PROPERTY MANAGEMENT CHAPTER
1 EXAM QUESTIONS & ACTUAL
CORRECT ANSWERS
Accredited Management Goal Oriented Organization (AMO) - Correct Answer ✔✔
Professional designations offered by IREM
Accredited Marketing Director (AMD) - Correct Answer ✔✔ Professional designation
offered by International council of shopping centers (ICSC)
Accredited Residential Manager (ARM) - Correct Answer ✔✔ Professional designations
offered by IREM
Accredited Shopping Center Manager (ASM) - Correct Answer ✔✔ Professional
designation offered by International council of shopping centers (ICSC)
AIR Commercial Real Estate Association (AIR) - Correct Answer ✔✔ This association
has developed lease and contract forms for industrial, office, and commercial property.
Association Management Specialist (AMS) - Correct Answer ✔✔ Professional
designation offered by The Community Associations Institute (CAI). The second level in
the career development track for community association managers. The AMS
designation demonstrates a higher level of commitment to your career and the
community association industry. An AMS designation is recommended for managers
who want to enhance their career opportunities by increasing their knowledge and
expertise.
Building Owners and Managers Institute (BOMI) - Correct Answer ✔✔ BOMA has an
educational institute (BOMI) that promotes the interest of the real estate industry
through programs of personal development and by collecting, analyzing and
disseminating information.
BOMI offers several important designations
Real Property Administrator (RPA)
Facilities Management Administrator (FMA)
Systems maintenance technician (SMT)
Systems maintenance administrator (SMA)
Certified Leasing Specialist (CLS) - Correct Answer ✔✔ CSC established the (Certified
Leasing Specialist) credential in 1994 to advance professional standards in shopping
center leasing worldwide.
, Certified Facility Manager (CFM) - Correct Answer ✔✔ The Certified Facility Manager
(CFM) credential sets the industry standard for ensuring the knowledge and
competence of practicing facility managers.
Certified Manager of Community Associations (CMCA) - Correct Answer ✔✔ CMCA-
certified professionals manage every type of community: condominium associations,
homeowner associations, resort communities and commercial tenant associations.
CMCAs are recognized for their skills and knowledge in community association
management.
Certified Property Manager (CPM) - Correct Answer ✔✔ Certified Property Managers
(CPM) are recognized as experts in real estate management, and they are at the top of
the profession.
Certified Shopping Center Manager (SCSM) - Correct Answer ✔✔ ICSC established the
CSM (Certified Shopping Center Manager) credential in 1964 to advance high
professional standards in shopping center management worldwide.
Community Associations Institute - Correct Answer ✔✔ is involved in common
ownership residential management. They offer professional designations including
Certified Manager of Community Associations (CMCA), Association Management
Specialist (AMS) and Professional Community Association Manager (PCAM).
Completed staff work - Correct Answer ✔✔ Communicate the problem, the alternatives
and your recommendations to your owners or supervisors. Never represent a problem
without recommending a solution.
Economic Life - Correct Answer ✔✔ Economic life is the expected period of time during
which an asset is useful to the average owner. The economic life of an asset could be
different than its actual physical life.
Electric Elevator - Correct Answer ✔✔ Events that increased the importance of and
changed the scope of property management. It allowed for skyscrapers to be
developed.
Employee Manager - Correct Answer ✔✔ The employee relations manager is
responsible for managing a range of activities related to employee/labor relations and
staffing functions.
Facilities Management Administrator (FMA) - Correct Answer ✔✔ Designation offered
by BOMI, which offers education for those responsible for making sure a facility runs
smoothly by creating a safe and productive workplace for a company and by taking care
of tenant issues such as comfort, safety, daily operations, and maintenance.
Franchises - Correct Answer ✔✔ An authorization granted by a government or
company to an individual or group enabling them to carry out specified commercial
1 EXAM QUESTIONS & ACTUAL
CORRECT ANSWERS
Accredited Management Goal Oriented Organization (AMO) - Correct Answer ✔✔
Professional designations offered by IREM
Accredited Marketing Director (AMD) - Correct Answer ✔✔ Professional designation
offered by International council of shopping centers (ICSC)
Accredited Residential Manager (ARM) - Correct Answer ✔✔ Professional designations
offered by IREM
Accredited Shopping Center Manager (ASM) - Correct Answer ✔✔ Professional
designation offered by International council of shopping centers (ICSC)
AIR Commercial Real Estate Association (AIR) - Correct Answer ✔✔ This association
has developed lease and contract forms for industrial, office, and commercial property.
Association Management Specialist (AMS) - Correct Answer ✔✔ Professional
designation offered by The Community Associations Institute (CAI). The second level in
the career development track for community association managers. The AMS
designation demonstrates a higher level of commitment to your career and the
community association industry. An AMS designation is recommended for managers
who want to enhance their career opportunities by increasing their knowledge and
expertise.
Building Owners and Managers Institute (BOMI) - Correct Answer ✔✔ BOMA has an
educational institute (BOMI) that promotes the interest of the real estate industry
through programs of personal development and by collecting, analyzing and
disseminating information.
BOMI offers several important designations
Real Property Administrator (RPA)
Facilities Management Administrator (FMA)
Systems maintenance technician (SMT)
Systems maintenance administrator (SMA)
Certified Leasing Specialist (CLS) - Correct Answer ✔✔ CSC established the (Certified
Leasing Specialist) credential in 1994 to advance professional standards in shopping
center leasing worldwide.
, Certified Facility Manager (CFM) - Correct Answer ✔✔ The Certified Facility Manager
(CFM) credential sets the industry standard for ensuring the knowledge and
competence of practicing facility managers.
Certified Manager of Community Associations (CMCA) - Correct Answer ✔✔ CMCA-
certified professionals manage every type of community: condominium associations,
homeowner associations, resort communities and commercial tenant associations.
CMCAs are recognized for their skills and knowledge in community association
management.
Certified Property Manager (CPM) - Correct Answer ✔✔ Certified Property Managers
(CPM) are recognized as experts in real estate management, and they are at the top of
the profession.
Certified Shopping Center Manager (SCSM) - Correct Answer ✔✔ ICSC established the
CSM (Certified Shopping Center Manager) credential in 1964 to advance high
professional standards in shopping center management worldwide.
Community Associations Institute - Correct Answer ✔✔ is involved in common
ownership residential management. They offer professional designations including
Certified Manager of Community Associations (CMCA), Association Management
Specialist (AMS) and Professional Community Association Manager (PCAM).
Completed staff work - Correct Answer ✔✔ Communicate the problem, the alternatives
and your recommendations to your owners or supervisors. Never represent a problem
without recommending a solution.
Economic Life - Correct Answer ✔✔ Economic life is the expected period of time during
which an asset is useful to the average owner. The economic life of an asset could be
different than its actual physical life.
Electric Elevator - Correct Answer ✔✔ Events that increased the importance of and
changed the scope of property management. It allowed for skyscrapers to be
developed.
Employee Manager - Correct Answer ✔✔ The employee relations manager is
responsible for managing a range of activities related to employee/labor relations and
staffing functions.
Facilities Management Administrator (FMA) - Correct Answer ✔✔ Designation offered
by BOMI, which offers education for those responsible for making sure a facility runs
smoothly by creating a safe and productive workplace for a company and by taking care
of tenant issues such as comfort, safety, daily operations, and maintenance.
Franchises - Correct Answer ✔✔ An authorization granted by a government or
company to an individual or group enabling them to carry out specified commercial
