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Exam (elaborations)

CHAP 47 QUESTIONS AND ANSWERS WITH VERIFIED SOLUTIONS 2024

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CHAP 47 QUESTIONS AND ANSWERS WITH VERIFIED SOLUTIONS 2024

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CHAP 47 QUESTIONS AND ANSWERS
WITH VERIFIED SOLUTIONS 2024
What task takes up the majority of a property manager's time? - ANSWER Physically managing the
property



Which IREM designation is reserved for individuals who meet a certain level of education and
experience? - ANSWER CPM



Which of the following would be considered as corrective maintenance? - ANSWER Replace a defective
water heater



What is a budget that includes income and expenses for ongoing operations? - ANSWER Operating



Which of the following groups is not a professional property management trade organization? - ANSWER
Which of the following groups is not a professional property management trade organization?



Which of these functions is not performed by a property manager? - ANSWER Preparing the property
deed



What is a property manager's first responsibility to the owner? - ANSWER Realize maximum profit.



What does the management agreement create? - ANSWER General agency



Which of the following would not be found in a management agreement? - ANSWER Tenant credit
histories



Which of these usually contributes to the property manager's fee? - ANSWER Percentage of rental
income
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