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CERTIFIED PROFESSIONAL PROPERTY SPECIALIST CPPS - STUDY GUIDE EXAM, Exams of Real Estate Management

Chamberlain College of NursingReal Estate Management

CERTIFIED PROFESSIONAL PROPERTY SPECIALIST CPPS - STUDY GUIDE EXAM QUESTIONS AND ANSWERS 100% VERIFIED.

Typology: Exams

2025/2026

Available from 01/29/2026

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CERTIFIED PROFESSIONAL PROPERTY
SPECIALIST CPPS - STUDY GUIDE EXAM
QUESTIONS AND ANSWERS 100% VERIFIED.
- Maximize return of Investment
- Facilitate Compliance
- Maximize reutilization
- Depreciation expense -
- correct answer -Benefits of an Effective Property Function
Other names of Property Accounting -
- correct answer -- Fixed asset accounting
- Inventory Control
- Material/Property Control
Three key concepts of Property Management -
- correct answer -- Ownership
- Accountability
- Responsibility
Records -
- correct answer -- Crucial element of Property Control
Management
Begin during acqusition process, continues through every related
transaction to include protection, preservation, utilization,
maintenance and disposition -
- correct answer -Records
Cornerstone of effective Property Control -
- correct answer -Communication, to include routine or special
purpose reports, and Training
Benefits gained by efficient property management -
- correct answer -- Return of Investment (ROI)
-Reutilization of excess property
-Compliance of internal and external procedures
-Value of organization
What is Process? -
- correct answer -The series of steps taken to produce a desired
result
What is Procedure? -
- correct answer -Steps that must be followed to produce results
Having legal/rightful title to property either by organization or
sponsor under certain terms -
- correct answer -Ownership
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Download CERTIFIED PROFESSIONAL PROPERTY SPECIALIST CPPS - STUDY GUIDE EXAM and more Exams Real Estate Management in PDF only on Docsity!

CERTIFIED PROFESSIONAL PROPERTY

SPECIALIST CPPS - STUDY GUIDE EXAM

QUESTIONS AND ANSWERS 100% VERIFIED.

  • Maximize return of Investment
  • Facilitate Compliance
  • Maximize reutilization
  • Depreciation expense -
  • correct answer -Benefits of an Effective Property Function Other names of Property Accounting -
  • correct answer -- Fixed asset accounting
  • Inventory Control
  • Material/Property Control Three key concepts of Property Management -
  • correct answer -- Ownership
  • Accountability
  • Responsibility Records -
  • correct answer -- Crucial element of Property Control Management Begin during acqusition process, continues through every related transaction to include protection, preservation, utilization, maintenance and disposition -
  • correct answer -Records Cornerstone of effective Property Control -
  • correct answer -Communication, to include routine or special purpose reports, and Training Benefits gained by efficient property management -
  • correct answer -- Return of Investment (ROI) -Reutilization of excess property -Compliance of internal and external procedures -Value of organization What is Process? -
  • correct answer -The series of steps taken to produce a desired result What is Procedure? -
  • correct answer -Steps that must be followed to produce results Having legal/rightful title to property either by organization or sponsor under certain terms -
  • correct answer -Ownership

Means to possess and have use of company property with delegated duties and responsibilties -

