Property Management History and Roles

<p>National Affordable Housing Management Association (NAHMA™) (A)</p> Signup and view all the answers

<p>National Apartment Association (NAA) (B)</p> Signup and view all the answers

<p>International Council of Shopping Centers (B)</p> Signup and view all the answers

<p>CSM (C)</p> Signup and view all the answers

<p>Institute of Real Estate Management (IREM) (A)</p> Signup and view all the answers

<p>RMP (B)</p> Signup and view all the answers

<p>Institute of Real Estate Management (IREM) (B)</p> Signup and view all the answers

<p>RAM (D)</p> Signup and view all the answers

<p>National Multifamily Housing Council (NMHC) (A)</p> Signup and view all the answers

<p>Improvements (C)</p> Signup and view all the answers

<p>National Multifamily Housing Council (NMHC) (B)</p> Signup and view all the answers

<p>They involve the management of land and its resources. (B)</p> Signup and view all the answers

<p>To promote professionalism and ethical standards. (B)</p> Signup and view all the answers

<p>To generate income and preserve the value of the property, while meeting the owner's objectives. (D)</p> Signup and view all the answers

<p>Increased opportunities for property management companies offering specialized services. (C)</p> Signup and view all the answers

<p>Utilizing traditional communication methods like phone calls and mail. (D)</p> Signup and view all the answers

<p>Property managers handle long-term property management while leasing agents focus on short-term lease agreements. (C)</p> Signup and view all the answers

<p>Residential real estate, comprising apartment buildings and condominium communities. (A)</p> Signup and view all the answers

<p>The Great Depression causing many apartment owners to default. (D)</p> Signup and view all the answers

<p>Proficiency in marketing and advertising real estate. (D)</p> Signup and view all the answers

<p>Traditional office buildings with multiple tenants. (A)</p> Signup and view all the answers

<p>Collecting rent, doing maintenance, and meeting tenants' needs. (B)</p> Signup and view all the answers

<p>The growth of the internet and online rental platforms. (B)</p> Signup and view all the answers

<p>Disengage from the management agreement and cease managing the property. (C)</p> Signup and view all the answers

<p>Institute of Real Estate Management (IREM). (B), Building Owners and Managers Association International (BOMA). (C)</p> Signup and view all the answers

<p>It made it more difficult for investors to deduct losses from their income, leading to a rise in professional property managers. (B)</p> Signup and view all the answers

<p>Property owners (C)</p> Signup and view all the answers

<p>The experience and reputation of the property manager. (C)</p> Signup and view all the answers

<p>Property owners &gt; Caretaker managers &gt; Property managers (B)</p> Signup and view all the answers

<p>The growth of online rental platforms. (A)</p> Signup and view all the answers

<p>It created a greater need for professional property managers to oversee investments. (B)</p> Signup and view all the answers

<p>Creating a detailed marketing plan for the property (A)</p> Signup and view all the answers

<p>It provides incentives for developers to build affordable housing projects (D)</p> Signup and view all the answers

<p>They offer a way for individual investors to invest in real estate without needing substantial capital (D)</p> Signup and view all the answers

<p>Extracting maximum profits from a property while neglecting maintenance and repairs (B)</p> Signup and view all the answers

<p>Managing bank-owned properties (REOs) (A)</p> Signup and view all the answers

<p>Public libraries (A)</p> Signup and view all the answers

<p>To protect tenants and property owners from unqualified individuals (D)</p> Signup and view all the answers

<p>To make informed decisions about property investments and management strategies (D)</p> Signup and view all the answers

<p>It facilitates their ability to achieve long-term management goals by fostering community growth and improvement (D)</p> Signup and view all the answers

<p>Seek legal advice and consider terminating the management agreement (A)</p> Signup and view all the answers

<p>All of the above (D)</p> Signup and view all the answers

<p>The increasing cost of higher education (D)</p> Signup and view all the answers

<p>The rising cost of homeownership (A)</p> Signup and view all the answers

<p>It has simplified communication and made transactions more efficient (C)</p> Signup and view all the answers

<p>Keeping up with frequent changes and updates to regulations (B)</p> Signup and view all the answers

<p>Financial consulting services (D)</p> Signup and view all the answers

<p>They provide extra storage space for various users. (B)</p> Signup and view all the answers

<p>To provide tax incentives for businesses creating jobs. (B)</p> Signup and view all the answers

<p>A shopping mall (A)</p> Signup and view all the answers

<p>To offer a range of services to tenants and building occupants. (D)</p> Signup and view all the answers

<p>Providing financial advice to tenants. (D)</p> Signup and view all the answers

<p>Overseeing a portfolio of properties and their financial performance. (A)</p> Signup and view all the answers

<p>A traditional manager focuses on individual properties, while an asset manager oversees a portfolio. (D)</p> Signup and view all the answers

