NY “Intro to Property Management: Market Analysis, Risk Management, and Maintenance” Questions only (no answers)
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1) CPM® means:
a. Certified Property Manager.
b. Certified Property Mentor.
c. Certified Property Management.
d. Certification of Property Managers.
2) Which of the following statements demonstrates how population growth has affected property management in the United States?
a. It has increased demand for professional property managers.
b. Higher crime rates with urbanization have led to less specialization in property management careers.
c. Less property managers are needed as monopolies in the industry have become commonplace.
d. The need for property managers has become limited to large metropolitan areas.

NY Intro to Property Management

3) ______________ managers administer the daily affairs and oversee the maintenance of property and facilities jointly owned and used by the homeowners through the association.
a. Associative joint
b. Joint maintenance
c. Homeowner representative
d. Community association
4) If a property manager deals with properties that conduct commerce, what real estate market does a property manager represent?
a. Agricultural
b. Commercial
c. Multi-family
d. Residential
5) A _________ inspects the structural parts of a building.
a. leasing agent
b. building engineer
c. maintenance supervisor
d. structural supervisor
6) Condominiums and multi-family units are examples of __________ properties.
a. commercial
b. residential
c. special purpose
d. industrial
7) All of the following are examples of senior property management positions, EXCEPT:
a. executive.
b. property supervisor.
c. asset manager.
d. Certified Property Manager®.
8) A portfolio manager is also known as a(n):
a. asset manager.
b. regional manager.
c. money manager.
d. on-site manager.
9) The main function of the professional property manager is to __________ and __________ the property.
a. preserve / increase the value of
b. maintain / clean-up
c. buy / sell units of
d. develop / dispose of
10) Which of the following are commercial properties?
a. office buildings.
b. shopping centers.
c. warehouses
d. all of the above
11) An example of a specialty position is:
a. maintenance.
b. supervisor.
c. building engineer.
d. manager.
12) Which of the following is a geographic, economic, or specialized subdivision of a specific market?
a. Neighborhood
b. Submarket
c. Borough
d. Block
13) People interested in a career in property management receive education through colleges, membership and certification in professional organizations, and:
a. television real estate programs.
b. visits to property management companies.
c. purchasing property.
d. on-the-job training.
14) A person who owns an individual unit together with the shared use of common areas and facilities has what type of real estate ownership interest?
a. Communal interest
b. Common interest development
c. Commercial development
d. Community health facility
15) What organization issues the CPM certification?
a. Institute of Real Estate Management®
b. National Apartment Association®
c. National Association of Residential Property Managers
d. Building Owners & Managers Institute International
16) Many property managers often have:
a. financial problems.
b. a master’s degree.
c. little professional experience.
d. a real estate license and/or professional certification.
17) Which of the following is a commercial property specialist that manages property owned by colleges and universities (non-profit)?
a. Property supervisor
b. Facility manager
c. Resident manager
d. Leasing agent
18) The on-site manager is often called the:
a. specialty manager.
b. maintenance manager.
c. residential manager.
d. facility manager.
19) The formation of the Resolution Trust Corporation was sparked by the:
a. Great Depression.
b. savings and loan crisis of the late 1980s.
c. invention of the telephone in the early 20th century.
d. stock market crash of 1929.
20) Residential properties include those designed and built as __________ residences.
a. suburban family
b. safe family
c. single frame
d. single-family
21) During the decade between 2010 and 2020, employment of property and community association managers was projected to increase by
a. 3%.
b. 6%.
c. 9%.
d. 12%.
22) An asset manager is also known as a(n) __________ manager.
a. regional
b. money
c. on-site
d. portfolio
23) At the beginning of the 20th century, __________ were built to accommodate thousands of workers. Because these structures were owned by investors and the spaces needed to be rented promptly with rents collected on time, a need for efficient managers rose.
a. hotels
b. skyscrapers
c. monuments
d. government buildings
24) Apartment complexes are examples of:
a. commercial property.
b. residential property.
c. special purpose property.
d. industrial property.
25) The property management profession offers:
a. diversity, job satisfaction, and a highly structured work environment.
b. earning potential, travel, job satisfaction, a slow-paced work environment, and job security.
c. a quiet, slow-paced work environment, with limited earning potential.
d. earning potential, travel, job satisfaction, a fast-paced work environment, and job security.
