DC PROPERTY MANAGER EXAM - FLASHCARDS UPDATED
2025/2026 | EXAM QUESTIONS WITH 100% CORRECT
ANSWERS (VERIFIED & ALIGNED WITH DCRA
REQUIREMENTS)
Capital Expenditures - CORRECT ANSWERS-Work performed on properties that are occupied
and operational with the goal of trying to prevent the property from declining and becoming obsolete.
Physical Obsolescence - CORRECT ANSWERS-A status characterized as a condition of aging
(i.e. wear and tear) or deferred maintenance. Examples are worn carpets, peeling paint, a leaking roof, or
dead landscaping.
Functional Obsolescence - CORRECT ANSWERS-A status characterized by old or outdated
designs or building systems. Examples include equipment that is not repairable because parts or no
longer manufactured; single pane window systems because they waste a large amount of energy;
outdated bathroom fixtures because of changing designs and tastes.
Economic Obsolescence - CORRECT ANSWERS-A status that represents a loss in value due to
outside forces (i.e. location, market conditions). An example would be an office building, located in a
small town, where the major employer closes. This may result in both lower demand and rental rates.
List price - CORRECT ANSWERS-This is the price that the owner has offered to sell a property
for.
Responsibilities and Limitations - CORRECT ANSWERS-• Loyalty to the client
• Confidentiality
• Accurate accounting and reporting
• Protection of owner's funds (including not commingling the owner's funds with the manager's)
• Conflicts of interest
• Compliance with Laws and Regulations
Management Agreement - CORRECT ANSWERS-The ______________ is a formal and binding
contract that establishes the authority and responsibilities that the manager has on behalf of the owner
2025/2026 | EXAM QUESTIONS WITH 100% CORRECT
ANSWERS (VERIFIED & ALIGNED WITH DCRA
REQUIREMENTS)
Capital Expenditures - CORRECT ANSWERS-Work performed on properties that are occupied
and operational with the goal of trying to prevent the property from declining and becoming obsolete.
Physical Obsolescence - CORRECT ANSWERS-A status characterized as a condition of aging
(i.e. wear and tear) or deferred maintenance. Examples are worn carpets, peeling paint, a leaking roof, or
dead landscaping.
Functional Obsolescence - CORRECT ANSWERS-A status characterized by old or outdated
designs or building systems. Examples include equipment that is not repairable because parts or no
longer manufactured; single pane window systems because they waste a large amount of energy;
outdated bathroom fixtures because of changing designs and tastes.
Economic Obsolescence - CORRECT ANSWERS-A status that represents a loss in value due to
outside forces (i.e. location, market conditions). An example would be an office building, located in a
small town, where the major employer closes. This may result in both lower demand and rental rates.
List price - CORRECT ANSWERS-This is the price that the owner has offered to sell a property
for.
Responsibilities and Limitations - CORRECT ANSWERS-• Loyalty to the client
• Confidentiality
• Accurate accounting and reporting
• Protection of owner's funds (including not commingling the owner's funds with the manager's)
• Conflicts of interest
• Compliance with Laws and Regulations
Management Agreement - CORRECT ANSWERS-The ______________ is a formal and binding
contract that establishes the authority and responsibilities that the manager has on behalf of the owner