<p>Whether to renovate a specific property. (A)</p> Signup and view all the answers

<p>They may offer concierge services themselves as a profit center. (A)</p> Signup and view all the answers

<p>Sharing a concierge between multiple buildings. (A)</p> Signup and view all the answers

<p>Offering concierge services. (B)</p> Signup and view all the answers

<p>Optimizing the financial performance of a real estate portfolio. (A)</p> Signup and view all the answers

<p>Hire a part-time concierge to cover the gaps in service. (C)</p> Signup and view all the answers

<p>An asset manager oversees a portfolio of properties, while a traditional manager manages individual properties. (C)</p> Signup and view all the answers

<p>An office building (B)</p> Signup and view all the answers

<p>To revitalize urban areas by attracting new businesses. (B)</p> Signup and view all the answers

<p>Residential properties (D)</p> Signup and view all the answers

<p>Single-family homes (B)</p> Signup and view all the answers

<p>6% (C)</p> Signup and view all the answers

<p>Low acquisition cost and low maintenance (C)</p> Signup and view all the answers

<p>Lead-based paint notification laws (D)</p> Signup and view all the answers

<p>Public accommodation (B)</p> Signup and view all the answers

<p>Handicapped accessibility requirements (C)</p> Signup and view all the answers

<p>Residential apartments (B)</p> Signup and view all the answers

<p>They can have multiple forms of ownership. (A)</p> Signup and view all the answers

<p>It includes properties that produce income and offer public access. (D)</p> Signup and view all the answers

<p>Affordable housing (C)</p> Signup and view all the answers

<p>Multifamily residences (C)</p> Signup and view all the answers

<p>To oversee property management (A)</p> Signup and view all the answers

<p>They may be managed by the property management department of a corporation. (D)</p> Signup and view all the answers

<p>Strip centers (B)</p> Signup and view all the answers

<p>It involves the processing of raw materials into finished products. (C)</p> Signup and view all the answers

<p>Research parks (D)</p> Signup and view all the answers

<p>They cater to one type of merchandise. (A)</p> Signup and view all the answers

<p>They are designed for light industry and located in suburban areas. (C)</p> Signup and view all the answers

<p>Relieving traffic congestion in central cities through warehousing. (C)</p> Signup and view all the answers

<p>They must be designed with specific user needs in mind. (C)</p> Signup and view all the answers

<p>They are always owner-managed. (D)</p> Signup and view all the answers

<p>They offer spaces for specialized fields and starting companies. (D)</p> Signup and view all the answers

<p>Distribution facilities (C)</p> Signup and view all the answers

<p>To assess the market and conduct sales promotion. (A)</p> Signup and view all the answers

<p>They can accommodate various types of enterprises. (A)</p> Signup and view all the answers

<p>Advancements in urban real estate (D)</p> Signup and view all the answers

<p>Steel-frame buildings (B)</p> Signup and view all the answers

<p>New public transportation options (B)</p> Signup and view all the answers

<p>Increased number of property managers needed (B)</p> Signup and view all the answers

<p>Building Owners and Managers Association (BOMA) (C)</p> Signup and view all the answers

<p>Experience and education in commercial property management (A)</p> Signup and view all the answers

<p>Revitalization of central cities (C)</p> Signup and view all the answers

<p>Maximize net income from properties (C)</p> Signup and view all the answers

<p>The nature of properties managed affects their responsibilities (A)</p> Signup and view all the answers

<p>Building Owners and Managers Institute (BOMI) (B)</p> Signup and view all the answers

<p>Diversity of properties and ownership entities (D)</p> Signup and view all the answers

<p>Licensing rules only apply to third-party managers (A)</p> Signup and view all the answers

<p>Responsibilities are highly variable based on property type (C)</p> Signup and view all the answers

<p>Emergence of steel structure buildings and elevators (C)</p> Signup and view all the answers

Specialization within the real estate industry focused on overseeing properties.

Includes communication, technical expertise, and dynamic decision making.

Initially created to manage properties after the Great Depression.

Led to the need for property managers due to banks owning defaulted properties.

Rise in single-family rental units post-Great Depression due to national highways.

Changed how real estate investors could deduct losses, impacting property management.

An organization that represents the commercial property management industry.

An organization that offers education and resources for property management professionals.

A certification required in some states for property managers to operate legally.

Duties of a property manager including budgeting, tenant screening, and maintenance.

Evolution of property management from simple collection to sophisticated management practices.

Buildings constructed using steel frames, allowing taller buildings in urban areas.

Enabled construction of skyscrapers by facilitating vertical transport in buildings.

Significant changes in real estate dynamics due to advancements like steel frames and elevators.

The rise of suburbs due to increased transportation and car ownership post-WWII.

