Chapter 33

Question 1

An individual who acts as the property owner’s agent and adviser for the property is which type of manager ?

Answer 1

Real estate asset manager.

A real estate asset manager acts as the property owner’s agent and advisor for the property.

Question 2

A budget that forecasts income and expenses for 5 years is which type or budget ?

Answer 2

Stabilized.

A stabilizer budget forecasts income and expenses that can be projected over a short period of time , usually 5 years.

Question 3

Insurance premiums would be considered what type of expense ?

Answer 3

Variable .

Variable expenses include such items as insurance , taxes , and building permits.

But NOT flooding repair as it is not an ongoing expense.

Question 4

An individual property manager …

Answer 4

Is usually a real estate broker who manages properties for one owner or a number of owners.

Question 5

The institute for real estate management (IREM) was created as a subsidiary group of …

Answer 5

National Association of REALTORS

Question 6

PUD stands for …

Answer 6

Planned unit development.

Question 7

Which of the following is NOT a professional property management organization ?

A) National PMA
B) ULI
C) ISCC
D) CREW

Answer 7

ISCC does not exist !

And should not be confused with ICSC which does exist

Question 8

BOME (building owners and managers association) includes __how many__ local associations , with chapters in all major cities.

Answer 8

94

The building owners and managers association international , or BOMA , which is a federation of local and regional groups , includes 94 local associations , with chapters in all major cities.

Question 9

Which IREM designations is reserved for individuals who meet a certain level or education and experience ?

Answer 9

CPM

Certified property manager