26) The __________ supervises the keeping of financial records pertaining to the properties being managed.
a. accountant/bookkeeper.
b. on-site manager
c. administrative assistant
d. maintenance supervisor
27) Community apartment projects, stock cooperatives, condominiums, and planned developments are considered:
a. multiple income developments.
b. individually purposed developments.
c. selective use developments.
d. common interest developments.
28) Commercial properties include all of the following, EXCEPT:
a. office buildings.
b. shopping centers.
c. single-family residences.
d. warehouses.
29) The principle of __________ is the basis for analysis of any market economy and is a major economic influence on the real estate market.
a. substitution
b. supply and demand
c. competition
d. value
30) When demand in the market exceeds supply, _________ exists.
a. saturation
b. chaos
c. scarcity
d. poverty
31) Based on the principal of supply and demand, when a supply of a type of property does not meet demand, what is the effect on prices and rent?
a. The prices go down and rents go up.
b. There is no appreciable effect.
c. They decrease.
d. They increase.
32) Which of the following is a social factor in a neighborhood market analysis?
a. Building type
b. Family size
c. Property tax burden
d. Rental levels
33) Rental inventory fluctuates constantly. Which of the following would increase the inventory?
a. Conversion to other uses
b. Abandonment
c. New construction
d. Demolition
34) What is the upper turning point of a business cycle?
a. Contraction
b. Expansion
c. Peak
d. Recovery
35) An evaluation that determines how much rent a property can yield given the current condition and competing properties within the market area is a:
a. market rent analysis.
b. yielding interest analysis.
c. rental rate survey.
d. comparable rent survey.
36) In the supply and demand analysis, which is a factor of supply?
a. Demographics
b. Housing starts
c. Location
d. Purchasing power
37) Regional employment affects residential real estate value. When a major employer closes, the loss of employment could cause home prices to:
a. appreciate.
b. increase.
c. decrease.
d. be unaffected.
38) What is a vital step during the preparation of a market rental survey?
a. Adjust rental rates based on the differences of the features and amenities
b. Comparable properties and disregard rental data from those properties
c. Guess at the current market rental rate
d. Ignore market rental and occupancy rate trends
39) The portion of the market analysis that examines whether a certain type of property is marketable based on the local or regional economy, demand, pricing, and demographics is a __________ analysis.
a. property
b. neighborhood
c. regional
d. supply
40) If the actual rent schedule is substantially below the estimated market rent schedule, the property manager must:
a. consider the probability of raising existing rents to current market levels.
b. lower the existing rent in order to beat competition.
c. sell all existing properties at current market level.
d. take no action
41) The principle of __________ indicates that a tenant will not pay more to lease a space than for equivalent properties in a given market area.
a. substitution
b. equality
c. rental terms
d. competition
42) During a neighborhood analysis, the major economic consideration is if:
a. pride of ownership exists among the residents.
b. a sufficient amount of business and household income exists.
c. any special assessments are present.
d. a trend is apparent in property values.
43) Pat is trying to determine which phase of the business cycle the local economy is in. There has been a long period of demand for rental property, in which prices have risen. There are some indications that the market is slowing, but demand is still strong. What is this phase of the business cycle called?
a. Construction phase
b. Contraction phase
c. Expansion phase
d. Reduction phase
44) What is necessary in order for a product to have value?
a. An economic base
b. Stability
c. Purchasing power
d. Economic trends
45) The basic component of supply and demand is:
a. income.
b. competition.
c. transferability.
d. utility.
46) A(n) _____________ is temporary suspension of new building construction in order to control growth.
a. housing stall
b. saturation
c. absorption block
d. building moratorium
47) Economic issues to consider in a regional analysis include:
a. the quality of consumer industries.
b. building codes.
c. planning and development.
d. variances.
48) Political factors that a property manager must consider when conducting a regional analysis include:
a. zoning restrictions.
b. vacancy rates.
c. transportation corridors.
d. demographics.
