PM 2664 Exam 1 Questions and Answers Already Passed Latest Update 2025

PM 2664 Exam 1 Questions and Answers Already Passed Latest Update 2025 Define Property Management - Answers the operation of income producing real estate as a business List the different types of property management - Answers Financial Risk management Marketing Hospitality Human Resource management Maintenance management Describe the impact of the of the Great Depression on property management - Answers Apartment owners defaulted and banks/lenders had to establish in-house management staff or contact for outside management Beginning of modern management as more properties came under the same ownership (PM became a necessity) Creation of Federal Housing Administration Emergency Relief and Construction Act of 1932 (created jobs) National Housing Act of 1934 Describe the evolution of the Property Management Field - Answers owner manager(prior to 30s) caretaker manager (30s) emerging professional manager (60s) sales & marketing (80s) income maximization manager (90s) List the 7 goals of ownership - Answers 1. specific rate of return 2. regular cash flow 3. tax benefits 4. investment diversification 5. quick profit from repositioning 6. increased value over time 7. pride ownership What are the different types of property ownership - Answers Individual investors Partnerships Joint ventures Corporate ownership Industrial ownership REITs Shared interest associations Government Limited dividend & non profit Foreign List the property management trade organizations - Answers National Apartment Association (NAA) Institute of Real Estate Management (IREM) National Multi Housing Council (NMHC) National Affordable Housing Management Association (NAHMA) Purpose of NAA - Answers serves interest of multifamily housing owners, managers, developers, suppliers and maintains professionalism Purpose of IREM - Answers help real estate managers add value to their companies Purpose of the NAHB - Answers advocates and advances multifamily housing goals within the building industry Purpose of NMHC - Answers inform decisions with provided data Purpose of NAHMA - Answers supports legislative and regulatory policy that promotes the development and preservation of affordable housing List the types of rental properties - Answers Suburban garden Apartments Mid rise apartment High rise apartments Mixed use Townhome