSWER - Imagine you're someone who
owns one multi-unit building with just a few units in it. You live in the building too, in fact! You
select tenants, you collect rent, you personally arrange for all maintenance and repairs in the
building by hiring plumbers, electricians, and contractors when needed. At times, you might
even handle the maintenance work yourself.
Chances are high that you are not the type of person who would need to hire a property manager
— because you're doing such a great job of managing the property yourself! Good for you!
Many property owners, however, are not that savvy, or simply own too many properties to
handle on their own. These property owners hire property managers.
Property Manager Mickey - CORRECT ANSWER - For example, Mickey owns three
very pleasant properties on Lake Pleasant. Mickey rents these properties, usually for 6-month
leases, to tenants and annual vacationers looking for a summertime lake experience.
, But Mickey is a busy guy. He also works full time at his fish taxidermy company and goes to
salsa dance classes three times a week.
Mickey realizes he is letting his rental properties fall through the cracks. He hasn't checked the
air conditioning units on the properties in over a year, and only one of the properties is occupied.
Between fish and dance classes, Mickey didn't effectively market his properties, so he never
found tenants.
Mickey's properties aren't making him any money anymore. He knows he needs help, so he
decides to hire a property manager to help him get back on track, stay on top of his properties,
and make them profitable investments. That's where you could come in, Mustafa!
A property manager is someone who is hired by a property owner to market, maintain, and
oversee the day-to-day operation of a property (usually a rental property).
Their function is to oversee all operations of the property on behalf of the owner and to realize
the highest return possible on the owner's investment.
Property Management - CORRECT ANSWER - A property manager works in the field of
property management.
Property management is the vocation of renting or leasing someone else's real property on their
behalf in exchange for compensation and in accordance with a property management employee
contract.
The Functions of a Property Manager - CORRECT ANSWER - Most property managers
have similar basic duties (which we will cover on the next screens, stay tuned!) but their
designation and duties may vary depending on the type of property they oversee.
For example:
A property manager is usually in charge of several properties owned by various owners
A property manager with the title building manager is usually in charge of just one building
A property manager with the designation resident manager is someone who represents a property
management firm and may live on-site at the property they manage
Property Management UPDATED Exam
Questions and CORRECT Answers
Chapter 1 Key Terms - CORRECT ANSWER - property manager: someone who is
hired by a property owner to market, maintain, and oversee the day-to-day operation of a
property (usually a rental property)
property management: the vocation of renting or leasing someone else's real property on
their behalf in exchange for compensation and in accordance with a property management
employee contract
resident manager: someone who represents a property management firm and may live on-site
at the property they manage
anchor stores: major retail chain or department stores in a shopping center which provide
exposure to smaller, complementary satellite stores
Planned Unit Development (PUD): a subdivision that includes residential dwellings along
with nonresidential real estate, departing from normal zoning and subdivision regulations;
recreational facilities may be co-owned by PUD lot owners as tenants in common
Who Is the Property Manager? - CORRECT ANSWER - Imagine you're someone who
owns one multi-unit building with just a few units in it. You live in the building too, in fact! You
select tenants, you collect rent, you personally arrange for all maintenance and repairs in the
building by hiring plumbers, electricians, and contractors when needed. At times, you might
even handle the maintenance work yourself.
Chances are high that you are not the type of person who would need to hire a property manager
— because you're doing such a great job of managing the property yourself! Good for you!
Many property owners, however, are not that savvy, or simply own too many properties to
handle on their own. These property owners hire property managers.
Property Manager Mickey - CORRECT ANSWER - For example, Mickey owns three
very pleasant properties on Lake Pleasant. Mickey rents these properties, usually for 6-month
leases, to tenants and annual vacationers looking for a summertime lake experience.
, But Mickey is a busy guy. He also works full time at his fish taxidermy company and goes to
salsa dance classes three times a week.
Mickey realizes he is letting his rental properties fall through the cracks. He hasn't checked the
air conditioning units on the properties in over a year, and only one of the properties is occupied.
Between fish and dance classes, Mickey didn't effectively market his properties, so he never
found tenants.
Mickey's properties aren't making him any money anymore. He knows he needs help, so he
decides to hire a property manager to help him get back on track, stay on top of his properties,
and make them profitable investments. That's where you could come in, Mustafa!
A property manager is someone who is hired by a property owner to market, maintain, and
oversee the day-to-day operation of a property (usually a rental property).
Their function is to oversee all operations of the property on behalf of the owner and to realize
the highest return possible on the owner's investment.
Property Management - CORRECT ANSWER - A property manager works in the field of
property management.
Property management is the vocation of renting or leasing someone else's real property on their
behalf in exchange for compensation and in accordance with a property management employee
contract.
The Functions of a Property Manager - CORRECT ANSWER - Most property managers
have similar basic duties (which we will cover on the next screens, stay tuned!) but their
designation and duties may vary depending on the type of property they oversee.
For example:
A property manager is usually in charge of several properties owned by various owners
A property manager with the title building manager is usually in charge of just one building
A property manager with the designation resident manager is someone who represents a property
management firm and may live on-site at the property they manage
