AZ - PROPERTY MANAGEMENT IN
ARIZONA QUESTIONS AND ANSWERS
WITH VERIFIED SOLUTIONS 2024
Section 29, Unit 1: Licensing Requirements for Arizona Property Managers - ANSWER
Resident manager - ANSWER Lives in the apartment building that's managed and works on a salary or in
a rent stipend arrangement
Building manager - ANSWER Doesn't live on site but manages an entire building like a resident manager
would
Real estate asset manager - ANSWER Works for a team of investors and focuses on long-term financial
planning
Senior housing manager - ANSWER Specializes in senior housing and issues relevant to seniors, like
assisted care, memory care, skilled nursing, etc.
Property management proposal - ANSWER Details obligations a property manager will have to a
property owner; includes property description, duties and reporting provided, and the property
manager's qualifications, among other items
Property management agreement - ANSWER Creates an agency relationship between property managers
and owners
Property manager - ANSWER Someone who manages real estate for another for compensation; duties
include generating income, budgeting, market analysis, advertising, and negotiating leases
Property management plan - ANSWER Details the property's use, condition, income and expense
projections, operational issues, etc. and an analysis of how the property currently meets the owner's
goals, and how it might best meet those goals
,General agent - ANSWER A person who is authorized to act for another (the principal or client) in a range
of matters
Operating budget - ANSWER A property manager's detailed plan for expenses and income
Stabilized budget - ANSWER Budgeted funds to cover operating expenses to remain constant for a period
of time
Capital expenses - ANSWER Expenses required to improve or maintain a building
Capital reserve budget - ANSWER A projected budget over the economic life of the property, which
includes variable expenses, such as repairs and updates
Variable expenses - ANSWER Expenses that change, depending on occupancy level
Errors and omissions (E&O) insurance - ANSWER Protects licensees in the event of an inadvertent
omission or error in real estate practice that causes financial harm to a consumer
Americans with Disabilities Act - ANSWER A federal anti-discrimination law to protect persons with
disabilities from discrimination in public accommodations and commercial facilities; also mandates easy
access in new multi-family housing with four or more units
Equal Credit Opportunity Act (ECOA) - ANSWER A 1974 federal law that prohibits discrimination based
on protected class status when providing credit
FTC privacy rule - ANSWER Requires companies that are significantly engaged in certain financial
activities to make certain disclosures to a consumer before those companies give any of that consumer's
personal information to unaffiliated third parties
Property Management Certification
Let's see how much you know about property managers and their certification requirements. Review
each statement and determine if it's true or false.
,1) Property managers must be certified in their specialty area (such as retail property management or
office building property management).
2) The Institute of Real Estate Management (IREM), which is an affiliate of the National Association of
REALTORS®, offers a certification program.
3) To apply for a Certified Property Manager designation, you must first complete the Institute of Real
Estate Management program.
4) There's only one type of property management certification, and it covers all specialty areas (retail,
residential, office, etc.). - ANSWER 1) False
2) True
3) True
4) False
To summarize, property managers aren't required to be certified in their specialty area; however,
specialized certification programs are available.
The Institute of Real Estate Management (IREM) - ANSWER offers the Certified Property Management
(CPM) certificate, a comprehensive program developed exclusively for property and asset managers
working with large portfolios of all property types. The designation is recognized by the National
Association of REALTORS® and is considered to be among the industry's premier real estate management
credentials. More than 8,600 professional real estate managers hold this designation worldwide. CPM
members manage approximately $900 billion in real estate assets.
The National Association of REALTORS® (NAR) - ANSWER offers training, certification, and professional
standard development to its members, who include residential real estate professionals, property
managers, and commercial brokers. NAR is the largest trade association and one of the most powerful
lobbying groups in North America, having spent more than $99 million between 1999 and 2012. It has
more than 1 million members, including NAR's institutes, societies, and councils, involved in all aspects
of the residential and commercial real estate industries. NAR also functions as a self-regulatory
organization for real estate brokerage.
