Practice of Property Management-
Real Estate Council of Alberta Exam
Questions & Answers (Grade A+)
Types of Properties -
correct answer ✅1. Single Family Residential
2. Multi Family Residential: Low High, Mid Rise High Rise, Row
Housing
3. Cooperative
4. Condominium
5. Commercial
Forms of Ownership -
correct answer ✅1. Individual Investors
2. Sole Proprietorship
3. Partnership
4. Limited Partnership
5. Syndication
6. Commercial
7. Government
Types of Property Management Operations -
correct answer ✅1. Professional Fee Management Company
,Practice of Property Management-
Real Estate Council of Alberta Exam
Questions & Answers (Grade A+)
2.Asset Management
3. In-House Management
4. Self- Management
The Role of the Property Manager -
correct answer ✅To provide professional management in order to
assist the landlord in reaching his or her objectives
Types of Residential Property -
correct answer ✅1. Duplexes
2. Fourplexes
3. Townhouses
4. Low-rise/Garden Apartments
5. High-rise apartments
Special Residential Projects -
correct answer ✅Retirement Homes for Seniors
Personal Care Homes
Student Housing
,Practice of Property Management-
Real Estate Council of Alberta Exam
Questions & Answers (Grade A+)
Public Housing
Mobile Home or Trailer Parks
Remote Area Corporate Housing
Mixed Use Properties
Reasons Individual Owners Lease Property -
correct answer ✅1. The Property was owner's residence which
was kept for rental purposes
2. The property was purchased by the owner as a revenue
producing investment
3. The property was purchased in a good market as a future
retirement home
4. The property was inherited as part of an estate and the owner
may wish to lease it while waiting for an improved market to sell it
or keep it for his or her own retirement
5. The owner was transferred to another city ,but wishes to retain
the house and re-occupy it upon return
Factors for Individual Owners to consider -
correct answer ✅1. What is the market rent of the property.
, Practice of Property Management-
Real Estate Council of Alberta Exam
Questions & Answers (Grade A+)
2. Which type of tenant is most appropriate for the property
3. What is the duration of the tenancy
4. Will the residence be leased, unfurnished, partially furnished or
fully furnished
Management of Condominium -
correct answer ✅Board of Directors is responsible for the control,
management and administration of the complex.
Duties of Board of Directors -
correct answer ✅1. Appoint Auditors, enter into property
management agreements and supervise the affairs of the
commission
2. Approve an annual operating budget for anticipated .e.g.
landscaping. exterior painting, expenses
3. Allocate funds to the reserve funds for major common areas
repairs and replacement
4. Enter into contracts for management, provision of other services,
leasing of common elements or the provision of recreational or
other facilities.
Real Estate Council of Alberta Exam
Questions & Answers (Grade A+)
Types of Properties -
correct answer ✅1. Single Family Residential
2. Multi Family Residential: Low High, Mid Rise High Rise, Row
Housing
3. Cooperative
4. Condominium
5. Commercial
Forms of Ownership -
correct answer ✅1. Individual Investors
2. Sole Proprietorship
3. Partnership
4. Limited Partnership
5. Syndication
6. Commercial
7. Government
Types of Property Management Operations -
correct answer ✅1. Professional Fee Management Company
,Practice of Property Management-
Real Estate Council of Alberta Exam
Questions & Answers (Grade A+)
2.Asset Management
3. In-House Management
4. Self- Management
The Role of the Property Manager -
correct answer ✅To provide professional management in order to
assist the landlord in reaching his or her objectives
Types of Residential Property -
correct answer ✅1. Duplexes
2. Fourplexes
3. Townhouses
4. Low-rise/Garden Apartments
5. High-rise apartments
Special Residential Projects -
correct answer ✅Retirement Homes for Seniors
Personal Care Homes
Student Housing
,Practice of Property Management-
Real Estate Council of Alberta Exam
Questions & Answers (Grade A+)
Public Housing
Mobile Home or Trailer Parks
Remote Area Corporate Housing
Mixed Use Properties
Reasons Individual Owners Lease Property -
correct answer ✅1. The Property was owner's residence which
was kept for rental purposes
2. The property was purchased by the owner as a revenue
producing investment
3. The property was purchased in a good market as a future
retirement home
4. The property was inherited as part of an estate and the owner
may wish to lease it while waiting for an improved market to sell it
or keep it for his or her own retirement
5. The owner was transferred to another city ,but wishes to retain
the house and re-occupy it upon return
Factors for Individual Owners to consider -
correct answer ✅1. What is the market rent of the property.
, Practice of Property Management-
Real Estate Council of Alberta Exam
Questions & Answers (Grade A+)
2. Which type of tenant is most appropriate for the property
3. What is the duration of the tenancy
4. Will the residence be leased, unfurnished, partially furnished or
fully furnished
Management of Condominium -
correct answer ✅Board of Directors is responsible for the control,
management and administration of the complex.
Duties of Board of Directors -
correct answer ✅1. Appoint Auditors, enter into property
management agreements and supervise the affairs of the
commission
2. Approve an annual operating budget for anticipated .e.g.
landscaping. exterior painting, expenses
3. Allocate funds to the reserve funds for major common areas
repairs and replacement
4. Enter into contracts for management, provision of other services,
leasing of common elements or the provision of recreational or
other facilities.
