Certified Professional Property Specialist CPPS -
Study Guide Questions With Complete And Accurate
Answers
\.Assets referred to as Property Include:
Personal Tangible Property, moveable or fixed equipment, and may include material or supplies
\.Assets referred to as Property Do Not Include:
Lease, rental, or associated management of real property
(comprised primarily of land and buildings), or infrastructure assets such as: bridges, roads,
sidewalks, railways, or utility grids.
\.What does Property/Asset Management within an organization require?
That policies, processes, procedures, information systems, and data repositories are established,
and are components of the system by which major facets of the asset life cycle are managed;
specifically: acquisition, use, and disposition of property.
\.What are the key objectives of an effective Property Management function?
to ensure that fiduciary and compliance requirements are met, business objectives are
supported, and to ensure financial stewardship and regulatory compliance.
\.Is Asset Management a core business function?
Yes
\.What are the primary drivers behind the need for an effective Property Management
function?
Include: fiscal responsibility and stewardship, investment and resource management, in
addition to compliance with organizational needs and external requirements.
\.(PMO)
Property Management Office
\.In PMO, what is the Property Manager responsible for?
Establishing, providing guidance, managing, and maintaining an efficient and effective Property
Management System.
,\.What are additional responsibilities of the Property Manager?
Other essential responsibilities include: communicating effectively with other departments and
functions, as well as developing and presenting property-related training to maximize
awareness and enable compliance.
\.What does the term "Ownership" establish?
The term ownership establishes the legal right to use or possess property; it is having legal or
rightful title and control over property.
\.How will the property record affect the assets life cycle
Taxability at time of acquisition, use restrictions, and disposition options.
\.What does accountability Not establish?
Accountability does not establish legal or rightful title to property.
\.What does accountability do?
Prevents fraud, waste, and abuse.
\.What does it mean to be accountable or have accountability?
To possess and have use of the property of another, with delegated duties and responsibilities,
subject to penalty in case of default. This includes the obligation to keep records of property.
\.What are the (4) key elements of property accountability?
• Provider
• Recipient
• Duties and responsibilities
• Penalties in case of default
\.How is responsibility defined?
Defined as having the obligation to do something: performing a task, assuming a duty, or
fulfilling a trust, and being answerable to someone or something for doing so.
\.Transfer of Accountability
When accountability shifts from one entity to another.... may or may not include physical
relocation of assets, but will always include a change in accountability for the property.
\.What needs to be attained before a transfer of accountability occurs?
, Approvals in writing-Within the award document, a letter, or an email-and made part of the
historical file and audit trail of the asset.... Transfers between contract numbers must be
included
\.what are Interdepartmental Transfers?
When property and accountability shift from the using organization to another.
\."Responsibility"
To be answerable for trust or obligation
\.In Property Management, how is "Responsibility" referenced?
One can be responsible for property without having possession or use of the property.
One can be responsible for the property without being accountable.
So, while accountability certainly includes responsibility, responsibility does not necessarily
include accountability.
\.In a Property Professional's standpoint, what is the key distinction between accountable and
responsible?
That one is ACCOUNTABLE to someone for the property, and is RESPONSIBLE for certain actions
(maintenance or storage) related to the property
\.What is the Property Control System comprised of?
- Written policies
- Procedures
- Operational Guidelines
- Related Records
- The Management Information System (MIS)
\.Within the documents of The Property Control System, what is defined?
The roles and responsibilities of each participant in a process
\,What must the Property Control System incorporate?
-Methods for safeguarding the physical assets of an organization
-Periodically verifying the existence, status and condition of the property
-Ensuring the accuracy of related records
\.What should The Property Control System enable?
Study Guide Questions With Complete And Accurate
Answers
\.Assets referred to as Property Include:
Personal Tangible Property, moveable or fixed equipment, and may include material or supplies
\.Assets referred to as Property Do Not Include:
Lease, rental, or associated management of real property
(comprised primarily of land and buildings), or infrastructure assets such as: bridges, roads,
sidewalks, railways, or utility grids.
\.What does Property/Asset Management within an organization require?
That policies, processes, procedures, information systems, and data repositories are established,
and are components of the system by which major facets of the asset life cycle are managed;
specifically: acquisition, use, and disposition of property.
\.What are the key objectives of an effective Property Management function?
to ensure that fiduciary and compliance requirements are met, business objectives are
supported, and to ensure financial stewardship and regulatory compliance.
\.Is Asset Management a core business function?
Yes
\.What are the primary drivers behind the need for an effective Property Management
function?
Include: fiscal responsibility and stewardship, investment and resource management, in
addition to compliance with organizational needs and external requirements.
\.(PMO)
Property Management Office
\.In PMO, what is the Property Manager responsible for?
Establishing, providing guidance, managing, and maintaining an efficient and effective Property
Management System.
,\.What are additional responsibilities of the Property Manager?
Other essential responsibilities include: communicating effectively with other departments and
functions, as well as developing and presenting property-related training to maximize
awareness and enable compliance.
\.What does the term "Ownership" establish?
The term ownership establishes the legal right to use or possess property; it is having legal or
rightful title and control over property.
\.How will the property record affect the assets life cycle
Taxability at time of acquisition, use restrictions, and disposition options.
\.What does accountability Not establish?
Accountability does not establish legal or rightful title to property.
\.What does accountability do?
Prevents fraud, waste, and abuse.
\.What does it mean to be accountable or have accountability?
To possess and have use of the property of another, with delegated duties and responsibilities,
subject to penalty in case of default. This includes the obligation to keep records of property.
\.What are the (4) key elements of property accountability?
• Provider
• Recipient
• Duties and responsibilities
• Penalties in case of default
\.How is responsibility defined?
Defined as having the obligation to do something: performing a task, assuming a duty, or
fulfilling a trust, and being answerable to someone or something for doing so.
\.Transfer of Accountability
When accountability shifts from one entity to another.... may or may not include physical
relocation of assets, but will always include a change in accountability for the property.
\.What needs to be attained before a transfer of accountability occurs?
, Approvals in writing-Within the award document, a letter, or an email-and made part of the
historical file and audit trail of the asset.... Transfers between contract numbers must be
included
\.what are Interdepartmental Transfers?
When property and accountability shift from the using organization to another.
\."Responsibility"
To be answerable for trust or obligation
\.In Property Management, how is "Responsibility" referenced?
One can be responsible for property without having possession or use of the property.
One can be responsible for the property without being accountable.
So, while accountability certainly includes responsibility, responsibility does not necessarily
include accountability.
\.In a Property Professional's standpoint, what is the key distinction between accountable and
responsible?
That one is ACCOUNTABLE to someone for the property, and is RESPONSIBLE for certain actions
(maintenance or storage) related to the property
\.What is the Property Control System comprised of?
- Written policies
- Procedures
- Operational Guidelines
- Related Records
- The Management Information System (MIS)
\.Within the documents of The Property Control System, what is defined?
The roles and responsibilities of each participant in a process
\,What must the Property Control System incorporate?
-Methods for safeguarding the physical assets of an organization
-Periodically verifying the existence, status and condition of the property
-Ensuring the accuracy of related records
\.What should The Property Control System enable?
