SECTION 9: PROPERTY MANAGEMENT
IN TEXAS QUESTIONS AND ANSWERS
WITH VERIFIED SOLUTIOS 2024
Property Manager's Responsibilities - ANSWER -A property manager is responsible for overseeing all
activities related to the owner's property.
-The property manager acts as the owner's fiduciary.
-As a general agent for the owner, the property manager is authorized to perform all of the duties
related to the property on the owner's behalf.
-A property manager's loyalty is to the property owner.
-The primary function of the property manager is to produce the greatest net return for the owner.
-A property manager's principal role is that of a general agent for the property owner.
Property Manager Skills - ANSWER -Command of generally accepted accounting principles (GAAP)
-Knowledge about appraisals and how they work
-Knowledge of financial trends and local market conditions
-Knowledge about financing
-Supervisory skills
-Union negotiation skills
-Knowledge of construction
-Knowledge of ecology and how environmental issues and regulation impact property management
Which four of these are skills required of property managers? - ANSWER -Lease renewal laws
-Advertising and marketing
-Building systems
-Purchasing and purchase orders
Real estate asset manager - ANSWER This type of manager might work for a team of investors and focus
on long-term financial planning.
,Resident manager - ANSWER Sometimes this type of manager is hired by the owner to live in the
apartment building, working on a salary and rent stipend.
Building manager - ANSWER This type of manager might work for a property management firm or have
their own company.
Individual property manager - ANSWER This type of manager might be employed by a property manager
or an owner and manage a single property.
Property Manager Real Estate License Requirements - ANSWER -Managing rental property for a single
owner as an employee (collecting rent is involved)
-Managing properties for more than one owner for a fee (collecting rent is involved)
No License Required - ANSWER -Managing one's own rental properties
-Managing rental property for a single owner as an employee (no rent collection involved)
-Managing multiple properties for one owner as an employee (no rent collection)
Carol works for a property management company that manages properties for multiple owners. One of
her responsibilities is to collect rent.
Which of these statements about Carol is true? - ANSWER Because Carol works for a property
management company that works for more than one owner, she is required to have a minimum of a
sales agent license to collect rent and perform other real estate functions.
Which four types of properties typically require management? - ANSWER -Office building
-Retail
-Residential
-PUD
PUD property - ANSWER A homeowners association with amenities like a swimming pool, walking or bike
paths, a park, a party room or meeting rooms
-Manages the maintenance, landscaping, security issues and concerns, and enforcement of the
homeowners association's regulations
, Development property - ANSWER The construction of large projects, such as shopping centers,
apartment buildings, and industrial parks
-Plans the construction of large projects and works with municipal agencies and other local organizations
to embrace the development project
Residential property - ANSWER Apartment buildings, single- and multi-family housing, condominiums,
cooperatives, vacation homes, and mobile home parks
-Responsible for maintenance and repair, tenant move-in/move-out, cleaning and upgrades, and tenant
eviction
Office building property - ANSWER Low- and high-rise buildings, office complexes, and business parks
-Attracts and keeps the right tenants and tenant mix by negotiating favorable leases with businesses
Retail property - ANSWER Neighborhood shopping centers, local shopping malls, and regional malls
-Attracts anchor store tenants and focuses on the right tenant mix to promote longevity and draw
customers
Property Management Certification - ANSWER -Property managers are not required to be certified in
their specialty area.
-The Institute of Real Estate Management (IREM), which is an affiliate of the National Association of
REALTORS®, offers a certification program.
-To apply for a Certified Property Manager designation, you must first complete the Institute of Real
Estate Management program.
The Institute of Real Estate Management (IREM) - ANSWER The organization that offers the Certified
Property Management (CPM) certificate
The National Association of Realtors (NAR) - ANSWER An organization that offers training, certification,
and professional standard development to its members
The Building Owners and Managers Association International (BOMA) - ANSWER An association that
represents the owners and managers of commercial property in the U.S., Canada, and abroad
IN TEXAS QUESTIONS AND ANSWERS
WITH VERIFIED SOLUTIOS 2024
Property Manager's Responsibilities - ANSWER -A property manager is responsible for overseeing all
activities related to the owner's property.
