Property Management Exam 2025 Questions and Answers 100% Pass

Property Management Exam 2025 Questions and Answers 100% Pass What made it possible to build tall buildings on relatively small parcels of urban land? (a)Steel frame building and the perfection of the electric elevator (b)Advances in the pulley systems (c)The expansion of public transportation (d)The increase in automobile ownership - a)Steel frame building and the perfection of the electric elevator For the purposes of studying specialized property management, real estate can be divided into four major classifications. Those classifications are residential, commercial, industrial, and ______. (a)special-purpose (b)warehouse-only (c)apartments (d)agricultural - (A)special purpose Which is the most popular form of residential property in the United States? (a)Manufactured homes (b)Single-family homes (c)Apartment buildings 2COPYRIGHT © 2025 BY SOPHIA BENNETT, ALL RIGHTS RESERVED (d)HUD homes - (B) single-family homes Which of the following are considered multifamily residential real estate? (a)Walkup buildings (b)Garden developments (c)Highrise buildings (d)All of these - D) all of these The two primary categories of commercial real estate include office property and ______. (a)single-tenant property (b)institutional property (c)retail property (d)multiple-use property - C) retail property The success or failure of a shopping center often hinges on the property manager's ability to ______. (a)assess the market. (b)conduct sales promotion and public relations. (c)act swiftly and decisively. (d)all of these. - D) all of these Heavy manufacturing, light manufacturing, and storage are types of ______. (a)industrial parks (b)industrial property (c)loft buildings (d)warehouse buildings - b) industrial property 3COPYRIGHT © 2025 BY SOPHIA BENNETT, ALL RIGHTS RESERVED Which types of properties are typically managed internally by members of a particular business or organization? (a)Ministorage facilities (b)Residential (c)Special-purpose (d)Industrial - C) special-purpose Who may be called upon to decide when a property should be sold? (a)A concierge (b)An asset manager (c)A traditional property manager (d)A corporate property manager - B) an asset manager Why do corporations need corporate property managers? (a)Because real estate is not their main occupation (b)Because they do not understand leasing rules (c)Because they lack the technology (d)Because they want to downsize - a)Because real estate is not their main occupation Independent property managers who work for several owners are often referred to as ______. (a)economists (b)involved community members (c)third-party managers (d)facilitators of owner's interests - C) third-party managersx All of the following statements are TRUE of property managers EXCEPT: 4COPYRIGHT © 2025 BY SOPHIA BENNETT, ALL RIGHTS RESERVED (a)They are in charge of maximizing the net income from a property. (b)They may be an individual entrepreneur. (c)They may be responsible for advertising. (d)They are liable for damages if a tenant breaks a window. - d)They are liable for damages if a tenant breaks a window. The Building Owners and Managers Institute (BOMI) was established to ______. (a)provide educational programs for property managers (b)promote professionalism in the specialized field of retail property management (c)offer opportunities for property managers to share ideas (d)grant qualified management firms the designation of Accredited Management Organization (AMO) - A) provide educational programs for property managers Which association manages the Registered Apartment Manager (RAM) program that is HUD-approved as providing quality training to managers of multifamily rental housing? (a)National Apartment Association (NAA) (b)National Associated Builders and Owners (NABO) (c)National Affordable Housing Management Association (NAHMA) (d)National Association of Residential Property Managers (NARPM) - b)National Associated Builders and Owners (NABO) Accepting a gift from a supplier is an example of ______. (a)an ethical practice (b)a common practice (c)an unethical practice 5COPYRIGHT © 2025 BY SOPHIA BENNETT, ALL RIGHTS RESERVED (d)a practice that is only unethical if a property manager explicitly forbids it - C) an unethical practice One of the factors that has contributed to the development of property management is the: (a) declining cost of apartment building construction. (b) centralization of traditional downtown areas. (c) increased use of trolleys and rail lines. (d) invention of steel frame buildings and elevators. - (D) invention of steel frame buildings and elevators The oldest residential property management certification program in the United States and which is HUD-approved is: (a) Certified Apartment Manager (CAM). (b) Professional Property Manager (PPM). (c) Registered Apartment Manager (RAM). (d) Accredited Residential Manager (ARM). - (C) RAM Commercial real estate includes: (A) apartment buildings (B) farms (C) mines (D) office buildings - (D) office buildings What market has be