  • correct answer -Accountability Key elements of Property Accountabilty -
  • correct answer -- Provider
  • Recipient
  • Specific duties and responsibilities
  • Specific penalties in case of default Transfer of accountability -
  • correct answer -When accountability shifts from one entity to another.... may or may not include physical relocation of assets Transfer approval must be coordinated when, how, and why? -
  • correct answer -When? In advance How? in writing Why? To be made of historical file and audit trail of assets Transfer document must include three things? -
  • correct answer -1. Effective date of transfer
  1. Purpose of transfer
  2. Description of property to be transferred Bottom line... transfers occur when property and accountability shift from what? -
  • correct answer -From the using organization to another An organization with multiple sites with multiple subunits, change in location is a ______________ and not an _____________________________ -
  • correct answer -Change in location is a movement not an interdepartmental transfer What is responsibility? -
  • correct answer -to be answerable for a trust or obligation Property Professional Key distinction Standpoint -
  • correct answer -One is accountable to someone for the property while being responsible for certain actions ie maintenance/storage related to the property or asset Interdepartmental transfers of property occurs when? -
  • correct answer -When property and accountability shift from the using organization to another What does FAR 52.245-1-Government Property (FAC 2005-56, April 2012) (Ref, (b) (2) Property Management pertain to? -
  • correct answer -The Contractor's responsibility extending from the initial acquisition and receipt of property, through stewardship, custody, and until use formally relieved of responsibility by means, including delivery, consumption, expanding, sale (as surplus
  1. Management groupings of functional areas within an organization
  2. The level and type of interface needed with key stakeholders
  3. The resources available to staff the function
  4. The geographical layout of the organization Who are the key participants in Property Management? -
  • correct answer -- Chief Financial Officer or Provost
  • Controller's Office
  • Program/Project Manager
  • The Property Management Office (PMO)
  • Departmental Property Administrator
  • Property Custodian -Asset/End Users Responsible for ensuring all property related policies and procedures are followed, usually the authority behind the Property Manager -
  • correct answer -Chief Financial Officer (CFO) Working with the Property Manager, publishes policy as it relates to financial records of an organization -
  • correct answer -Controller's Office Identifies the need for property -
  • correct answer -Program/Project Manager Property Management Office (PMO) -
  • correct answer -Has the responsibility and role of ensuring and effective property control system is established/maintained while ensuring all property is controlled and managed IAW sound business practices In charge of property within unit or department consolidating property activity while informing the PMO via transaction recorded in the property database -
  • correct answer -Departmental Property Administrator Responsible for the assets within a group who instructs users of their role and responsibilities while property is in the care, custody, and control of end user -
  • correct answer -Property Custodian Assigned the task of reporting receipt, identification, movement, disposal, maintenance, and other events/creates system transaction or verbal communication -
  • correct answer -Asset/End Users Eyes and ears of the Property Manager -
  • correct answer -Asset/End Users Responsible for verifying the existence of property, confirming serial numbers, property location, condition, excess equipment.

Also reconciles inventory data to property records while adjusting records to accommodate discrepancies. -

  • correct answer -Physical Inventory Group When are property records modified? -
  • correct answer -Throughout the entire lifecycle of a particular item/assett What are the necessary elements to create a property record -
  • correct answer -- Asset identification
  • Asset description
  • Manufacturer
  • Serial Number
  • Model Number
  • Asset location
  • Assignment of responsibility of asset
  • Asset acquisition cost/date
  • Acquisition method and reference i.e purchase order, donation, etc..
  • Date of receipt What two documents are associated with the Procurement Phase?
  • correct answer -1. Purchase Requisition
  1. Purchase Order What are the data elements of Purchase Requisition? -
  • correct answer -- Description
  • Model number
  • Estimated useful life
  • Asset Classification Code(s)
  • Estimated Cost
  • Budget Codes
  • Requisition Number What are the data elements of a Purchase Order? -
  • correct answer -- Vendor name
  • Vendor number
  • Vendor address,
  • Purchase Order Number
  • Acquisition Method
  • Funding Source(s)
  • Accounting Codes What documents are associated with the Receiving Phase? -
  • correct answer -Shipping documents What are the data elements of a Shipping document? -
  • correct answer -- Expanded description
  • Shipping costs
  • correct answer -- Final disposition method
  • Sale, reutilization, or disposal date
  • Recipient
  • Amount received (as applicable) What factors of an organization determine what property is controlled? -
  • correct answer -- Business needs
  • External regulatory requirements
  • Tax reporting
  • Type, value, and volume of property
  • Info for capital investment planning
  • Effect of threshold or indirect cost recovery
  • Cost of business including insurance, storage, etc.
  • Level of confidence and fiduciary reporting responsibility
  • Current Levels of compliance vs. desired level
  • Technical capabilities of on-line data systems
  • General accepted business practices -Staffing resources
  • Good business practices for management resources
  • Cost of control compared to the potential cost of a loss What are infrastructure assets? -
  • correct answer -Long-lived capital assets that may be in service for an extended period (normally stationary) as an example: road, bridges, dams, and water/sewage systems What is compliance? -
  • correct answer -Process of satisfying the requirements defined by a sponsor agreement or legislated regulation. It also refers to satisfactory following organizational established policies, procedures, and operational guidelines. What are reports? -
  • correct answer -Reports are a tool for verifying and measuring compliance with established standards, identifying trends in system performance, exposing potential areas of concern, and highlighting exceptional levels of compliance. They are also a means which the effects of implementing changes to processes can be understood and evaluated. Activity Report -
  • correct answer -Provide information by which the performance of the property function is evaluated. Financial Reports -
  • correct answer -May include depreciation reports, for both depreciation expense and accumulated depreciation, quarterly

financial activity reports, year-end reconciliation reports, and inventory reports. Compliance Reports -

