DC Property Managers Study Guide questions with answers

DC Property Managers Study Guide
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questions with answers |\ |\




Management Plan - CORRECT ANSWERS ✔✔Assists the owner in |\ |\ |\ |\ |\ |\ |\ |\ |\


meeting their goals while maximizing the property's value and
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return. The plan describes in detail the subject property's current
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use along with it's physical condition, fiscal projections, and
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operational issues (includes an analysis of the market regional &
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neighborhood).


Organizational and educational programs available to assist in |\ |\ |\ |\ |\ |\ |\ |\


enhancing the property manager's knowledge, identifying
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resources to resolve issues, and expanding their business
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network. - CORRECT ANSWERS ✔✔Institute of Real Estate
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Management (IREM), National Association of Realtors (NAR), |\ |\ |\ |\ |\ |\ |\


Greater Capital Area Association of Realtors (GCARR), building
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Owners & Managers Association (BOMA), National Association of
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Real Estate Brokers, International Council of Shopping Centers
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(ICSC), and National Property Management Association.
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Market Analysis - CORRECT ANSWERS ✔✔Focuses on regional
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and neighborhood evaluations. Includes demographic conditions,
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geographic features, governmental prospective, existing real
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estate supply, future developments, and tenant/resident demand
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Market Analysis & Competitive Property Analysis helps to..... -
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CORRECT ANSWERS ✔✔Identify the subject property's strengths
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and weaknesses
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,The Highest & Best Use - CORRECT ANSWERS ✔✔When the
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property manager considers alternatives to improve the
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property's weaknesses or further enhance its strengths to
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improve overall economic performance. |\ |\ |\




Analysis of Alternative - CORRECT ANSWERS ✔✔Looks at the
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theoretical costs and corresponding increase in rents by making
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different improvements, even property's redevelopment.
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When determining the best use of property, alternatives to
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consider are......... - CORRECT ANSWERS ✔✔Rehabilitate without
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altering its existing use, Modernize by updating finishes (more
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efficient equipment), Change the Use of building (including
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conversion), or Conversion to a condominium m ownership |\ |\ |\ |\ |\ |\ |\ |\


structure.


Capital Expenditures - CORRECT ANSWERS ✔✔Projects that help
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extend the property's life. |\ |\ |\




Physical Obsolescene - CORRECT ANSWERS ✔✔is characterized
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as a condition of aging (i.e. wear & tear) or deferred
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maintenance. Examples are worn carpet, peeling paint, a leaking |\ |\ |\ |\ |\ |\ |\ |\ |\


roof, or dead landscaping
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Functional Obsolescene - CORRECT ANSWERS ✔✔is characterized
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by old or outdated designs or building systems.
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, Economic Obsolesence - CORRECT ANSWERS ✔✔Represents a
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loss in value due to outside forces (i.e. location, market
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conditions). Examples would be an office building, locates in a |\ |\ |\ |\ |\ |\ |\ |\ |\ |\


small town, where the major employer closes.
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Investment Value - CORRECT ANSWERS ✔✔A value generally |\ |\ |\ |\ |\ |\ |\ |\


used by investors |\ |\




Assessed Value - CORRECT ANSWERS ✔✔The value used by
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government tax assessment offices |\ |\ |\




Market Value - CORRECT ANSWERS ✔✔The value that is agreed
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to between a buyer & seller
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Rules of Ethics for Property Manager - CORRECT ANSWERS
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✔✔Loyalty to client, confidentiality, accurate accounting & |\ |\ |\ |\ |\ |\ |\


reporting, protection of owner's funds, conflicts of interest, and
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compliance with law regulations. |\ |\ |\




An owner can be directly affected by manager's..... - CORRECT
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ANSWERS ✔✔Improper handling of evictions, unlawful rent |\ |\ |\ |\ |\ |\ |\


collections, failure to return security deposits, not maintaining |\ |\ |\ |\ |\ |\ |\ |\


proper compliance with the Rental Accommodations Division
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(RAD)


The Management Agreement - CORRECT ANSWERS ✔✔is a formal
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and binding contract that establishes the authority and
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responsibilities that a manager has on behalf of the owner. |\ |\ |\ |\ |\ |\ |\ |\ |\