49) Which of the following is a social factor to consider in a neighborhood analysis?
a. Employment
b. Per capita income
c. Family size
d. Absorption rates
50) Which of the following refers to areas where market participants live and work?
a. Suburban area
b. Market area
c. Demographic region
d. Property region
51) Social issues to consider in a regional analysis include:
a. zoning ordinances.
b. data on commuting times.
c. community improvement programs.
d. the availability of playgrounds and parks.
52) The amount of new construction revealed in housing starts is important because it:
a. is a leading indicator.
b. lets us know what happened in the past.
c. reveals information that is useful in forecasting future trends.
d. is a leading indicator and reveals information that is useful in forecasting future trends.
53) If a builder wants to build a project that does not adhere to zoning for the location, the builder must apply for a:
a. political waiver.
b. regional slip.
c. variance.
d. service code.
54) What is the significance of preparing a rental survey?
a. The importance of the data in assessing the property’s social factors
b. Using the data to finish the regional analysis of the property
c. Hiring qualified management staff
d. Obtaining accurate rental rate estimates
55) When supply exceeds demand, which of the following occurs?
a. Scarcity
b. Supply-side economics
c. Depression
d. Saturation
56) __________ provides statistical data on items, such as average income levels, spending habits, and educational background.
a. An economic base
b. A real estate cycle
c. A supply analysis
d. Demographic information
57) Local neighborhoods, cities, and counties are all part of the:
a. principle of competition.
b. market area.
c. comparative property analysis.
d. principle of substitution.
58) The U.S. Drug Enforcement Agency:
a. has a three strikes policy regarding drugs on a property.
b. can seize the property if no action is taken to stop drug use.
c. provides loans to property owners who cannot afford to install security measures on their property.
d. requires all property managers to take classes on the dangers of recreational drug use.
59) By adding lights so that walkways are well lit at all times, the property manager is __________ risk.
a. adding
b. reducing
c. retaining
d. transferring
60) Part of the overall risk management program for the property is to create a plan to minimize damage caused by a disaster or emergency. What type of plan is this?
a. Disaster plan
b. Emergency stress prevention
c. Fitness equipment inspections
d. Tenant recruitment training
61) The property manager whose tenants work with hazardous substances should refer to the __________ to determine the requirements of managing environmentally sensitive issues.
a. Environmental Protection Agency
b. local law enforcement agency
c. Department of Homeland Security
d. Federal Emergency Management Agency
62) Which insurance provides coverage primarily for the liability exposure of an individual, business, or organization?
a. Building insurance
b. Casualty insurance
c. Flood insurance
d. Renters insurance
63) Risk management is the process of analyzing exposure to harm or loss and deciding how to __________ the physical and/or financial impact.
a. eliminate
b. maximize
c. minimize
d. control
64) The property manager should __________ risk by taking steps to minimize risks on the property.
a. reduce
b. retain
c. transfer
d. avoid
65) What are some steps a property manager can take to reduce incidents of crime committed by visitors?
a. Use an intercom system and instruct tenants only to buzz in other tenants
b. Require all sales personnel, utility, and repair personnel to agree to a background check before entering the property
c. Require all maintenance providers to provide proof of security certification
d. Use an intercom system and instruct tenants only to buzz in people they know personally and require all tenants’ visitors to sign an agreement regarding acceptable behavior on the property
66) The property manager should designate a(n) __________, who will act as the staff member on the scene of an emergency and will be responsible for providing factual information to the employees’ and tenants’ families.
a. emergency officer
b. spokesperson
c. disaster officer
d. safety coordinator
67) __________ insurance is used to cover losses caused by employee dishonesty.
a. Fidelity
b. Liability
c. Casualty
d. Fire legal liability
68) __________ is a type of casualty insurance.
a. Loss of rent
b. Glass insurance
c. Regulatory insurance
d. Builder’s risk
69) Builder’s risk insurance covers:
a. mechanical breakdowns, certain devices that transmit mechanical or electrical power, and explosions of high-pressure steam boilers.
b. the cost of demolition, removal, and cleanup of the site before reconstruction begins, as well as the cost of building the new structure to current building code requirements.
c. a new building or structure under construction or an existing structure undergoing additions, alterations, or repairs.
d. liability for accidental injury or property damage that results from either a condition on the premises or operations in progress.
