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