Real Estate-Property Management Exam with 100% Complete Solutions | Verified & Updated 2024

Real Estate-Property Management Exam with 100% Complete Solutions | Verified & Updated 2024 A.M.O. - Answer ️️ -Accredited Management Organization: A firm that meets the guidelines of the Institute and utilizes at least one CPM can be designated as an AMO A.R.M. - Answer ️️ -ACCREDITED RESIDENT MANAGER (ARM®) designation for the on-site manager who successfully completes a prescribed educational program, meets an experience requirement, and subscribes to IREM's ethical code and rules and regulations. Ad Valorem Tax - Answer ️️ -Is based on the value of a transaction or of property. It is typically imposed at the time of a transaction, as in the case of a sales tax or value-added tax (VAT). Agent - Answer ️️ -a person acting under provisions of this title in a real property transactions, and includes a person who is licensed as a real estate broker under Chapter 3 (commencing with §10130) of Part 1 of Division 4 of the Business and Professions Code, and under whose license a listing is executed or an offer to purchase is obtained. Allodial System - Answer ️️ -Form of private landholding in which land is held in absolute party. Allodial Tenure - Answer ️️ -trust account gives the titleholder free and full ownership of property-is not subject to county, state, or federal codes, ordinances, or zoning regulations ("police power"), nor can it be taken through legal or regulatory means ("inalienable"). B.O.M.I. - Answer ️️ -Building Owners and Managers Institute Provides educational programs aimed primarily at the commercial property management industry. How many courses are there for BOMI? - Answer ️️ -7 courses offered Successful completion of the7 courses leads to the designation of Real Property Administrator (RPA.) C.P.M. - Answer ️️ -Certified Property Managers (1) Be a member of a local real estate board or a member of the National Associations of Realtors©. (2) Have been actively engaged in the real estate management business in a responsible position for a minimum of 3 years. (3) Demonstrate his ability to manage real estate, (4) Pass certain minimum, educational requirements. (5)Pass two written examinations prepared by the institute; (6)Present proof of 15 years of active management experience in order to be allowed to take part in a special examination. Feudalism - Answer ️️ -A political and economic system of the ninth to 15th centuries in which the king had supreme right over the land, which then was divided among lords and their vassals based on conditions of homage and service. I.R.E.M. - Answer ️️ -Institute of Real Estate Management Est 1933 To establish a body of tested, capable, and honest individuals in the given field from which prospective clients can choose, and second, to provide an advantage for those sufficiently skilled to be certified over their unaccredited competitors. Investor - Answer ️️ - Limited Partnership - Answer ️️ -A partnership consisting of a general partner or partners and limited partners in which the general partners manage and control the business affairs of the partnership while limited partners are essentially investors taking no part in the management of the partnership and having no liability for the debts of the partnership in excess of their invested capital Management Agreement - Answer ️️ -A written contract in which a property owner contracts the management of a property to an individual manger or firm and which details all rights and obligations of both parties. Property Manager - Answer ️️ -A professional who administers real estate according to the owner's objectives. Public Limited Partnership - Answer ️️ -A legal organization with a large number of limited