70) What type of insurance policy can protect an owner from an excess liability judgment?
a. Excess liability Insurance Policy
b. Loss Payable Insurance Policy
c. Umbrella Policy
d. Actual Insured Policy

71) NFIP stands for:
a. Natural Flood Insurance Program.
b. National Fire Insurance Program.
c. National Flood Insurance Program.
d. National Flood Insurance Protection.
72) If a property manager were to remove the waterslide from beside the swimming pool this could best be described as:
a. reducing risk.
b. avoiding risk.
c. retaining risk.
d. transferring risk.
73) The amount the insured must pay when any insurance claim is filed is called the:
a. deductible.
b. premium.
c. rating.
d. quote.
74) Which of the following is the first step in risk management?
a. Assess each risk
b. Implement strategies for removing or minimizing risk
c. Identify risks
d. Investigate the property
75) Which type of insurance policy covers the amount of loss above the limits of a basic liability policy?
a. Umbrella
b. Property
c. Inflation Guard
d. Exclusive
76) __________ is important for protecting sensitive data on a computer system from theft and fraudulent use.
a. Antivirus software
b. Firewall protection
c. Malware
d. Trust
77) Why are most tenants required to have renters insurance?
a. The insurance reimburses the owner for any damage done to the property by the tenant.
b. The insurance covers employees working in the tenant’s business.
c. The insurance covers the tenant’s personal property that is stolen or damaged.
d. The insurance is required by state statute.
78) The __________ is responsible for evacuating tenants and enforcing safety warnings.
a. property manager
b. spokesperson
c. emergency headquarters coordinator
d. emergency officer
79) A property manager should use __________ to block access to computer files from anyone other than the property management company’s employees.
a. security detectors
b. antivirus software
c. closed-circuit television
d. firewall protection
80) __________ insurance covers personal property that is stolen or damaged, and pays the expenses of finding a different place to rent while the property is being restored.
a. Renters
b. Property
c. Casualty
d. Fidelity
81) Which of the following is a detailed outline of preventative measures taken, which includes information about property improvements, the location of an emergency headquarters, staff training and assignments, and informing tenants?
a. Disaster plan
b. Community watch
c. First aid preparation
d. Training manual
82) As a property manager, you have decided to establish several preventive security measures against drug activity on the property. Which of the listed methods applies towards preventing drug activity on a property?
a. Allow easy access near walkways, exits, or vehicles
b. Decrease marked security patrol vehicles
c. Repair broken doors, fences, and windows promptly
d. Disconnect security telephones that can be used by anyone to alert the police of drug activity
83) If the property owner does not maintain the insurance coverage required in a lending agreement, the lender has the right to:
a. decrease monthly payments for the loan.
b. foreclose on the property.
c. do nothing.
d. increase monthly payments by adding insurance costs to the loan and call the loan due to breach of contract and foreclose on the property.
84) Painting, replacing blinds, and cleaning carpeting is considered what type of maintenance?
a. Corrective maintenance
b. Cosmetic maintenance
c. Preventive maintenance
d. Routine maintenance
85) Inspecting a building and identifying trouble spots early to prevent future repairs is an example of __________ maintenance.
a. routine
b. preventive
c. corrective
d. cosmetic
86) Operating expenses are expressed in:
a. quarterly dollars per square meter.
b. quarterly profits.
c. annual dollars per square foot for commercial property.
d. annual dollars per square mile.
87) For residential property, a property manager will primarily focus his/her maintenance responsibility on the:
a. areas adjacent to the property.
b. common areas.
c. complex areas.
d. tenants’ cleaning habits.
88) A property manager who is looking for the best response to maintenance requests should hire:
a. a resident manager.
b. on-site maintenance staff.
c. a contractor.
d. a subcontractor.
89) A __________ will create daily reports on the condition of the property, which the property manager uses to determine a building’s maintenance requirements.
a. common area supervisor
b. resident manager
c. property assistant
d. contractor
90) Which of the following is a fee that covers the cost for taking care of the elevators, lobby, restrooms, and other common areas in the building?
a. Common area maintenance charge
b. Community maintenance charge
c. Shared facilities fee
d. Shared residency fee
91) In order to mitigate sudden and expensive repairs, property managers must:
a. obtain a credit card with a high limit.
b. maintain adequate cash reserves.
c. ignore the expense until cash is available.
d. complete the repair themselves.