  • correct answer -Reports which are specifically required by senior management within the organization or by a sponsor through the terms of a contractual agreement or external regulatory requirements based legislative activity. These reports are not optional but a requirement. System Monitoring Reports -
  • correct answer -Reports which monitor the behind-the-scenes database functions essential for the online system to work. May include periodic data feed checks, user access to operating systems, and notification of system errors. Utilization/Retilzation Report -
  • correct answer -Provide measures of how effectively the organization is using and re-using its assets. Exception Reports -
  • correct answer -Identifies errors and omissions in data that must be manually monitored and corrected Loss, Damage, and Destruction (LDD) Report -
  • correct answer -Address specific incidents that must be reported to the legal authorities, risk management, and/or sponsors Data Summary Reports for Tax Purposes -
  • correct answer -Detailed property records which provide audit- able back-up for depreciation expense, an important component of cost used in reporting federal and stat taxes. In addition, aid assessors in determining property taxes based on where assets are located. Ad Hoc Reports -
  • correct answer -The ability to generate specific queries based on data entered in the property database. A very effective tool for responding in a timely manner to unique or new queries which are not addressed by existing reports. Communication vs. Training -
  • correct answer -Communication and training are in many ways inseparable, it is useful to think of training as structured communication presented to target group or individual. What are the benefits of an effective property function? -
  • correct answer -- Maximize Return of Investment
  • Facilitate Compliance
  • Maximize Reutilization
  • Depreciation Expense Maximize Return on Investment -
  • correct answer -- Ownership
  • Accountability
  • Responsibility Because they have specific meanings in the vocabulary of property, the distinction between them should be clearly understood and consistently applied by property professionals. What is the most crucial element of the property control system? -
  • correct answer -Records Property records begin during what process? -
  • correct answer -Acquisition process Name five types of transactions which require an entry/update to a property record? -
  • correct answer -- Protection
  • Preservation
  • Utilization
  • Maintenance
  • Dispostion What are the two key decisions to be made when defining the "control" population of property within an organization? -
  • correct answer -- What is to be controlled?
  • To what level of detail will it be controlled? What is the cornerstone of effective property control? -
  • correct answer -- Communication
  • Training What are an excellent communication tools when dealing with property? -
  • correct answer -Reports, either route or ad hoc for special purposes What does FAR 52.245-1- Government Property (FAC 2005-56, April 2012) (Ref, (f) about the acquisition of property? -
  • correct answer -The Contractor shall document that all property was acquired consistent with its engineering, production planning and property control operations What is acquisition? -
  • correct answer -- The act of acquiring
  • The acquiring of property or services by contract with appropriated funds through purchase or lease, whether the property or services are already in existence or must be created, developed, demonstrated, and/or evaluated. What defines the acquisition process? -
  • correct answer -The organization's policies and procedures Why does acquisition require a great deal of discipline? -
  • correct answer -It involves the expenditure of organizational funds and management tools must be put in place and maintained to ensure compliance with those policies and procedures When does the acquisition process begin? -
  • correct answer -When needs have been defined What are some additional steps in the acquisition process? -
  • correct answer -- Establishment of requirements to satisfy the needs
  • Obtain approvals
  • Solicitation and selection of sources
  • Preparation and awarding of contracts
  • Financing
  • All aspects of contract admin.
  • Procurement via purchases
  • Technical and management activities such as strategic planning, budget approval, and make-or-buy decisions which are directly related to fulfilling the establish requirements. Approval process consists of what? -
  • correct answer -A series of layers, each which provides preliminary approvals based on signature authority. -
  • Normally in most organizations it takes two signatures to authorize an acquisition What are four methods universally accepted ways of gaining or getting property in support of business operations? -
  • correct answer -1. Reutilization
  1. Purchase new, used, lease or rent
  2. Fabricate (make in house)
  3. Gifts What is preferred method of acquisition for an organization and is considered by the federal government to always be the first source of supply? -
  • correct answer -Reutilization When is a Contracting Officer's approval required in the acquisition process? -
  • correct answer -When Government property is going to be utilized i.e. the use of property on a contract other than the accountable or owning contract and consideration of what the property was originally purchased for on a specific funded project or program. Main purpose of re-utilization? -
  • correct answer -Optimizing the use of property in order to conserve funds and make better use of existing property To make or build in-house -
  • What is being leased or rented -The lease or rental period along with required delivery date
  • Terms of payment
  • Who is reponsible for maintenance or calibration
  • Whether or not the item will be available for the purchase at the end of the lease
  • Return shipping method and who bears the responsibility for coordinating the return of the item
  • In the case of computer equipment or copiers, how will the hard- drives or media devices be sanitized before the equipment is returned. Who are frequent recipients of gifts from variety of sources such as commercial companies, alumni, and private parties? -
  • correct answer -Colleges, universities, and non-profit organizations Primary reason: Tax benefit received by the entity or person donating the gift. What is the key factor in identifying whether a gift is actually a gift or a grant? -
  • correct answer -If the donor has any performance expectations such as obtaining certain results or benefits then the gift would actually be a grant. What should be included in a requisition besides the appropriate accounting information and property category to which the purchase will be charged to? -
  • correct answer -- Items required
  • Estimated cost
  • Requestor
  • Items' final destination within the organization
  • Requested time frame for delivery
  • Suggested vendor/s
  • Necessary approval signatures What is Management Review? -
  • correct answer -It is the management approval required to validate the need for the purchase. What does Budget Review determine? -
  • correct answer -Whether or not the expenditure is included in the budget. If it is not in the budget, then a determination must be made regarding the making of adjustments to the budget to accommodate the expenditure. What is Property Review? -
  • correct answer -It is a review of the funding source which alerts the property manager to any special regulations or requirements that may govern the acquisition of the property. After all reviews are completed, the requisition is forwarded to what department and why? -
  • correct answer -It is transferred to the purchasing department for procurement What is the goal of the procurement process? -
  • correct answer -To acquire the quality and quantity of goods or services at the agreed-upon price and within the required delivery period What does the purchase order provide the vendor? -
  • correct answer -It provides the vendor information detailing:
  • Product or performance specifications
  • Shipping instructions
  • Handling instructions
  • Taxes and other ancillary costs
  • Price
  • Delivery date
  • Delivery instructions Notification or copies of the purchase order distribution should include who or what departments? -
  • correct answer -- Receiving
  • Accounts Payable
  • the originator
  • Property Manager What are the seven steps in the acquisition process? -
  • correct answer -1. Define needs
  1. Selection proceeds through the establishment of requirements to satisfy those needs
  2. Gains approvals
  3. Sources are selected
  4. Financing is secured
  5. Contract Administration reviews contracts
  6. Procurement secures equipment needed to fulfill the need originally defined What is receiving? -
  • correct answer -1. The process of accepting equipment or materials in an organization or facility
  1. The point at which an organization's obligation, liability, and accountability begin What are two terms which describe Receiving? -

