NPMA Property Management CPPS Exam Questions and Answers(A+ Solution guide)

Property Management - The exercise of a restraining or governing influence over the acquisition , use , and disposition of personal property Property control function names - Property control, Asset Management, fixed-asset accounting, inventory control, material PMO - Property Management Office PMO responsibilities - establishing, guiding, managing, and maintaining an efficient property system, communicating effectively with other departments and functions, and developing and presenting training in subjects relating to property. PMO responsibilities - The establishment and maintenance of a property control system Property Control System - comprised of Primary difference between accountability and responsibility - A Who is accountable for the property - To whom are you accountable for the property Transfer of Accountability - Transfers - not always physical, require approval, approval record is part of historical file and audit trail Transfer between contracts - both releasing and gaining agency verify accuracyResponsibility - Means to be answerable for a trust or obligation -If you have a car, loaned it to someone, they dont own, but are answerable to you. (Gas, accident, etc). So it is a trust, and they are answerable. It is possible to be responsible for the property What does responsibility mean - to be answerable for a trust or obligation.