The Building Owners and Managers Association International (BOMA) - ANSWER is an industry
association that is made up of 93 U.S. and Canadian associations, and 13 BOMA international affiliates.
Founded in 1907, BOMA represents the owners and managers of commercial property, including nearly
10 billion square feet of U.S. office space.
, Commercial Real Estate Women Network (CREW Network) - ANSWER is a business networking
organization dedicated to advancing the achievements of women in commercial real estate. Its 8,000
members are located in 74 major markets across North America.
The International Council of Shopping Centers (ICSC) - ANSWER is the global trade association of the
shopping center industry founded in 1957. Its 60,000 members in the U.S., Canada, and more than 80
other countries include shopping center owners, developers, managers, marketing specialists, investors,
lenders, retailers, and other professionals, as well as academics and public officials.
The Society of Industrial and Office REALTORS® (SIOR) - ANSWER is an international professional
commercial and industrial real estate association based in Washington, DC. It offers an exclusive
professional designation (SIOR) to commercial brokers and other industry professionals. Its membership
comprises approximately 3,000 individuals and organizations in more than 630 cities in 32 countries.
The Property Management Career Field
To find out more about a career in property management, you should be familiar with the associations
that provide training and certification in this field. Let's see how much you know about each association.
Connect each association's name to its description.
1) The organization that offers the Certified Property Management (CPM) certificate
2) The organization that offers training, certification, and professional standard development to its
members
3) The association that represents the owners and managers of commercial property in the U.S., Canada,
and abroad
4) The business networking organization dedicated to advancing the achievements of women in
commercial real estate - ANSWER 1) IREM
2) NAR
3) BOMA
4) CREW Network
Remember, if you identify yourself as a member of an association or holder of a certification when
you've let your membership or certification lapse, you are operating unethically, and you may be subject
to disciplinary action.
Skills and Licensing for Property Managers in Arizona
ARIZONA QUESTIONS AND ANSWERS
WITH VERIFIED SOLUTIONS 2024
Section 29, Unit 1: Licensing Requirements for Arizona Property Managers - ANSWER
Resident manager - ANSWER Lives in the apartment building that's managed and works on a salary or in
a rent stipend arrangement
Building manager - ANSWER Doesn't live on site but manages an entire building like a resident manager
would
Real estate asset manager - ANSWER Works for a team of investors and focuses on long-term financial
planning
Senior housing manager - ANSWER Specializes in senior housing and issues relevant to seniors, like
assisted care, memory care, skilled nursing, etc.
Property management proposal - ANSWER Details obligations a property manager will have to a
property owner; includes property description, duties and reporting provided, and the property
manager's qualifications, among other items
Property management agreement - ANSWER Creates an agency relationship between property managers
and owners
Property manager - ANSWER Someone who manages real estate for another for compensation; duties
include generating income, budgeting, market analysis, advertising, and negotiating leases
Property management plan - ANSWER Details the property's use, condition, income and expense
projections, operational issues, etc. and an analysis of how the property currently meets the owner's
goals, and how it might best meet those goals
,General agent - ANSWER A person who is authorized to act for another (the principal or client) in a range
of matters
Operating budget - ANSWER A property manager's detailed plan for expenses and income
Stabilized budget - ANSWER Budgeted funds to cover operating expenses to remain constant for a period
of time
Capital expenses - ANSWER Expenses required to improve or maintain a building
Capital reserve budget - ANSWER A projected budget over the economic life of the property, which
includes variable expenses, such as repairs and updates
Variable expenses - ANSWER Expenses that change, depending on occupancy level
Errors and omissions (E&O) insurance - ANSWER Protects licensees in the event of an inadvertent
omission or error in real estate practice that causes financial harm to a consumer
Americans with Disabilities Act - ANSWER A federal anti-discrimination law to protect persons with
disabilities from discrimination in public accommodations and commercial facilities; also mandates easy
access in new multi-family housing with four or more units
Equal Credit Opportunity Act (ECOA) - ANSWER A 1974 federal law that prohibits discrimination based
on protected class status when providing credit
FTC privacy rule - ANSWER Requires companies that are significantly engaged in certain financial
activities to make certain disclosures to a consumer before those companies give any of that consumer's
personal information to unaffiliated third parties
Property Management Certification
Let's see how much you know about property managers and their certification requirements. Review
each statement and determine if it's true or false.
