UPDATED ACTUAL Exam Questions and
CORRECT Answers
Chapter 1 Professional Property Mgmt - CORRECT ANSWER -
Roles of a property manager - CORRECT ANSWER - Economist
Involved community member
Facilitator of Owner's Interest
Definition of Real Property - CORRECT ANSWER - a parcel of land with surface and
owner's rights to the air above, including the soil and mineral rights as well as anything attached
permanently to the land.
Primary functions of a property Owner - CORRECT ANSWER - Achieve objectives of
owner
generate income for owner
preserve or increase value of Investment property
shortsided owners - CORRECT ANSWER - slumlords
milk the property
Roles of property manager cont'd - CORRECT ANSWER - versatility
, specialization
licensing requirements
non-standard titles
ethics
Residential Property - CORRECT ANSWER - single family homes
manufactured home parks
commercial real estate - CORRECT ANSWER - office property
retail property
research parks
industrial property - CORRECT ANSWER - Heavy/light manufacturing
industrial parks
loft buildings
classification of real property - CORRECT ANSWER - Residential, Commercial,
Industrial, and Special purposes