Shift of shopping centers and industries from downtown to suburbs.

Significant influence on property management due to many businesses failing and foreclosures.

Opportunities in property management evolved due to increasing complexity and needs.

Building Owners and Managers Association, a federation for property management professionals.

Building Owners and Managers Institute, offering education for property managers.

A professional designation awarded to experienced property managers after completing programs.

Efforts by organizations to establish education and professionalism in property management.

Includes tenant screening, rent collection, and maintaining properties.

A federal tax incentive program encouraging affordable housing development.

A company that owns, operates, or finances income-producing real estate.

Professionals who oversee property operations on behalf of owners.

A practice where owners extract profit without reinvesting in property upkeep.

Negligent property owners who fail to maintain their properties.

Property managers assess and forecast market trends to improve property income.

The obligation of property managers to engage in community improvements.

A role property managers play to understand market conditions and trends.

Mandated qualifications ensuring property managers are licensed professionals.

The ability of property managers to adapt to various roles and tasks.

Includes residential, commercial, and specialized housing categories.

Encouraging property managers to take part in local civic activities.

Focus on managing specific types or categories of properties.

Use of digital tools like spreadsheets and smartphones in property management.

Legal regulations ensuring equal housing opportunities.

International Council of Shopping Centers promoting retail property management.

Institute created for property management education and networking.

Certified Property Manager designation for qualified property managers.

National Apartment Association provides training for residential property managers.

Registered in Apartment Management, oldest certification for residential managers.

Advocates for property managers in affordable housing sector.

National Association of Residential Property Managers for single-family dwellings.

National Multifamily Housing Council, involved with apartment industry affairs.

Standards of conduct for property managers ensuring honesty and integrity.

Includes land, buildings, and permanent attachments with ownership rights.

Man-made, permanent attachments to the land.

Manages properties aimed at low-income residents.

Specific certifications signifying expertise in property management roles.

Management of properties containing multiple rental units.

Hiring outside service providers to manage real estate needs.

Classified into residential, commercial, industrial, and special-purpose properties.

Involves managing single-family homes, apartments, and condominiums.

Focuses on office buildings and retail properties, often managed by professionals.

Specialty consultants who lease properties on commission, moving frequently between locations.

Property managers must adopt advanced technologies for client needs.

Ongoing education and courses offered by organizations like BOMA and IREM.

Downsizing and outsourcing lead to reduced corporate management jobs but increased demand for property management firms.

Requires knowledge in economics, marketing, legal aspects, maintenance, and accounting.

Properties used for business purposes, generating income.

Income-producing commercial property for service delivery, including various building types.

Real estate owned by a major corporation, often managed by their own team.

Office spaces that accommodate several businesses or organizations.

Single-tenant retail properties, often owner-occupied.

Retail centers with 4-10 stores designed for convenience shopping.

Land and facilities for production, storage, and distribution of goods.

Large industrial facilities like steel mills requiring specific locations.

Smaller industrial buildings for general assembly or warehousing.

Designed areas that accommodate light industry and offer improved access.

Warehouses built in suburban areas to support industrial operations.

Spaces combining office and industrial facilities, often near universities.

Low-rent buildings converted for mixed uses, previously industrial.

The necessity for managing diverse retail properties effectively.

Includes privately owned homes, government, and institutional housing that meets shelter needs.

Freestanding homes are the most common residential property and often owner-occupied.

More than a third of single-family homes are used as rental properties.

Account for 6% of U.S. housing; often found in rental parks.

Includes apartments, townhomes, and condos, catering to diverse living situations.

Communities designed for elderly living, such as retirement homes and convalescent facilities.

Private entities providing goods and services to the public, often in commercial real estate.

A category of commercial real estate used by businesses for providing services.

Commercial spaces where goods are sold to consumers, such as stores and shopping centers.

Hiring skilled managers for effective oversight of various property types.

Certain laws may not apply to housing for the elderly, like fair housing laws.

Regulations ensuring buildings are accessible for individuals with disabilities.

Local governments may establish zones specifically for manufactured homes or retirement communities.

Provide extra storage space for individuals and businesses.

Areas created to encourage business growth through tax benefits.

Built for specific business or organizational needs.

Personal services offered to residents or tenants in a building.

Financial management of a portfolio of investment properties.

On-site managers who provide security and oversight at storage facilities.

Non-real estate firms that invest and manage real estate assets.

Specific areas allowing the storage of imported goods without duties.

Properties owned by organizations, often for charitable or financial purposes.

Facilities that provide care for elderly individuals or those requiring assistance.

Housing options that combine independent and assisted living.

Offering unique management services tailored to specific properties.

Process of determining investments and property management strategies.

Analyzing property performance against local market norms.

Regular assessment of how individual properties are performing financially.