Unit 1 Flashcards
The primary function of the property manager is to:
a. rent units for owners.
b. generate greatest income for owner.
c. show space to prospective tenants.
d. decrease the value of the property.
b. generate greatest income for owner.
One of the factors that has contributed to the development of property management is the:
a. declining cost of apartment building construction.
b. centralization of traditional downtown areas.
c. increased use of trolleys and rail lines.
d. invention of steel frame buildings and elevators.
d. invention of steel frame buildings and elevators.
The oldest residential property management certification program in the United States and which is HUD-approved is:
a. Certified Apartment Manager (CAM).
b. Professional Property Manager (PPM).
c. Registered in Apartment Management (RAM).
d. Accredited Residential Manager (ARM)®.
c. Registered in Apartment Management (RAM).
Commercial real estate includes:
a. apartment buildings.
b. farms.
c. mines.
d. office buildings.
d. office buildings.
The largest demand for the services of the professional property manager is found in what type of property?
a. Residential
b. Commercial
c. Industrial
d. Government
a. Residential
Shopping centers, factory outlets, and super regional malls are examples of:
a. special purpose properties.
b. distribution facilities.
c. office property.
d. retail property.
d. retail property.
Many business parks offer a combination of office and industrial space that is divided into units of various sizes. These spaces are called
a. loft buildings.
b. incubator spaces.
c. ministorage.
d. light industrial.
b. incubator spaces.
Properties designed to meet specific needs of heavy industry are generally
a. developed by real estate speculators.
b. managed by large real estate companies.
c. occupied and managed by the owner.
d. sold to investors and leased back.
c. occupied and managed by the owner.
Which is an example of concierge services?
a. Buying office equipment for individual tenants
b. Offering rental services of small equipment to tenants
c. Making appointments for sales calls
d. Renting off-site storage space for current tenant
b. Offering rental services of small equipment to tenants
The professional manager, acting as agent for the owner, should
a. lay out a business plan according to business school standards.
b. understand what the owner wants to achieve.
c. help the owner recognize the superiority of the manager’s experiences.
d. not bother the owner with too many reports and plans.
b. understand what the owner wants to achieve.
Knowledge of the owners long-term goals are of little value to the property manager.
True
False
False
High-tech companies often locate near universities in incubator spaces.
True
False
True
“Loft buildings are often old multistory manufacturing buildings that have been converted into office, residential, and storage space. “
True
False
True
Property managers do not need to be involved in community activities.
True
False
False
Slumlords are owners who pour money back into older properties.
True
False
False