92) New construction that is extensive can also be referred to as:
a. deferring.
b. upgrading.
c. maintaining.
d. designing.
93) Prior to hiring a contractor, a property manager should:
a. research references.
b. always seek the lowest price regardless of quality.
c. obtain past work performance.
d. research references and obtain past work performance.
94) Any company that has more than _____ employees will need to follow the Americans with Disabilities Act (ADA).
a. 3
b. 10
c. 15
d. 18
95) In order to create a realistic budget for a maintenance program, the property manager must:
a. make effective use of labor, time, and money.
b. hire a resident manager.
c. purchase the best and most expensive maintenance contractor.
d. allow for deferred maintenance.
96) Which of the following is a commercial property space previously occupied by another tenant and then renovated?
a. Remodel
b. Finish-out
c. Make-ready
d. Model
97) Proper procedure for maintenance requests usually involves the:
a. tenant calling the property owner directly.
b. tenant completing a maintenance request form.
c. tenant performing his or her own maintenance on complex jobs.
d. on-site manager forwarding requests to the property owner.
98) The most frequent type of ___________ maintenance involves the general, daily upkeep of the property, such as cleaning the common areas and building grounds.
a. preventive
b. cosmetic
c. corrective
d. routine
99) Many maintenance personnel belong to _____________, and this will affect the composite of the maintenance staff.
a. professional organizations
b. community watch programs
c. unions
d. schools
100) When creating the maintenance program, a property manager should be mindful of maintenance personnel and implement:
a. uniforms.
b. higher wages.
c. a rewards program.
d. safety practices.
101) The financial limits a property manager can spend on a service contract before requiring the property owner’s approval are called:
a. property spending caps.
b. ceiling service costs.
c. managerial limitations.
d. contracting budget caps.
102) A good resource for property managers to check a contracting company’s references and work performance is the:
a. local Better Business Bureau.
b. ADA Database.
c. Phone Book.
d. Customer Survey Report
103) Upgrading and renovating are examples of __________ maintenance.
a. routine
b. preventive
c. corrective
d. cosmetic
104) Daily upkeep tasks like housekeeping and cleaning are examples of __________ maintenance.
a. routine
b. preventive
c. corrective
d. cosmetic
105) Keeping maintenance records will:
a. impede preventive maintenance.
b. increase tenant service interruptions.
c. minimize costs for the property owner.
d. accelerate deferred maintenance.
106) The property owner’s on-site representative who coordinates all building maintenance operations is the:
a. contractor.
b. resident manager.
c. maintenance leader.
d. property assistant.
107) Fixing items that need immediate repairs, such as fixing an air conditioning system on a warm day, is an example of __________ maintenance.
a. routine
b. preventive
c. corrective
d. cosmetic
108) Trudy manages a large apartment complex. She wants to improve the landscaping at the property entrance and obtains a bid from Best Landscaping for $1,000. Before employing the contractor, Trudy must check the management agreement to see if there are any financial limits on hiring a service contractor before requiring the property owner’s approval. What is the name of this clause in a management agreement?
a. Bond clause
b. Ceiling service costs clause
c. Third party clause
d. Workers clause
109) __________ metered refers to a utility company that provides service to one customer, who redistributes the utilities to the occupants within the building.
a. Master
b. Individually
c. Efficiency
d. Delegation
110) In order to develop a cost-efficient maintenance program, the property manager must implement:
a. deferred maintenance.
b. cost controls.
c. a system in which large repairs are ignored.
d. cheap labor and deferred maintenance.
111) Retrofitting may be necessary in cases in which:
a. the property manager is seeking a new look.
b. tenants are unhappy with the landscaping.
c. governmental regulations require it.
d. a light bulb needs changing.
