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IREM MNT 402 Questions and Answers Latest Version
(2024/2025) Already Passed
Care or upkeep of a property and all its components - (ANSWER)Maintenance
Process of controlling or reducing risk to acceptable levels - (ANSWER)Risk
management
The control of _______ affects the owner's bottom line more than any other
operating expense - (ANSWER)Maintenance Costs
First step of the maintenance and risk management cycle. Produces the property
information report and initial inspection results - (ANSWER)Assess
Contains detailed information about a property that gives an overall picture of a
property and its history - (ANSWER)Property information report
Steps to Maintenance and Risk Management Process - (ANSWER)Assess —> Plan
—> Execute —> Evaluate
, 2
The _____ is the guide that provides the tasks and steps needed to implement the
maintenance and risk management program for the property -
(ANSWER)Maintenance & Risk Management Policy and Procedure Manual
Incurred during the normal course of running a business, such as the electric Bill
or payroll - (ANSWER)Operating expenses
A ______ expense is made to acquire a long-term asset—one that is considered to
add value to an asset and contribute to its long-term profitability -
(ANSWER)Capital
New building construction costs and/or major improvements or alterations to a
building are considered _________ - (ANSWER)Capital expenses
Whenever a capital improvement is made, __________, monitored and adjusted
throughout its life cycle - (ANSWER)a plan for its replacement should be made
Replacements are not normally considered capital expenditures unless they
_____ the value of an asset (I.e. replacing carpet with the same carpet as was
there prior doesn't count) - (ANSWER)Increase
IREM MNT 402 Questions and Answers Latest Version
(2024/2025) Already Passed
Care or upkeep of a property and all its components - (ANSWER)Maintenance
Process of controlling or reducing risk to acceptable levels - (ANSWER)Risk
management
The control of _______ affects the owner's bottom line more than any other
operating expense - (ANSWER)Maintenance Costs
First step of the maintenance and risk management cycle. Produces the property
information report and initial inspection results - (ANSWER)Assess
Contains detailed information about a property that gives an overall picture of a
property and its history - (ANSWER)Property information report
Steps to Maintenance and Risk Management Process - (ANSWER)Assess —> Plan
—> Execute —> Evaluate
, 2
The _____ is the guide that provides the tasks and steps needed to implement the
maintenance and risk management program for the property -
(ANSWER)Maintenance & Risk Management Policy and Procedure Manual
Incurred during the normal course of running a business, such as the electric Bill
or payroll - (ANSWER)Operating expenses
A ______ expense is made to acquire a long-term asset—one that is considered to
add value to an asset and contribute to its long-term profitability -
(ANSWER)Capital
New building construction costs and/or major improvements or alterations to a
building are considered _________ - (ANSWER)Capital expenses
Whenever a capital improvement is made, __________, monitored and adjusted
throughout its life cycle - (ANSWER)a plan for its replacement should be made
Replacements are not normally considered capital expenditures unless they
_____ the value of an asset (I.e. replacing carpet with the same carpet as was
there prior doesn't count) - (ANSWER)Increase