-The property manager acts as the owner's fiduciary.
-As a general agent for the owner, the property manager is authorized to perform all of the duties
related to the property on the owner's behalf.
-A property manager's loyalty is to the property owner.
-The primary function of the property manager is to produce the greatest net return for the owner.
-A property manager's principal role is that of a general agent for the property owner.
Property Manager Skills - ANSWER -Command of generally accepted accounting principles (GAAP)
-Knowledge about appraisals and how they work
-Knowledge of financial trends and local market conditions
-Knowledge about financing
-Supervisory skills
-Union negotiation skills
-Knowledge of construction
-Knowledge of ecology and how environmental issues and regulation impact property management
Which four of these are skills required of property managers? - ANSWER -Lease renewal laws
-Advertising and marketing
-Building systems
-Purchasing and purchase orders
Real estate asset manager - ANSWER This type of manager might work for a team of investors and focus
on long-term financial planning.
,Resident manager - ANSWER Sometimes this type of manager is hired by the owner to live in the
apartment building, working on a salary and rent stipend.
Building manager - ANSWER This type of manager might work for a property management firm or have
their own company.
Individual property manager - ANSWER This type of manager might be employed by a property manager
or an owner and manage a single property.
Property Manager Real Estate License Requirements - ANSWER -Managing rental property for a single
owner as an employee (collecting rent is involved)
-Managing properties for more than one owner for a fee (collecting rent is involved)
No License Required - ANSWER -Managing one's own rental properties
-Managing rental property for a single owner as an employee (no rent collection involved)
-Managing multiple properties for one owner as an employee (no rent collection)
Carol works for a property management company that manages properties for multiple owners. One of
her responsibilities is to collect rent.
Which of these statements about Carol is true? - ANSWER Because Carol works for a property
management company that works for more than one owner, she is required to have a minimum of a
sales agent license to collect rent and perform other real estate functions.
Which four types of properties typically require management? - ANSWER -Office building
-Retail
-Residential
-PUD
PUD property - ANSWER A homeowners association with amenities like a swimming pool, walking or bike
paths, a park, a party room or meeting rooms
-Manages the maintenance, landscaping, security issues and concerns, and enforcement of the
homeowners association's regulations
, Development property - ANSWER The construction of large projects, such as shopping centers,
apartment buildings, and industrial parks
-Plans the construction of large projects and works with municipal agencies and other local organizations
to embrace the development project
Residential property - ANSWER Apartment buildings, single- and multi-family housing, condominiums,
cooperatives, vacation homes, and mobile home parks
-Responsible for maintenance and repair, tenant move-in/move-out, cleaning and upgrades, and tenant
eviction
Office building property - ANSWER Low- and high-rise buildings, office complexes, and business parks
-Attracts and keeps the right tenants and tenant mix by negotiating favorable leases with businesses
Retail property - ANSWER Neighborhood shopping centers, local shopping malls, and regional malls
-Attracts anchor store tenants and focuses on the right tenant mix to promote longevity and draw
customers
Property Management Certification - ANSWER -Property managers are not required to be certified in
their specialty area.
-The Institute of Real Estate Management (IREM), which is an affiliate of the National Association of
REALTORS®, offers a certification program.
-To apply for a Certified Property Manager designation, you must first complete the Institute of Real
Estate Management program.
The Institute of Real Estate Management (IREM) - ANSWER The organization that offers the Certified
Property Management (CPM) certificate
The National Association of Realtors (NAR) - ANSWER An organization that offers training, certification,
and professional standard development to its members
The Building Owners and Managers Association International (BOMA) - ANSWER An association that
represents the owners and managers of commercial property in the U.S., Canada, and abroad