112) By analyzing the __________, property managers can minimize the financial risks under their control, such as fluctuating rental rates.
a. real estate statistics
b. national demographics
c. stock market
d. market trends
113) _________ maintenance is when obvious repairs are needed, but postponed.
a. Deferred
b. Preferred
c. Referred
d. Offered
114) Donna, an experienced property manager, is conducting a neighborhood analysis for a property. Which of the following is a physical issue that Donna would consider in the analysis?
a. Interior decorating themes
b. Lot size
c. Per capita income
d. Average age of tenants
115) Head and hearing protection are examples of ______________.
a. unnecessary precautions
b. personal protective equipment
c. OSHA requirements
d. workplace hazards
116) _____________ risk is giving responsibility for the risk to someone other than the property manager or owner.
a. Retaining
b. Reducing
c. Avoiding
d. Transferring
117) What action can a city take to prevent any competing units from entering the market in the near future?
a. Zoning hold
b. License throttling
c. Building moratorium
d. Construction layoffs
118) Basic property coverage can be customized with additional ___________ to cover damage caused by fire or lightning, windstorm or hail, explosions, riot or civil commotion, theft, aircraft, vehicles, smoke, vandalism, and malicious mischief.
a. endorsements
b. waivers
c. flags
d. contingencies
119) The ____________ is responsible for maintaining the financial records needed to create financial statements and other reports for the property owners.
a. administrative assistant
b. accountant/bookkeeper
c. maintenance supervisor
d. building engineer
120) All employee computers must be assigned unique ____________.
a. passwords
b. destinations
c. wallpaper
d. firewalls
121) Routine housekeeping for commercial properties can be __________ of the maintenance budget.
a. 18%
b. 24%
c. 13%
d. 37%
122) Who is responsible for the performance of supervisors and on-site managers, maintenance, and accounting?
a. Entry-level managers
b. Middle managers
c. Administrative assistants
d. Executive managers
123) Pest control and scheduled maintenance of HVAC systems are ___________ occurrences.
a. weekly
b. annual
c. monthly
d. daily
124) The on-site manager should encourage tenants that maintenance requests be made ______________.
a. Multiple times
b. In person
c. In writing
d. Left in a voicemail
125) Which is an example of an efficient and cost-effective maintenance request form?
a. A handwritten form
b. A glossy brochure quality form
c. A mimeograph copy
d. A tricolor carbonless (NCR) form
126) A _________________ penalty is paid by the insured to the insurance company at the time of loss if the building being covered is not insured to value.
a. Default
b. Valuation
c. Coinsurance
d. Deductible
127) Which term refers to the number of new dwellings begun nationwide during a particular period?
a. Housing starts
b. Plateaus
c. Growth rate
d. Change in supply
128) Maintenance is done on doors and locks, carpeting and floors, elevators would be an example of ____________ maintenance.
a. inferior
b. interior
c. exterior
d. superior
129) Records of expired insurance policies should be kept for how many years?
a. 1
b. 3
c. 5
d. 7
130) A _______________ is a computer software solution that assists the user in developing and storing the information for a maintenance program.
a. Calculated Multiple Maintenance Algorithm
b. Centralized Marriage of Maintenance Programs
c. Customized Program of Maintenance
d. Computerized Maintenance Management System
131) What type of tenants are assessed a CAM charge for elevators, lobby, restrooms, and other common areas in the building?
a. Cooperative
b. Conditional
c. Industrial
d. Residential
132) ____________ are changes in the market in a consistent direction that occur over a long-term period.
a. Trends
b. Observations
c. Disparities
d. Recessions
133) With the exception of ______________, property managers who list property for rent, negotiate leases, and collect rent must have a real estate broker license in the state in which they practice.
a. Pennsylvania and Delaware
b. Idaho and Maine
c. New Jersey and New York
d. California and Kansas
134) ___________ can consist of a new façade, landscaping, space reconfiguration, and upgraded parking or lighting.
a. Remodeling
b. Renovating
c. Refurbishing
d. Reducing
135) A ______________ includes the number and type of investment properties (residential and commercial) owned by an investor.
a. property portfolio
b. holding file
c. value receipt
d. commercial listing
136) What is one of the most important elements of risk management?
a. Redundancy
b. Prevention
c. Maintenance
d. Insurance
137) Rental rates for commercial property generally lag from ____________ behind the residential rental market.
a. six months to a year
b. one to two weeks
c. two to five years
d. two weeks to three months
138) Which of the following is one of the economic components of a real estate cycle?
a. Totality
b. Unison
c. Peak
d. Variation
139) Routine maintenance checks to find small problems before they become bigger problems, should be done how often?
a. Weekly
b. Monthly
c. Annually
d. Biannually
140) All buildings and units are equipped with:
a. vending machines.
b. functional smoke alarms and fire extinguishers.
c. pay phones.
d. backup generators.
