CHAPTER 1-PROFESSIONAL PROPERTY
MANAGEMENT TERMS QUESTIONS
AND ANSWERS WITH VERIFIED
SOLUTIONS 2024
Asset Management Services - ANSWER The assembly, management, and disposition of a portfolio of
investment properties. Decides whether to invest and in what localities. What types of real estate to
invest in. Which property to purchase. Financing methods and sources. When and if a particular property
is sold or disposed of.
Building Owners and Managers Association (BOMA) - ANSWER Professional organization that is for
commercial real estate professionals. Formed at the beginning of the 20th century, by George A. Holt. He
recognized that property managers could benefit from the exchange of information for the betterment
of their profession. The outcome was the formation of the Chicago Building Managers Organization.
Code of Ethics - ANSWER A set of guidelines on good business conduct, which often requires the agent to
act beyond the letter of the law. Often reflect social and cultural concerns.
Commercial Property - ANSWER Income producing properties; public accommodations.
*office property
*retail property
Corporate Property Manager - ANSWER Create facilities and manages properties for corporations that
invest in real estate.
Industrial Property - ANSWER The type of property that converts raw material into finished products for
storage and distribution of goods. Includes all land and facilities used for heavy and light manufacturing.
Institute of Real Estate Management (IREM) - ANSWER An affiliate group of the National Association of
Realtors that offers programs for those coming into the business. It awards designation of "CPM"
Certified Property Manager for those that meet educational, experience, and examination requirements.
MANAGEMENT TERMS QUESTIONS
AND ANSWERS WITH VERIFIED
SOLUTIONS 2024
Asset Management Services - ANSWER The assembly, management, and disposition of a portfolio of
investment properties. Decides whether to invest and in what localities. What types of real estate to
invest in. Which property to purchase. Financing methods and sources. When and if a particular property
is sold or disposed of.
Building Owners and Managers Association (BOMA) - ANSWER Professional organization that is for
commercial real estate professionals. Formed at the beginning of the 20th century, by George A. Holt. He
recognized that property managers could benefit from the exchange of information for the betterment
of their profession. The outcome was the formation of the Chicago Building Managers Organization.
Code of Ethics - ANSWER A set of guidelines on good business conduct, which often requires the agent to
act beyond the letter of the law. Often reflect social and cultural concerns.
Commercial Property - ANSWER Income producing properties; public accommodations.
*office property
*retail property
Corporate Property Manager - ANSWER Create facilities and manages properties for corporations that
invest in real estate.
Industrial Property - ANSWER The type of property that converts raw material into finished products for
storage and distribution of goods. Includes all land and facilities used for heavy and light manufacturing.
Institute of Real Estate Management (IREM) - ANSWER An affiliate group of the National Association of
Realtors that offers programs for those coming into the business. It awards designation of "CPM"
Certified Property Manager for those that meet educational, experience, and examination requirements.
