PRACTICE OF PROPERTY MANAGEMENT REAL
ESTATE COUNCIL OF ALBERTA EXAM COMPLETE 100
QUESTIONS AND CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) ALREADY GRADED A+
Types of Properties - 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 - ANSWER >>>>1. Individual Investors
2. Sole Proprietorship
3. Partnership
4. Limited Partnership
5. Syndication
6. Commercial
7. Government
Types of Property Management Operations - ANSWER
>>>>1. Professional Fee Management Company
2.Asset Management
3. In-House Management
4. Self- Management
The Role of the Property Manager - ANSWER >>>>To
provide professional management in order to assist the
landlord in reaching his or her objectives
,Types of Residential Property - ANSWER >>>>1. Duplexes
2. Fourplexes
3. Townhouses
4. Low-rise/Garden Apartments
5. High-rise apartments
Special Residential Projects - ANSWER >>>>Retirement
Homes for Seniors
Personal Care Homes
Student Housing
Public Housing
Mobile Home or Trailer Parks
Remote Area Corporate Housing
Mixed Use Properties
Reasons Individual Owners Lease Property - 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 - ANSWER >>>>1.
What is the market rent of the property.
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 - ANSWER >>>>Board of
Directors is responsible for the control, management and
administration of the complex.
Duties of Board of Directors - 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.
Property Manager Duties in a Condominium - ANSWER
>>>>1. Occupant Duties
2. Building/complex Duties
Duties of the Property Manager(Building/Complex Duties) -
ANSWER >>>>1. Prepare the Annual Ops Budget
2. Paying Common Area Expenses
3. Submitting monthly operating statements
4. Maintaining/repairing common property, negotiate
contracts, reviewing capital costs
5. Purchasing/renewing adequate Insurance coverage and
process claims
6.Maintaince of landscaping, de-icing etc
7. Provide notice of annual meeting to condominium building
owners
ESTATE COUNCIL OF ALBERTA EXAM COMPLETE 100
QUESTIONS AND CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) ALREADY GRADED A+
Types of Properties - 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 - ANSWER >>>>1. Individual Investors
2. Sole Proprietorship
3. Partnership
4. Limited Partnership
5. Syndication
6. Commercial
7. Government
Types of Property Management Operations - ANSWER
>>>>1. Professional Fee Management Company
2.Asset Management
3. In-House Management
4. Self- Management
The Role of the Property Manager - ANSWER >>>>To
provide professional management in order to assist the
landlord in reaching his or her objectives
,Types of Residential Property - ANSWER >>>>1. Duplexes
2. Fourplexes
3. Townhouses
4. Low-rise/Garden Apartments
5. High-rise apartments
Special Residential Projects - ANSWER >>>>Retirement
Homes for Seniors
Personal Care Homes
Student Housing
Public Housing
Mobile Home or Trailer Parks
Remote Area Corporate Housing
Mixed Use Properties
Reasons Individual Owners Lease Property - 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 - ANSWER >>>>1.
What is the market rent of the property.
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 - ANSWER >>>>Board of
Directors is responsible for the control, management and
administration of the complex.
Duties of Board of Directors - 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.
Property Manager Duties in a Condominium - ANSWER
>>>>1. Occupant Duties
2. Building/complex Duties
Duties of the Property Manager(Building/Complex Duties) -
ANSWER >>>>1. Prepare the Annual Ops Budget
2. Paying Common Area Expenses
3. Submitting monthly operating statements
4. Maintaining/repairing common property, negotiate
contracts, reviewing capital costs
5. Purchasing/renewing adequate Insurance coverage and
process claims
6.Maintaince of landscaping, de-icing etc
7. Provide notice of annual meeting to condominium building
owners