141) The value of money, measured by the amount of goods it can buy, is called:
a. purchasing power.
b. economic base.
c. demand.
d. efficient demand.
142) Which of the following is the professional designation conferred by the Institute of Real Estate Management to individuals who distinguish themselves in the areas of education, experience, and ethics in property management?
a. CPM®
b. AMO®
c. NALP®
d. CRMC®
143) Commercial property includes:
a. multi-family homes.
b. industrial property.
c. apartment complexes.
d. condominiums.
144) What is the professional designation conferred by the Institute of Real Estate Management (IREM®) to individuals who distinguish themselves in the areas of education, experience, and ethics in property management?
a. Licensed Property Manager®
b. Master Property Manager®
c. Certified Property Manager®
d. Senior Property Manager®
145) Target marketing information and traffic counts are examples of which type of demographics?
a. Residential
b. Business
c. Household
d. Purchasing
146) All prospective maintenance employees should complete what?
a. A maintenance licensing course
b. An employment aptitude test
c. A psychological evaluation
d. An application detailing their education and experience
147) To save energy, property manager should set the common area thermostat to __________ in summer.
a. 65 – 68º F
b. 80 – 95º F
c. 60 – 65º F
d. 78 – 80º F
148) Which act permits employers to ensure that the workplace is free from the illegal use of drugs and the use of alcohol?
a. The Safe Workplace Act
b. The Americans with Disabilities Act
c. The Drug-Free Employment Act
d. The American Prohibition Act
149) Who is responsible for supervising maintenance and housekeeping on a daily, weekly, or monthly schedule?
a. Portfolio managers
b. Asset managers
c. Regional managers
d. On-site managers
150) ___________ metered is where the utility company provides separate service to each individual unit within a building.
a. Separate
b. Master
c. Individually
d. Streaming
151) ____________ is the monetary relationship between properties and the individuals who buy, sell, or use those properties.
a. Demand
b. Value
c. Usage
d. Supply
152) ________ bills represent over 32% of the operating costs of a property.
a. Fuel
b. Labor
c. Utility
d. Automotive
153) Whose requirements for the proper use of hand and power tools are: ensure good, working condition of tools; utilize proper guards and safety switches during operation; and use personal protective equipment?
a. OSHA
b. PMA
c. REC
d. NAR®
154) __________risk means taking steps to make sure that certain risks do not cause loss.
a. Avoiding
b. Containing
c. Receiving
d. Delivering
155) Deciding to self-insure is an example of:
a. avoiding risk.
b. retaining risk.
c. reducing risk.
d. transferring risk.
156) Price levels change based on the relative ____________ for any resource.
a. supply and demand
b. market threshold
c. parity basis
d. valuation review
157) A ___________ manager is the property owner’s on-site representative who coordinates all building maintenance operations.
a. property
b. resident
c. operations
d. contract
158) The residential toilet uses about ______ of the apartment building water.
a. 28%
b. 37%
c. 46%
d. 72%
159) The ____________ manager is an executive who works for large corporations or pension funds that have significant property portfolios.
a. Supervisory
b. Asset
c. Executive
d. Senior
160) To improve the energy efficiency of a property, which energy-saving technique can be used to reduce the cost of lighting the parking area?
a. Installing double, triple, or low-energy glazed windows
b. Installing master-metered utilities
c. Using incandescent light bulbs
d. Using photoelectric timers
161) A ____________ is used by a property manager to avoid any conflicts later regarding the condition of the unit.
a. security bond
b. move-in checklist
c. trust account
d. liability waiver
162) In a CID, pools, parks, playgrounds, landscaped areas, elevators, parking areas are examples of what?
a. Liability
b. Personal property
c. Cost per use amenities
d. Common areas
163) What is measured by the number of sources for products?
a. Proximation cost
b. Gradient value
c. Economic base
d. Utility index
164) The four strategies a property manager can implement to remove or minimize risk include:
a. avoiding, reducing, retaining, and transferring risk.
b. hiding, reducing, negotiating, and transferring risk.
c. avoiding, increasing, deferring, and transferring risk.
d. procuring, reducing, retaining, and balancing risk.
