PROPERTY MANAGEMENT FINAL
EXAM QUESTIONS AND ANSWERS
WITH VERIFIED SOLUTIONS 2024
which of the following contributed to the escalation of property management as a profession during the
early 20th century?
A) Invention of the telephone, elevator, and automobile
B) Great Depression and mortgage foreclosures
C) Building of Multi-family apartments and skyscrapers
D) All the above - ANSWER D) all the above
An Individual who wishes to become a property manager in the 21st century should:
A) Be computer literate
B) having an understanding of updated building codes
C) understand the needs of foreign property owners
D) All the above - ANSWER D) all the above
The Specific markets for real Estate that may be managed by a property manager include
____________and ___________property
A) agriculture/residential
B) agriculture/industrial
C) residential/commercial
D) residential/ agricultural - ANSWER C) Residential/commercial
Commercial properties include all of the following; except
A) office buildings
,B) shopping centers
C) single-family residences
D) warehouses - ANSWER C) Single-family residences
Today's property managers provide executive management, tenant relations, and maintenance expertise
to their clients. A good property manager knows the importance of keeping current with the:
A) latest property management and landlord-tenant laws.
B) latest social media trends.
C) most recent fed funds rates.
D) upcoming association trade shows and conventions - ANSWER A) Latest property management and
landlord-tenant laws
Bob is renting an apartment in the Spring time Apartments. Since moving in, the air conditioning unit for
the apartment has not worked. He asked the property manager repeatedly in writing to correct the
problem. Based on his right to repair the a/c and deduct the amount from the rent, Bob called HVAC
company and deducted the amount of the bill from his next month's rent. One month later, Bob received
a Notice to Vacate. This could be ex of:
A) code enforcement
B) retaliation
C) discrimination
D) rejection - ANSWER C) Discrimination
The property management profession offer:
A) diversity, job satisfaction, and a highly structured work environment
B) earning potential, travel, job satisfaction, a fast-paced work environment, and job security
C) a quiet, slow-paced work environment, with limited earning potential
,D) earning potential, travel, job satisfaction, a slow-paced environment, and job security - ANSWER B)
Earning potential, travel, job satisfaction, a fast-paced work environment, and job security
All of the following are examples of senior property management positions, except:
A) executive manager
B) property supervisor
C) asset manager
D) Certified Property Manager - ANSWER B) Property supervisor
All of the following would be considered benefits of joining a professional property management
association, except:
A) not sharing ideas with other rental professionals
B) finding answers to legal questions
C) keeping current with changes in the industry
D) participating in trade conferences - ANSWER A) not sharing ideas with other rental professionals
The acronym, CPM stands for:
A) Certified Property Manager
B) Certified Property Mentor
C) Certified Property Management
D) Certification of Property Managers - ANSWER A) Certified Property Manager
Property management is a service. Which of the following is a service-oriented focus of a property
management company?
A) achieving the goals of the clients or property owners
B) Increasing or preserving the value of the managed property
, C) generating the greatest possible net income for the clients
D) all the above - ANSWER D) all of the above
When running a property management company, local ordinances may require:
A) furniture
B) the appropriate licenses
C) office space
D) employees - ANSWER B) appropriate licenses
Which of the following insurance policies are typical for the property management business?
A) property insurance
B) Errors and omissions insurance
C) Commercial
D) All of the above - ANSWER D) all of the above
Which of the following is an important characteristic of a property management company's physical
office
A) Layout
B) Location
C) Furnishings
D) All of the above - ANSWER D) all of the above
Money available for use after paying all operating expenses is:
A) profit
B) cash flow
C) reserve expenses
D) gross income - ANSWER B) cash flow
EXAM QUESTIONS AND ANSWERS
WITH VERIFIED SOLUTIONS 2024
which of the following contributed to the escalation of property management as a profession during the
early 20th century?
A) Invention of the telephone, elevator, and automobile
B) Great Depression and mortgage foreclosures
C) Building of Multi-family apartments and skyscrapers
D) All the above - ANSWER D) all the above
An Individual who wishes to become a property manager in the 21st century should:
A) Be computer literate
B) having an understanding of updated building codes
C) understand the needs of foreign property owners
D) All the above - ANSWER D) all the above
The Specific markets for real Estate that may be managed by a property manager include
____________and ___________property
A) agriculture/residential
B) agriculture/industrial
C) residential/commercial
D) residential/ agricultural - ANSWER C) Residential/commercial
Commercial properties include all of the following; except
A) office buildings
,B) shopping centers
C) single-family residences
D) warehouses - ANSWER C) Single-family residences
Today's property managers provide executive management, tenant relations, and maintenance expertise
to their clients. A good property manager knows the importance of keeping current with the:
A) latest property management and landlord-tenant laws.
B) latest social media trends.
C) most recent fed funds rates.
D) upcoming association trade shows and conventions - ANSWER A) Latest property management and
landlord-tenant laws
Bob is renting an apartment in the Spring time Apartments. Since moving in, the air conditioning unit for
the apartment has not worked. He asked the property manager repeatedly in writing to correct the
problem. Based on his right to repair the a/c and deduct the amount from the rent, Bob called HVAC
company and deducted the amount of the bill from his next month's rent. One month later, Bob received
a Notice to Vacate. This could be ex of:
A) code enforcement
B) retaliation
C) discrimination
D) rejection - ANSWER C) Discrimination
The property management profession offer:
A) diversity, job satisfaction, and a highly structured work environment
B) earning potential, travel, job satisfaction, a fast-paced work environment, and job security
C) a quiet, slow-paced work environment, with limited earning potential
,D) earning potential, travel, job satisfaction, a slow-paced environment, and job security - ANSWER B)
Earning potential, travel, job satisfaction, a fast-paced work environment, and job security
All of the following are examples of senior property management positions, except:
A) executive manager
B) property supervisor
C) asset manager
D) Certified Property Manager - ANSWER B) Property supervisor
All of the following would be considered benefits of joining a professional property management
association, except:
A) not sharing ideas with other rental professionals
B) finding answers to legal questions
C) keeping current with changes in the industry
D) participating in trade conferences - ANSWER A) not sharing ideas with other rental professionals
The acronym, CPM stands for:
A) Certified Property Manager
B) Certified Property Mentor
C) Certified Property Management
D) Certification of Property Managers - ANSWER A) Certified Property Manager
Property management is a service. Which of the following is a service-oriented focus of a property
management company?
A) achieving the goals of the clients or property owners
B) Increasing or preserving the value of the managed property
, C) generating the greatest possible net income for the clients
D) all the above - ANSWER D) all of the above
When running a property management company, local ordinances may require:
A) furniture
B) the appropriate licenses
C) office space
D) employees - ANSWER B) appropriate licenses
Which of the following insurance policies are typical for the property management business?
A) property insurance
B) Errors and omissions insurance
C) Commercial
D) All of the above - ANSWER D) all of the above
Which of the following is an important characteristic of a property management company's physical
office
A) Layout
B) Location
C) Furnishings
D) All of the above - ANSWER D) all of the above
Money available for use after paying all operating expenses is:
A) profit
B) cash flow
C) reserve expenses
D) gross income - ANSWER B) cash flow
