1
PRACTICE OF PROPERTY MANAGEMENT
– REAL ESTATE COUNCIL OF ALBERTA
EXAM WITH CORRECT ACTUAL
QUESTIONS AND CORRECTLY WELL
DEFINED ANSWERS LATEST ALREADY
GRADED A+ 2025 – 2026
Types of Properties - (ANSWER)1. Single Family Residential
2. Multi Family Residential: Low High, Mid Rise High Rise, Row Housing
3. Cooperative
4. Condominium
5. Commercial
Forms of Ownership - (ANSWER)1. Individual Investors
2. Sole Proprietorship
3. Partnership
4. Limited Partnership
5. Syndication
6. Commercial
7. Government
Types of Property Management Operations - (ANSWER)1. Professional Fee
Management Company
, 2
2.Asset Management
3. In-House Management
4. Self- Management
The Role of the Property Manager - (ANSWER)To provide professional
management in order to assist the landlord in reaching his or her objectives
Types of Residential Property - (ANSWER)1. Duplexes
2. Fourplexes
3. Townhouses
4. Low-rise/Garden Apartments
5. High-rise apartments
Special Residential Projects - (ANSWER)Retirement Homes for Seniors
Personal Care Homes
Student Housing
Public Housing
Mobile Home or Trailer Parks
Remote Area Corporate Housing
Mixed Use Properties
, 3
Reasons Individual Owners Lease Property - (ANSWER)1. The Property was
owner's residence which was kept for rental purposes
2. The property was purchased by the owner as a revenue producing investment
3. The property was purchased in a good market as a future retirement home
4. The property was inherited as part of an estate and the owner may wish to
lease it while waiting for an improved market to sell it or keep it for his or her
own retirement
5. The owner was transferred to another city ,but wishes to retain the house and
re-occupy it upon return
Factors for Individual Owners to consider - (ANSWER)1. What is the market rent
of the property.
2. Which type of tenant is most appropriate for the property
3. What is the duration of the tenancy
4. Will the residence be leased, unfurnished, partially furnished or fully furnished
Management of Condominium - (ANSWER)Board of Directors is responsible for
the control, management and administration of the complex.
Duties of Board of Directors - (ANSWER)1. Appoint Auditors, enter into property
management agreements and supervise the affairs of the commission
2. Approve an annual operating budget for anticipated .e.g. landscaping. exterior
painting, expenses
3. Allocate funds to the reserve funds for major common areas repairs and
replacement
PRACTICE OF PROPERTY MANAGEMENT
– REAL ESTATE COUNCIL OF ALBERTA
EXAM WITH CORRECT ACTUAL
QUESTIONS AND CORRECTLY WELL
DEFINED ANSWERS LATEST ALREADY
GRADED A+ 2025 – 2026
Types of Properties - (ANSWER)1. Single Family Residential
2. Multi Family Residential: Low High, Mid Rise High Rise, Row Housing
3. Cooperative
4. Condominium
5. Commercial
Forms of Ownership - (ANSWER)1. Individual Investors
2. Sole Proprietorship
3. Partnership
4. Limited Partnership
5. Syndication
6. Commercial
7. Government
Types of Property Management Operations - (ANSWER)1. Professional Fee
Management Company
, 2
2.Asset Management
3. In-House Management
4. Self- Management
The Role of the Property Manager - (ANSWER)To provide professional
management in order to assist the landlord in reaching his or her objectives
Types of Residential Property - (ANSWER)1. Duplexes
2. Fourplexes
3. Townhouses
4. Low-rise/Garden Apartments
5. High-rise apartments
Special Residential Projects - (ANSWER)Retirement Homes for Seniors
Personal Care Homes
Student Housing
Public Housing
Mobile Home or Trailer Parks
Remote Area Corporate Housing
Mixed Use Properties
, 3
Reasons Individual Owners Lease Property - (ANSWER)1. The Property was
owner's residence which was kept for rental purposes
2. The property was purchased by the owner as a revenue producing investment
3. The property was purchased in a good market as a future retirement home
4. The property was inherited as part of an estate and the owner may wish to
lease it while waiting for an improved market to sell it or keep it for his or her
own retirement
5. The owner was transferred to another city ,but wishes to retain the house and
re-occupy it upon return
Factors for Individual Owners to consider - (ANSWER)1. What is the market rent
of the property.
2. Which type of tenant is most appropriate for the property
3. What is the duration of the tenancy
4. Will the residence be leased, unfurnished, partially furnished or fully furnished
Management of Condominium - (ANSWER)Board of Directors is responsible for
the control, management and administration of the complex.
Duties of Board of Directors - (ANSWER)1. Appoint Auditors, enter into property
management agreements and supervise the affairs of the commission
2. Approve an annual operating budget for anticipated .e.g. landscaping. exterior
painting, expenses
3. Allocate funds to the reserve funds for major common areas repairs and
replacement