Why is proof of receipt, establishment of a record, and property identification particularly important for the receipt of capitalized equipment? -

  • correct answer -Such equipment becomes a part of the accounting records which in turn affect the general ledger and tax reports. What is a critical item for donated and why? -
  • correct answer -- The critical item is proof of receipt
  • Reason why it is important is that the receipt date may affect the tax year in which the donor may claim the donation for tax write-off purposes. Receiving documentation may include? -
  • correct answer -- Freight Bill
  • a Supplier's packing list
  • a receiving report
  • a receiving voucher log
  • possibly other sponsor-provided documentation Note: may be managed in hard-copy or electronic manner Where does a Carrier's Freight Bill, which is a multi-part form, originate from? -
  • correct answer -- Trucking company
  • Railroad
  • Airline What does a Carrier's Freight Bill show? -
  • correct answer -- Number of items, packages, pallets, etc., in the shipment and generally characterizes the content. Who is the Carrier's Freight Bill signed by and what is the distribution of the form upon receiving proper signature/s? -
  • correct answer -The form is received by the designated receiver, who keeps a copy while remaining copies are kept with the carrier to document the delivery. What is a Supplier's Packing List? -
  • correct answer -A listing of the items shipped and it may identify the contents of each package as well as the total quantity of each item. What does a packing list normally cover? -
  • correct answer -The entire contents of a single shipment What are four common types of forms used to sign for Government Furnished/sponsor-owned equipment? -
  • correct answer -- DD 1149
  • DD 250
  • SF 120
  • DD 1348

What information is listed on Sponsor Documentation for Government Furnished equipment? -