165) What type of insurance policy covers multiple pieces of personal property at one location or multiple pieces of personal property at more than one location.
a. Consolidated
b. Umbrella
c. Inclusive
d. Blanket
166) When a new tenant moves into a unit, the ___________ visits the unit to ensure that it is in a well-maintained condition.
a. leasing agent
b. escrow agent
c. administrative assistant
d. on-site manager
167) What is the highest certification a property manager can earn through IREM?
a. CPG
b. CPM
c. RMS
d. EAB
168) Local city or county ___________ specify the required number and location of smoke alarms, smoke detectors, and fire extinguishers for buildings.
a. hardware stores
b. real estate commissions
c. safety codes
d. building inspectors
169) Plumbers, electricians, and landscapers are all considered:
a. general maintenance contractors.
b. day laborers.
c. administrative consultants.
d. outside maintenance consultants.
170) A _____________ is a slowdown in the pace of economic activity.
a. Expansion
b. Trough
c. Peak
d. Contraction
171) Who is a party named to receive benefits when a claim on an insurance policy is filed?
a. Incumbent
b. Beneficiary
c. Loss payee
d. Recipient
172) The desire to purchase a commodity is known as:
a. supply.
b. demographics.
c. purchasing power.
d. demand.
173) __________ covers a structure for the amount it will cost to rebuild the same structure at today’s cost.
a. Balloon payout
b. Whole cost
c. Replacement value
d. Full price
174) The _____________ is a point on the scale of possible prices at which a property might be marketed.
a. absorption rate
b. price point
c. demand mark
d. marketing price
175) Water-saving shower flow restrictors use _________ GPM.
a. 2.5
b. 4.5
c. 10
d. 7
176) The _____________ of a property is related to its condition, materials used in the building process, its design, and style.
a. quality
b. quantity
c. demand
d. b-factor
177) A person who specializes in leasing rental properties is known as:
a. a leasing agent.
b. a property assessor.
c. an appraiser.
d. a property facilitator.
178) A ___________ compares rents from competitive properties to determine the market rent.
a. regional analysis
b. market analysis
c. rental survey
d. demographic survey
179) Who should be named as the co-insured on all liability insurance policies the owner holds on his or her property?
a. A family member
b. The property manager
c. The tenants
d. An attorney
180) The lower turning point of a business cycle is the:
a. expansion.
b. trough.
c. contraction.
d. peak.
181) ___________ covers a structure at the depreciated value of the loss.
a. Actual cash value
b. Insurance consideration
c. Adjusted cost basis
d. Fractional payout
182) For investment property, the _____________ is the rate at which a type of property is leased by the market.
a. absorption rate
b. building moratorium
c. investment rate
d. inventory analysis
183) ___________ managers oversee the operations of a property management company.
a. Middle
b. Regional
c. Executive
d. On-site
184) Which of the following specialty positions is responsible for the safe operation of the building?
a. Leasing agent
b. General maintenance contractor
c. Building engineer
d. Administrative assistant

185) A ___________________ is a new building shell that has been accommodated for a new commercial tenant.
a. Makeover
b. Do over
c. Finish-out
d. Make-ready
186) An analysis of supply without an analysis of ______________ is useless.
a. Demographics
b. Trends
c. Demand
d. Price points
187) ____________ are third party professionals hired to perform specific duties, such as pest control or plumbing, for a fee.
a. Superintendents
b. Union workers
c. Contractors
d. On-site maintenance workers
188) Types of modern security technology include: access controls, automated security systems, closed-circuit television, and ______________.
a. listening devices
b. Wi-Fi
c. cable television
d. intercommunication networks
189) Insurance companies that are considered financially vulnerable are rated _________ or lower.
a. F
b. B
c. 2 stars
d. 3 stars

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