Chp. 33 Quiz - Property Management Flashcards
To better achieve the owner’s goal of return on investment and seeing a profit, the property manager should
Provide as many tenant benefits as possible while staying within the budget.
What is a property manager’s first responsibility to the owner?
Realize maximum profit.
A property manager must be licensed if he or she
is working for more than one owner.
Which of the following is an organization that offers educational and professionals programs in property management?
IREM
Managers of condominiums are NOT responsible for
Prequalifying tenants.
Which IREM designation is reserved for individuals who meet a certain level of education and experience?
CPM
What does the management agreement create?
General agency
Which of the following is NOT a professional property management organization?
ISCC
An individual property manager
is usually a real estate broker who manages properties for one owner or a number of owners.
A property manager is responsible to
the property owner and tenants.
Remodeling and interior redecorating are which type of maintenance?
Construction
A property manager should provide the owner with all of the following reports EXCEPT which?
Weekly leasing reports
A schedule of planned maintenance actions to avoid breakdowns and failures is called
Preventative maintenance.
Insurance premiums would be considered what type of expense?
Fixed
Which of these usually contributes to the property manager’s fee?
Percentage of rental income