,1) Property managers must be certified in their specialty area (such as retail property management or
office building property management).
2) The Institute of Real Estate Management (IREM), which is an affiliate of the National Association of
REALTORS®, offers a certification program.
3) To apply for a Certified Property Manager designation, you must first complete the Institute of Real
Estate Management program.
4) There's only one type of property management certification, and it covers all specialty areas (retail,
residential, office, etc.). - ANSWER 1) False
2) True
3) True
4) False
To summarize, property managers aren't required to be certified in their specialty area; however,
specialized certification programs are available.
The Institute of Real Estate Management (IREM) - ANSWER offers the Certified Property Management
(CPM) certificate, a comprehensive program developed exclusively for property and asset managers
working with large portfolios of all property types. The designation is recognized by the National
Association of REALTORS® and is considered to be among the industry's premier real estate management
credentials. More than 8,600 professional real estate managers hold this designation worldwide. CPM
members manage approximately $900 billion in real estate assets.
The National Association of REALTORS® (NAR) - ANSWER offers training, certification, and professional
standard development to its members, who include residential real estate professionals, property
managers, and commercial brokers. NAR is the largest trade association and one of the most powerful
lobbying groups in North America, having spent more than $99 million between 1999 and 2012. It has
more than 1 million members, including NAR's institutes, societies, and councils, involved in all aspects
of the residential and commercial real estate industries. NAR also functions as a self-regulatory
organization for real estate brokerage.
The Building Owners and Managers Association International (BOMA) - ANSWER is an industry
association that is made up of 93 U.S. and Canadian associations, and 13 BOMA international affiliates.
Founded in 1907, BOMA represents the owners and managers of commercial property, including nearly
10 billion square feet of U.S. office space.
, Commercial Real Estate Women Network (CREW Network) - ANSWER is a business networking
organization dedicated to advancing the achievements of women in commercial real estate. Its 8,000
members are located in 74 major markets across North America.
The International Council of Shopping Centers (ICSC) - ANSWER is the global trade association of the
shopping center industry founded in 1957. Its 60,000 members in the U.S., Canada, and more than 80
other countries include shopping center owners, developers, managers, marketing specialists, investors,
lenders, retailers, and other professionals, as well as academics and public officials.
The Society of Industrial and Office REALTORS® (SIOR) - ANSWER is an international professional
commercial and industrial real estate association based in Washington, DC. It offers an exclusive
professional designation (SIOR) to commercial brokers and other industry professionals. Its membership
comprises approximately 3,000 individuals and organizations in more than 630 cities in 32 countries.
The Property Management Career Field
To find out more about a career in property management, you should be familiar with the associations
that provide training and certification in this field. Let's see how much you know about each association.
Connect each association's name to its description.
1) The organization that offers the Certified Property Management (CPM) certificate
2) The organization that offers training, certification, and professional standard development to its
members
3) The association that represents the owners and managers of commercial property in the U.S., Canada,
and abroad
4) The business networking organization dedicated to advancing the achievements of women in
commercial real estate - ANSWER 1) IREM
2) NAR
3) BOMA
4) CREW Network
Remember, if you identify yourself as a member of an association or holder of a certification when
you've let your membership or certification lapse, you are operating unethically, and you may be subject
to disciplinary action.
Skills and Licensing for Property Managers in Arizona
