AZ - Property Management in Arizona
questions with correct answers
Section 29, Unit 1: Licensing Requirements for Arizona Property Managers - correct answer ✔✔
Resident manager - correct answer ✔✔ Lives in the apartment building that's managed and
works on a salary or in a rent stipend arrangement
Building manager - correct answer ✔✔ Doesn't live on site but manages an entire building like a
resident manager would
Real estate asset manager - correct answer ✔✔ Works for a team of investors and focuses on
long-term financial planning
Senior housing manager - correct answer ✔✔ Specializes in senior housing and issues relevant
to seniors, like assisted care, memory care, skilled nursing, etc.
Property management proposal - correct 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 - correct answer ✔✔ Creates an agency relationship between
property managers and owners
Property manager - correct answer ✔✔ Someone who manages real estate for another for
compensation; duties include generating income, budgeting, market analysis, advertising, and
negotiating leases
,Property management plan - correct 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 - correct answer ✔✔ A person who is authorized to act for another (the principal
or client) in a range of matters
Operating budget - correct answer ✔✔ A property manager's detailed plan for expenses and
income
Stabilized budget - correct answer ✔✔ Budgeted funds to cover operating expenses to remain
constant for a period of time
Capital expenses - correct answer ✔✔ Expenses required to improve or maintain a building
Capital reserve budget - correct answer ✔✔ A projected budget over the economic life of the
property, which includes variable expenses, such as repairs and updates
Variable expenses - correct answer ✔✔ Expenses that change, depending on occupancy level
Errors and omissions (E&O) insurance - correct 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 - correct 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) - correct answer ✔✔ A 1974 federal law that prohibits
discrimination based on protected class status when providing credit
,FTC privacy rule - correct 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.). - correct 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) - correct 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) - correct 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) - correct 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) - correct 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) - correct 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) - correct 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.
questions with correct answers
Section 29, Unit 1: Licensing Requirements for Arizona Property Managers - correct answer ✔✔
Resident manager - correct answer ✔✔ Lives in the apartment building that's managed and
works on a salary or in a rent stipend arrangement
Building manager - correct answer ✔✔ Doesn't live on site but manages an entire building like a
resident manager would
Real estate asset manager - correct answer ✔✔ Works for a team of investors and focuses on
long-term financial planning
Senior housing manager - correct answer ✔✔ Specializes in senior housing and issues relevant
to seniors, like assisted care, memory care, skilled nursing, etc.
Property management proposal - correct 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 - correct answer ✔✔ Creates an agency relationship between
property managers and owners
Property manager - correct answer ✔✔ Someone who manages real estate for another for
compensation; duties include generating income, budgeting, market analysis, advertising, and
negotiating leases
,Property management plan - correct 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 - correct answer ✔✔ A person who is authorized to act for another (the principal
or client) in a range of matters
Operating budget - correct answer ✔✔ A property manager's detailed plan for expenses and
income
Stabilized budget - correct answer ✔✔ Budgeted funds to cover operating expenses to remain
constant for a period of time
Capital expenses - correct answer ✔✔ Expenses required to improve or maintain a building
Capital reserve budget - correct answer ✔✔ A projected budget over the economic life of the
property, which includes variable expenses, such as repairs and updates
Variable expenses - correct answer ✔✔ Expenses that change, depending on occupancy level
Errors and omissions (E&O) insurance - correct 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 - correct 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) - correct answer ✔✔ A 1974 federal law that prohibits
discrimination based on protected class status when providing credit
,FTC privacy rule - correct 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.). - correct 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) - correct 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) - correct 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) - correct 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) - correct 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) - correct 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) - correct 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.
