Questions and Answers
Which professional organization focuses specifically on managers of single-family residential properties?
What is one of the main responsibilities of an asset manager?
What type of owner would Marie be considered if she rents out her inherited house?
Which of the following is NOT considered a special-purpose property?
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Which category does a strip mall fall into?
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Which responsibility might a property manager have?
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Which authority offers the Certified Property Manager designation?
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What significant event led to increased demand for property management professionals?
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Which law or regulation does a property manager have to adhere to?
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What type of tasks usually do NOT fall under day-to-day responsibilities of a property manager?
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Who among the following is most likely to require a real estate license?
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Who might employ a property manager?
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Which option is not classified as a form of residential property?
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What document outlines the management strategy for a property?
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What type of property is Jack responsible for managing?
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Study Notes
Property Ownership and Management
- Marie is classified as an incidental or interim owner if she inherits a property and plans to rent it and sell it later.
- A property manager’s responsibilities include advertising vacant space, creating strategies for property value enhancement, and ensuring physical maintenance.
Historical Context in Property Management
- The Great Depression marked a significant shift as mass foreclosures led banks to acquire and require management for numerous properties.
- A surge in renters was noted during this time due to fewer homeowners.
Regulatory Compliance
- Property managers must comply with various regulations, including federal antidiscrimination laws, state agency laws, and state real estate license laws.
Licensing Requirements
- Collecting rent typically necessitates a real estate license, especially when done for another party as compensation.
- Exemptions apply to property owners and sometimes their relatives or resident managers.
Types of Properties
- Examples of residential properties include duplexes, manufactured home parks, and planned unit developments.
- A warehouse is categorized as industrial property, not residential.
- Special-purpose properties include churches, hospitals, and schools, which do not fit typical commercial or residential classifications.
Property Management Framework
- The management plan serves as a contractual guideline outlining how a property will be managed to sustain or elevate its value.
- Day-to-day tasks for a property manager include collecting rents, keeping records, and supervising maintenance staff. However, performing market analysis is more strategic than routine.
Roles Within Property Management
- A site manager oversees the daily operations of a property, regardless of its complexity or size.
- An asset manager focuses on long-term plans to maximize investment returns from managed properties.
Professional Organizations
- The National Association of Residential Property Managers (NARPM) caters specifically to managers of single-family residential properties.
- The Certified Property Manager designation, requiring three years of experience, is awarded by the Institute of Real Estate Management (IREM).
Property Categories
- Retail properties include locations like strip malls where retail stores operate.
- Property managers can be employed by various entities including property management companies, real estate brokerages, and financial institutions.
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Description
Test your knowledge with this Chapter 1 quiz on property management concepts. The quiz covers key terms and roles associated with property ownership and management. See how well you understand the responsibilities of a property manager and the different types of property owners.