  • correct answer -- List of items and quantities being provided
  • Information regarding the transfer of accountability between organizations or between contracts What is a Receiving Report and what does it include? -
  • correct answer -It is an internally-generated document listing the items and quantities ordered on the PO (purchase order). It includes a complete record of what was received, from whom, and the date of receipt. What is a Receiving Voucher Log? -
  • correct answer -A log or transaction history which provides a continuous record of receiving activity, either manual register or online data collection from which a summary report can be generated. What does a typical Receiving Log contain? -
  • correct answer -- A sequential register, voucher, or transaction number to identify and provide traceability for each incoming shipment
  • Date of receipt for each shipment
  • Shipper's document number and the PO number to provide a link to these documents
  • Carrier name and freight bill number to provide a link to the delivery carrier
  • Number of line items or quantity received
  • Part numbers or identification numbers of items received
  • Description of the items received
  • Account, contract, or project number against which items were ordered
  • Number of items, boxes, or packages received and their weight
  • Delivery information indicating where the item or material is to be sent from the receiving area
  • Other data, such as units of measure, quality received, and initials of the person who logged in the receipt What are the two primary types of organizational structure for the receiving function? -
  • correct answer -Centralized and decentralized What are some of the advantages of central receiving section under the property, logistics of facilities manager? -
  • correct answer -- Consolidation of facilities and staff
  • The ability to more standardized procedures for both receiving and identification, facilitating cross-training or the reassigning of staff to cover peaks in volume
  • Timely routing to end user or designated storage area What is Delivery of Shipment by Vendor or Transportation Provider?
  • correct answer -This is the point at which the vendor or transportation provided physically delivers the shipment to the receiving department. When does the receiving process generally begin? -
  • correct answer -It begins with a notification, either electronic or via hard copy, to the receiving department that items are expected/due in. During receiving, at the time of delivery what occurs? -
  • correct answer -Items received are checked against items expected The Receiving Department makes what which is reconciled against other documentation to include transfer documents and invoices? -
  • correct answer -A record What are three main deficiencies which may be found during receiving of a shipment? -
  • correct answer -- Visible damage (box crushed or wet from something leaking or caught in the rain)
  • Misdirected shipments
  • Improper loading, blocking, bracing, stowage, or handling by the carrier What further inspections are required after a shipment has been delivered? -
  • correct answer -- Damage of any kind
  • Overage/Shortages
  • Verification of items physically received is not what is on the packing slip
  • Improper preservation, packaging, packing or marking
  • Documentation errors
  • Quality checks or any other additional acceptance inspection which might be required When is receiving considered complete? -
  • correct answer -When all applicable phases are complete What is imperative when reconciling items, that is matching the items receive with what was ordered and expected? -
  • correct answer -Complete and accurate documentation What does the receiving process establish? -
  • correct answer -Custody and accountability which is the initial auditable transaction noted on the property record

Receiving reports must be prepared in a manner that clearly indicates what? -

  • correct answer -Quantity and condition of the property at the time of receipt and any discrepancies noted such as overages, shortages, incorrect item(s), misdirected shipments, and/or damage disclosed during the receiving operation. Documents attached to a receiving report may include what? -
  • correct answer -- Freight Bill
  • Bill of Lading
  • Packing list
  • Government shipping documents
  • Discrepancy reports What is receiving information used for -
  • correct answer -- As a basis for payment by the accounts payable department
  • May be used to initiate the warranty period for equipment Receiving documentation must be distributed in accordance with what and how? -
  • correct answer -- IAW the organization's procedures
  • Either by hard copy or via access to online distribution systems Departments needing copies of the receiving documentation, either hard copy or electronic data commonly include? -
  • correct answer -- Receiving
  • Purchasing _ Quality, if the item requires a quality inspection
  • The department receiving the item/s
  • Accounting
  • Inventory Control
  • Property Management When the receiving documents are in hard copy form, in addition to Receiving, Purchasing, Quality, the department receiving the item, Accounting, Inventory Control and the Property Manage, who else is provided a copy? -
  • correct answer -The department responsible for entering the data into the system of record. What is some of the Basic Receiving Information you will find on receiving documents? -
  • correct answer -- Date of receipt
  • Receiving transaction number
  • the PO number associated with the receipt for items purchased
  • Name of the carrier and method of delivery
  • Type and quantity of packages received
  • Names of personnel accepting delivery