DC Property Managers Study Guide
with latest updated questions with
verified answers
Management Plan - ANS Assists the owner in meeting their goals while maximizing
the property's value and return. The plan describes in detail the subject property's
current use along with it's physical condition, fiscal projections, and operational
issues (includes an analysis of the market regional & neighborhood).
Organizational and educational programs available to assist in enhancing the
property manager's knowledge, identifying resources to resolve issues, and
expanding their business network. - ANS Institute of Real Estate Management
(IREM), National Association of Realtors (NAR), Greater Capital Area Association of
Realtors (GCARR), building Owners & Managers Association (BOMA), National
Association of Real Estate Brokers, International Council of Shopping Centers
(ICSC), and National Property Management Association.
Market Analysis - ANS Focuses on regional and neighborhood evaluations.
Includes demographic conditions, geographic features, governmental prospective,
existing real estate supply, future developments, and tenant/resident demand
Market Analysis & Competitive Property Analysis helps to..... - ANS Identify the
subject property's strengths and weaknesses
The Highest & Best Use - ANS When the property manager considers alternatives
to improve the property's weaknesses or further enhance its strengths to improve
overall economic performance.
Analysis of Alternative - ANS Looks at the theoretical costs and corresponding
increase in rents by making different improvements, even property's redevelopment.
When determining the best use of property, alternatives to consider are......... - ANS
Rehabilitate without altering its existing use, Modernize by updating finishes (more
efficient equipment), Change the Use of building (including conversion), or
Conversion to a condominium m ownership structure.
, Capital Expenditures - ANS Projects that help extend the property's life.
Physical Obsolescene - ANS is characterized as a condition of aging (i.e. wear &
tear) or deferred maintenance. Examples are worn carpet, peeling paint, a leaking
roof, or dead landscaping
Functional Obsolescene - ANS is characterized by old or outdated designs or
building systems.
Economic Obsolesence - ANS Represents a loss in value due to outside forces (i.e.
location, market conditions). Examples would be an office building, locates in a small
town, where the major employer closes.
Investment Value - ANS A value generally used by investors
Assessed Value - ANS The value used by government tax assessment offices
Market Value - ANS The value that is agreed to between a buyer & seller
Rules of Ethics for Property Manager - ANS Loyalty to client, confidentiality,
accurate accounting & reporting, protection of owner's funds, conflicts of interest,
and compliance with law regulations.
An owner can be directly affected by manager's..... - ANS Improper handling of
evictions, unlawful rent collections, failure to return security deposits, not maintaining
proper compliance with the Rental Accommodations Division (RAD)
The Management Agreement - ANS is a formal and binding contract that
establishes the authority and responsibilities that a manager has on behalf of the
owner.
Name of the owner & manager, term of agreement, describes the property, describes
services provided by manager, identifies who collects rental payments, identifies
whose name all service contracts are to be made, when funds are disbursed, whose
employees work at the property, bank accounts, fidelity bonds, identifies building
licenses, insurance requirements/ who secures policies, and management fees
compensation - ANS Some provisions outlined in the Management Agreement
include:
with latest updated questions with
verified answers
Management Plan - ANS Assists the owner in meeting their goals while maximizing
the property's value and return. The plan describes in detail the subject property's
current use along with it's physical condition, fiscal projections, and operational
issues (includes an analysis of the market regional & neighborhood).
Organizational and educational programs available to assist in enhancing the
property manager's knowledge, identifying resources to resolve issues, and
expanding their business network. - ANS Institute of Real Estate Management
(IREM), National Association of Realtors (NAR), Greater Capital Area Association of
Realtors (GCARR), building Owners & Managers Association (BOMA), National
Association of Real Estate Brokers, International Council of Shopping Centers
(ICSC), and National Property Management Association.
Market Analysis - ANS Focuses on regional and neighborhood evaluations.
Includes demographic conditions, geographic features, governmental prospective,
existing real estate supply, future developments, and tenant/resident demand
Market Analysis & Competitive Property Analysis helps to..... - ANS Identify the
subject property's strengths and weaknesses
The Highest & Best Use - ANS When the property manager considers alternatives
to improve the property's weaknesses or further enhance its strengths to improve
overall economic performance.
Analysis of Alternative - ANS Looks at the theoretical costs and corresponding
increase in rents by making different improvements, even property's redevelopment.
When determining the best use of property, alternatives to consider are......... - ANS
Rehabilitate without altering its existing use, Modernize by updating finishes (more
efficient equipment), Change the Use of building (including conversion), or
Conversion to a condominium m ownership structure.
, Capital Expenditures - ANS Projects that help extend the property's life.
Physical Obsolescene - ANS is characterized as a condition of aging (i.e. wear &
tear) or deferred maintenance. Examples are worn carpet, peeling paint, a leaking
roof, or dead landscaping
Functional Obsolescene - ANS is characterized by old or outdated designs or
building systems.
Economic Obsolesence - ANS Represents a loss in value due to outside forces (i.e.
location, market conditions). Examples would be an office building, locates in a small
town, where the major employer closes.
Investment Value - ANS A value generally used by investors
Assessed Value - ANS The value used by government tax assessment offices
Market Value - ANS The value that is agreed to between a buyer & seller
Rules of Ethics for Property Manager - ANS Loyalty to client, confidentiality,
accurate accounting & reporting, protection of owner's funds, conflicts of interest,
and compliance with law regulations.
An owner can be directly affected by manager's..... - ANS Improper handling of
evictions, unlawful rent collections, failure to return security deposits, not maintaining
proper compliance with the Rental Accommodations Division (RAD)
The Management Agreement - ANS is a formal and binding contract that
establishes the authority and responsibilities that a manager has on behalf of the
owner.
Name of the owner & manager, term of agreement, describes the property, describes
services provided by manager, identifies who collects rental payments, identifies
whose name all service contracts are to be made, when funds are disbursed, whose
employees work at the property, bank accounts, fidelity bonds, identifies building
licenses, insurance requirements/ who secures policies, and management fees
compensation - ANS Some provisions outlined in the Management Agreement
include:
