DC Property Managers Study Guide (DC Only Test)

Organizational and educational programs available to assist in enhancing the property manager's knowledge, identifying resources to resolve issues, and expanding their business network. - Answer-Institute of Real Estate Management (IREM), National Association of Realtors (NAR), Greater Capital Area Association of Realtors (GCARR), building Owners & Managers Association (BOMA), National Association of Real Estate Brokers, International Council of Shopping Centers (ICSC), and National Property Management Association. An owner can be directly affected by manager's..... - Answer-Improper handling of evictions, unlawful rent collections, failure to return security deposits, not maintaining proper compliance with the Rental Accommodations Division (RAD) Reasons for termination of Management Agreement - Answer-Sale or transfer of the property, improper financial reporting, stealing funds, negligence, taking kickbacks or benefiting directly from discounts from vendors, commingling funds. What is the designation of the National Association of Real Estate Brokers, Inc (Nareb)? - Answer-Realtist Alternatives to consider when making different improvements or when redeveloping a property - Answer-Rehabilitation without altering existing use, Modernize the property by updating finishes, Change the use of building, including converting to another property type, or demolishing for new development, or Conversion to a condo ownership structure. Actions that could put management company and owner at risk include: - Answer-Improper handling of evictions, unlawful rent collections, failure to return security deposit, not maintaining proper compliance with Rental Accommodations Division (RAD). Property Manager's are entrusted to look after other people's money this includes: - Answer-Opening Bank Accounts, promptly depositing all receipts, and paying vendors when all services are completed. Physical Inspections - Answer-Is a method used to evaluate the property's condition & equipment as well as being the first step to develop a plan to address any issues. When should an inspection be performed after a resident has moved out? - Answer-Ideally the same day. Some areas to regular inspect include - Answer-Roofs- look for pondering water, holes, and debris