PRACTICE OF PROPERTY MANAGEMENT REAL ESTATE
COUNCIL OF ALBERTA EXAM COMPLETE 100
QUESTIONS AND CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) | ALREADY GRADED A+
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.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
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
4. Enter into contracts for management, provision of other services, leasing of
common elements or the provision of recreational or other facilities.
Property Manager Duties in a Condominium - ANSWER: 1. Occupant Duties
2. Building/complex Duties
Duties of the Property Manager(Building/Complex Duties) - ANSWER: 1. Prepare the
Annual Ops Budget
2. Paying Common Area Expenses
3. Submitting monthly operating statements
4. Maintaining/repairing common property, negotiate contracts, reviewing capital
costs
5. Purchasing/renewing adequate Insurance coverage and process claims
6.Maintaince of landscaping, de-icing etc
7. Provide notice of annual meeting to condominium building owners
8. Attend Board of Director meetings, take minutes, present reports and advising the
Board as necessary.
9. Collecting Condominium fees from unit owners.
Condominium Fee is paid into - ANSWER: A common expense account
Each Condominium unit is allocated a proportionate share of the common area
expenses - ANSWER: This is based on the size of the unit compared to the size of the
total complex. This percentage interest is specified in the condominium plan
COUNCIL OF ALBERTA EXAM COMPLETE 100
QUESTIONS AND CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) | ALREADY GRADED A+
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.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
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
4. Enter into contracts for management, provision of other services, leasing of
common elements or the provision of recreational or other facilities.
Property Manager Duties in a Condominium - ANSWER: 1. Occupant Duties
2. Building/complex Duties
Duties of the Property Manager(Building/Complex Duties) - ANSWER: 1. Prepare the
Annual Ops Budget
2. Paying Common Area Expenses
3. Submitting monthly operating statements
4. Maintaining/repairing common property, negotiate contracts, reviewing capital
costs
5. Purchasing/renewing adequate Insurance coverage and process claims
6.Maintaince of landscaping, de-icing etc
7. Provide notice of annual meeting to condominium building owners
8. Attend Board of Director meetings, take minutes, present reports and advising the
Board as necessary.
9. Collecting Condominium fees from unit owners.
Condominium Fee is paid into - ANSWER: A common expense account
Each Condominium unit is allocated a proportionate share of the common area
expenses - ANSWER: This is based on the size of the unit compared to the size of the
total complex. This percentage interest is specified in the condominium plan
