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Property Management Final Examination with Complete Questions and Answers 100% Accuracy, Exams of Business Economics

Property Management Final Examination with Complete Questions and Answers 100% Accuracy

Typology: Exams

2023/2024

Available from 07/08/2024

wilfred-hill
wilfred-hill 🇺🇸

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Download Property Management Final Examination with Complete Questions and Answers 100% Accuracy and more Exams Business Economics in PDF only on Docsity! Property Management Final Examination with Complete Questions and Answers 100% Accuracy The highest designation bestowed on a property manager? - Correct Answer Certified Property Manager (CPM) 3 important technological advances that occurred in the early 1900's? - Correct Answer 1. The structural advantages of steel-framed buildings 2. The perfection of high-speed elevators 3. The continued use of the automobile Resident Managers duties include? - Correct Answer 1. Renting units 2. Collecting rents 3. Responsibility for tenant relations 4. Maintenance 5. Supervision 6. Keeping records 7. Completing proper paperwork Property Manager Duties include? - Correct Answer 1. Budgeting, reports, and monthly statements 2. Onsite inspections 3. Supervision 4. Controlling expenditures 5. Establishing rental rates 6. Establishing standard operating procedures 7. Maximizing income steam and value Vacancy Rates are often? - Correct Answer incorrectly calculated. Go to an apartment association for better data Excess demand can lead to? - Correct Answer overcrowding and doubling up of tenants Technical oversupply is? - Correct Answer when there are more houses than there is demand Economic oversupply is? - Correct Answer when tenants cannot afford the existing rent levels for housing The cost approach is? - Correct Answer a form of appraisal that calculates the cost that it would be to build a building of similar stature The market approach is? - Correct Answer a form of appraisal based off the rental rates of similar buildings in the area The income approach is? - Correct Answer a form of appraisal derived by the income generated by the property Cash flow is also known as? $12000 per month in rent $13000 per month loan - Correct Answer Net Operating Income -$1000 per month cash flow Different forms of Real Depreciation? - Correct Answer 1. Physical Loss of value from wear and tear 2. Economic and Social Obsolescence Zoning, noise, nuisance, population 3. Functional Obsolescence Poor design and lacking amenities The lessor is the? - Correct Answer owner The lessee is the? - Correct Answer tenant Estate at Sufferance is? - Correct Answer When a tenant overstays there contracted time on the premise Estate from Period to Period is? - Correct Answer month to month tenancy A gross lease is? - Correct Answer most common in residential and the tenant pays the owner a fixed monthly rental sum which includes taxes, maintenance, insurance, utilities A Net lease is? - Correct Answer most comment in commercial and the tenant pays a base minimum rental rate and a prorated share of taxes, insurance, and maintenance A percentage lease is? - Correct Answer the tenant pays the higher of either a minimum base rent or a percentage of total sales each month Requirements of a valid lease? - Correct Answer 1. Description of the property 2. Names of Parties 3. Signature 4. Written 5. Term of Lease 6. Rental Rate Neighborhood Center is? - Correct Answer 25,000-125,000 sq. ft. Supermarket anchor store Community Center is? - Correct Answer 125,000-300,000 sq. ft. 2 or more anchor store like home depot Regional Center is? - Correct Answer up to 1,000,000 sq. ft. Apparel, jewelry, 1-2 department stores Super-Regional Center is? - Correct Answer over 1,000,000 sq. ft. Usually enclosed At least 3 department stores Most common type of shopping center lease is? - Correct Answer a net lease with annual increase Most shopping center leases require the tenant to belong to a? - Correct Answer Merchant Associations Colors to a shopping center should be? - Correct Answer bright and cheerful Additional profit centers in a shopping mall are? - Correct Answer kiosks and wall shops Which cost the most in rent? Common Area Maintenance is? - Correct Answer costs charged to tenants for maintaining, improving, and supplying common areas in a retail or strip mall The U.S. Supreme Court decision in Robbins v. Prune yard said? - Correct Answer shopping centers are quasi-public and must allow Girl Scout cookies to be sold Space Created demand is? - Correct Answer when the vacancy rate drops below 7% Money-Created demand is? - Correct Answer build and hope they come Desirability relies on 12 things? - Correct Answer 1. Location 2. Neighborhood 3. Transportation 4. Prestige of Building 5. Appearance 6. Lobby 7. Elevators 8. Corridors 9. Office Interiors 10. Management 11. Tenant Mix 12. Tenant Services What is a condominium? - Correct Answer The airspace rights to a designated space and a common interest in the common area What are condos governed by? - Correct Answer Articles of Incorporation, CC&R's, By-Laws, and Rules and Regulations What are Articles of Incorporation? - Correct Answer establishes the corporation and filed with Secretary of State What are By-Laws? - Correct Answer provide procedures for operation of the corporation What are CC&R's? - Correct Answer Covenants, Conditions, and Prescriptions What is a grant deed? - Correct Answer A mechanism which conveys ownership interest What are rules and regulations in regards to condos? - Correct Answer everyday rules to guide the conduct of owners, within reason, and/or their tenants A condo association must send a _ within _ two _ days of the beginning of the year. - Correct Answer financial statement 30 to 90 What is a Gross lease? - Correct Answer a lease which the tenant pays a flat rental amount What is a net lease or a triple net lease? - Correct Answer the tenant pays a base rent as well as the taxes, insurance, maintenance What is a Sale/Leaseback lease? - Correct Answer to sell a building to and investor Medical Building management has to have these 3 things? - Correct Answer 1. Location 2. Maintenance 3. Tenant Mix Service maintenance deals with? - Correct Answer 1. Emergencies 2. Repair within 24 hours 3. When time permits Routine maintenance includes? - Correct Answer general maintenance to the common areas, landscaping, equipment, and janitorial duties Preventative maintenance is? - Correct Answer for example going around and checking the entire roof before major rain storms come in Extraordinary maintenance is? - Correct Answer major rehabilitation, replacement, or refurbishment of units Areas of Interest to the Property Manager and the Onsite Manager include? - Correct Answer Gas, Water, Electrical shutoff valves Pipes, wiring, insulation Smoke detectors must? - Correct Answer is in every bedroom and major room, smart to place with carbon monoxide detectors Lead paint deals with what year? - Correct Answer 1978 Prop 65 does what? - Correct Answer you must notify everyone that nearly everything can cause cancer Title 24 deals with what? - Correct Answer tenant improvements 3 different types of computers? - Correct Answer 1. Mainframe 2. Mini 3. Micro Risk management deals with? - Correct Answer Retain risk Avoid Risk Transfer Risk Control Risk You have _ days to return a security deposit in residential. - Correct Answer 21 You have _ days to return a security deposit in commercial. - Correct Answer 30 What is the law that deals with habitability? - Correct Answer Civil Code 1941.1 The Unruh Act did what? - Correct Answer Prohibited discrimination against race, religion, color, national origin, age, and sex When is a landlord allowed to enter an occupied unit? - Correct Answer emergencies, court orders, abandoned units, permission Arietta v. Mahon court case decided what? - Correct Answer all adults living in the unit must sign for it and the credit is rated off the one with a worse credit score
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