Questions WITH 100%CLEAR AND
VERIFIED ANSWERS
Property Management is not considered a core business function; but rather a key
component of the business process. ( 1-1)
TRUE or FALSE - ANSWER FALSE
Establishing and maintaining of a property control system is also the responsiblity of
the: (1-2)
____ OPMO
____ PMO
____ PA
____ PMF - ANSWER PMO
Which three of the following are key elements of property accountability? (1-2)
____ Provider
_____ Records Management
_____ Recipient
_____ Specific penalties in case of default - ANSWER -Provider
-Recipient
-Specific penalties in case of default
When accountability shifts from one entity to another it is called a: (1-3)
______ Transfer of accountability
______ Internal transfer
______ Transfer of custody
______Ownership transfer - ANSWER Transfer of accountability
The Property Control System is comprised of written policies, procedures, operational
guidelines and related records as well as the management information system (MIS)
that facilitates performing those functions. (1-4)
TRUE or FALSE - ANSWER TRUE
, The PMO must ensure that assets owned by the organization for which the they are
accountable are adequately controlled, protected, preserved and maintained to
maximize their: (1-4)
____ Adequate security and longevity
____ Useful life and provide the best possible return on investment
____ Accuracy of records and residual book value - ANSWER Useful life and provide
the best possible return on investment
There are several factors that influence where the property function would most
effectively reside. They do not include include : (1-5)
▪ _____ Type, size, and geographical layout of the organization
▪ Compliance requirements and related risks
▪ Availability of outsourcing resources
▪ Level and type of interface needed with key stakeholders - ANSWER Availability of
outsourcing resources
9) For organizations that are able to decide upon the implementation of the
organizational structure for their property function, which would be top considerations?
(1-6)
______ Centralized vs. Decentralized
______ Single individual responsibility vs. a fully staffed Property division or department
______ Functional groupings within the department-by business process, support to
business team,
area for specialty, type of property, etc.
______ The level of ability for staff members to communicate - ANSWER -Centralized
vs. Decentralized
-Functional groupings within the department-by business process, support to business
team,
area for specialty, type of property, etc.
The term used when one has the legal or rightful title to property is (1-2): - ANSWER
Ownership
Managed by the Property Manager and responsible for a property control system.
A.) Program Manager
B.) Property Management Office
C.) Asset User
D.) Department Head - ANSWER Program Manager
Assigned the task of reporting, receipt, movement, etc of assets through systems
transactions.
A.) Program Manager
B.) Property Management Office