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Chapter 19 Quiz
Property Management
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In inflationary times, a property manager would NOT want a long term lease with rents based on:
1 point
(A) graduated amounts.
(B) the consumer price index.
(C) the cost-of-living index.
(D) a fixed rate.
Clear selection
All but one of the following should be included as fixed operating expenses in the budget for property management:
1 point
(A) property manager's fees.
(B) ceiling replacement .
(C) fuel costs.
(D) maintenance.
Clear selection
A property manager’s duties include which of the following?
1 point
(A) Advertising.
(B) Investing clients’ monies.
(C) Both A and B.
(D) Neither A nor B.
Clear selection
In addition to providing the owner with a good income, one of the most effective ways for a property manager to advertise his management abilities is through a well-run building which has:
1 point
(A) as high or higher rents than other similar buildings.
(B) satisfied tenants served by competent employees.
(C) the most complete and up-to-date accounting reports.
(D) the lowest-paid employees.
Clear selection
Which of the following should NOT be a consideration in selecting a tenant?
1 point
(A) The size of the space versus the tenant’s requirements.
(B) Tenant’s ability to pay.
(C) Racial and ethnic backgrounds of the tenants.
(D) Compatibility of the business to other tenants.
Clear selection
Certified Property Manager (CPM) is a designation awarded to qualified applicants by:
1 point
(A) local boards of Realtors.
(B) BOMA.
(C) state associations of real estate boards.
(D) The Institute of Real Estate Management.
Clear selection
A broker who is employed under a property management contract is a:
1 point
(A) trustee.
(B) fiduciary.
(C) assignee.
(D) beneficiary.
Clear selection
A property manager, to secure the best return for the investment, would establish rental income by:
1 point
(A) long-term rental at high of present economic period.
(B) long-term contract with middle of present-day rentals.
(C) long-term with built-in escalation clause.
(D) month-to-month rental.
Clear selection
In negotiating a property management agreement with the owner of an apartment building, the property manager would most likely base his fee upon which one of the following?
1 point
(A) Percentage of gross collectible income.
(B) Percentage of net income.
(C) The value of the property.
(D) Gross income fully rented.
Clear selection
Assume that a broker is a property manager. He is able to buy merchandise needed for the property through a relative at a lower price than from any other source. He should:
1 point
(A) proceed with the purchases.
(B) proceed with the purchases, charging the owner a portion of the costs saved for work done in securing a better price.
(C) discuss the matter with the owner and receive his permission to purchase the merchandise from the relative.
(D) not purchase from a relative.
Clear selection
In management of real estate a broker may:
1 point
(A) personally accept rebates from suppliers for himself.
(B) commingle rents received with his own funds.
(C) invest security deposits in an interest- bearing account for his own benefit.
(D) not make a secret profit.
Clear selection
A statement showing business income, expenses, and profit and loss. Prepared no less than yearly by the property manager of an income-producing property. 19-406
1 point
Resident Manager
Certified Property Manager
Profit & Loss Statement
Effective Gross Income
Clear selection
A plan prepared by a property manager that outlines the owner's objectives and how the manager intends to accomplish them. 19-402
1 point
Management Plan
Budget
Resident Manager
Operating Expenses
Clear selection
Amounts paid to maintain income-producing property other than debt service and income taxes. 22-446
1 point
Effective Gross Income
Profit & Loss Statement
Operating Expenses
Resident Manager
Clear selection
The manager of a residential income-producing property who supervises the care of an apartment complex or building, while living in one of the units.
1 point
Profit & Loss Statement
Resident Manager
Operating Expenses
Effective Gross Income
Clear selection
In property management, a projection of expected income, vacancies and operating expenses prepared by the property manager. 19-403
1 point
Resident Manager
Budget
Operating Expenses
Profit & Loss Statement
Clear selection
Used in the income approach in estimating value. Effective gross income is found by subtracting an allowance for vacancies and collection losses from potential gross income. 22-446
1 point
Resident Manager
Effective Gross Income
Certified Property Manager
Profit & Loss Statement
Clear selection
Commonly known as C.P.M., this identification is bestowed upon any property manager who has met the requirements of the Institute of Property Management operated under the auspices of the National Association of Realtors. 19-407
1 point
Profit & Loss Statement
Resident Manager
Certified Property Manager
Effective Gross Income
Clear selection
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