IREM MNT 402 Exam Test Questions And Answers Verified 100% Correct

IREM MNT 402 Exam Test Questions And Answers Verified 100% Correct Three Main Reasons for Inspections - ANSWER -1) Establish the initial state of all parts of the building and units 2) Identify maintenance and repair needs and potential risks or hazards. 3) Monitor all parts of the building and units. _____________ typically include items such as advertising and maintenance costs that the manager is able to adjust with little effort. - ANSWER -Controllable Expenses _______________ typically include items such as real estate taxes that the manager is not able to adjust. - ANSWER -Non-Controllable Expenses ASHRAE further recommends that the landlord delegate as much responsibility as possible to the _______ about the IAQ of its space. - ANSWER -Tenant ASHRAE recommends that the landlord _______ tenant alterations and improvements by requiring the tenant to get approval for changes to the space. It also recommends that the clause include the landlord's approval of types of materials used in alterations or construction, including paint and carpeting. - ANSWER -Control The only way to control ______ is to reduce and control moisture - ANSWER Mold You should inspect the roof of each property every ____ months. - ANSWER -6 During the first 75% of a _________'s life cycle, it looks good and performs well, but after that, deterioration occurs rapidly - ANSWER -paved area Air conditioners are rated by the number of ________ (BTUs) of heat they can remove per hour. - ANSWER -British Thermal Units managers should have roofs regularly inspected by professional roofers as part of a preventive maintenance program—_____________. - ANSWER -At least once every six months A _______________ is a person or a company that is a separate business entity hired to complete a task or tasks that the current staff is unable to accomplish. - ANSWER -Contractor To be legally binding as a contract, a promise must be exchanged for adequate _____________. - ANSWER -Consideration An agreement wherein the promisor will be responsible for all damages, liability, and legal fees that the other party, the promisee incurs resulting from actions or failures to act of the promisor. - ANSWER -Hold Harmless Agreement Also known as an 'indemnity agreement' By waiving the right of subrogation, the parties are agreeing that each will insure its own property and no matter whose responsibility the loss is, each party will look solely to its insurance company for the payment of its loss and its insurance company cannot seek recovery from the other party's insurance company. - ANSWER -Right of Subragation Care or upkeep of a property and all its components - ANSWER -Maintenance Process of controlling or reducing risk to acceptable levels - ANSWER -Risk management The control of _______ affects the owner's bottom line more than any other operating expense - ANSWER -Maintenance Costs First step of the maintenance and risk management cycle. Produces the property information report and initial inspection results - ANSWER -Assess Contains detailed information about a property that gives an overall picture of a property and its history - ANSWER -Property information report Steps to Maintenance and Risk Management Process - ANSWER -Assess —> Plan —> Execute —> Evaluate The _____ is the guide that provides the tasks and steps needed to implement the maintenance and risk management program for the property - ANSWER Maintenance & Risk Management Policy and Procedure Manual Incurred during the normal course of running a business, such as the electric Bill or payroll - ANSWER -Operating expenses A ______ expense is made to acquire a long-term asset—one that is considered to add value to an asset and contribute to its long-term profitability - ANSWER Capital New building construction costs and/or major improvements or alterations to a building are considered _________ - ANSWER -Capital expenses Whenever a capital improvement is made, __________, monitored and adjusted throughout its life cycle - ANSWER -a plan for its replacement should be made Replacements are not normally considered capital expenditures unless they _____ the value of an asset (I.e. replacing carpet with the same carpet as was there prior doesn't count) - ANSWER -Increase Three Types of Maintenance - ANSWER -Preventative, Corrective, Deferred Day to day upkeep of the property which is essential to preserving the interior and exterior appearance and value (e.g. cleaning, waxing floors, removing trash) - ANSWER -Routine/Custodial (Preventative)