Question 1
A property manager need not be concerned with the owner's long-term goals.
A. True
B. False
Question 2
High-tech companies often locate near universities in incubator spaces.
A. True
B. False
Question 3
Old multistory manufacturing buildings that are converted into office, residential, and storage space are referred to as loft buildings.
A. True
B. False
Question 4
Property managers do not need to be involved in community activities.
A. True
B. False
Question 5
Slumlords are owners who pour money back into older properties.
A. True
B. False
Question 6
The oldest professional organization of property managers is the Building Owners and Managers Association.
A. True
B. False
Question 7
A Certified Property Manager (CPM) is a member of the National Apartment Association.
A. True
B. False
Question 8
Ethical behavior is often considered the equivalent of fairness and putting the client's interest ahead of the manager's.
A. True
B. False
Question 9
The primary function of a property manager is to extract as much money as possible from the managed property.
A. True
B. False
Question 10
The automobile made it possible to develop suburbs a long distance from the city center.
A. True
B. False
Question 11
One business cycle consists of expansion, recession, contraction, and revival.
A. True
B. False
Question 12
Long-term business cycles occur regularly once a year.
A. True
B. False
Question 13
Hurricanes and terrorist attacks are considered part of long-term movements.
A. True
B. False
Question 14
The management plan considers the surrounding area, the subject property, and the owner's goals.
A. True
B. False
Question 15
Real estate is not generally influenced by outside market forces.
A. True
B. False
Question 16
The owner and the manager should be named as coinsureds on liability and workers' compensation insurance policies.
A. True
B. False
Question 17
Fees charged to owners may be freely discussed by competing property management companies.
A. True
B. False
Question 18
Most owners do NOT wish to be disturbed so annual reporting is generally sufficient.
A. True
B. False
Question 19
Banks, colleges, and large corporations usually enter into an employer-employee relationship with the property manager.
A. True
B. False
Question 20
The management agreement should indicate if the agent is permitted to sign binding leases.
A. True
B. False