Exam 21: Managing Residential Rental Property

The real estate industry applies which of the following labels to individuals who are responsible for the decisions that affect the physical,financial,or ownership structure of the property.

Both owners and managers must carefully designate their responsibilities in the management agreement.In a management agreement,all of the following would typically be responsibilities of the property manager EXCEPT:

Leases are considered the engines that drive property values.Therefore,it should not be surprising that owners of commercial property may seek an independent leasing broker to focus on finding tenants to lease space.In exchange for their services,leasing brokers are paid a commission based on what percentage of the face amount of the lease?

A property management contract establishes an agency relationship between the manager and the owner.Considering that the management fee is often calculated as a percentage of gross income,this would seem to create an agency problem in that the agreement does not give managers the incentives to control operating expenses while they attempt to increase rental income.Though seldom the case,basing the property management fee on which of the following measures would,in theory,better align the interests of the owner and manager?

While college-level courses are not widely available,a number of professional and trade organizations exist in the field of property management.Which of the following certifications awarded by the Institute of Real Estate Management is aimed at individuals who manage larger,residential,office,industrial,or retail properties?