Real Estate Practice - 38 (Understanding-Answers)

admin 2019.04.29 15:09 Views : 261

Check Your Understanding-Answers

  1. What is goodwill as it relates to a business? 

    Goodwill is an intangible asset that results from the reputation of the business. It is defined as the expectation that the public will continue to do business at the establishment. 
     
  2. List the three Institute of Real Estate Management property management designations. 

    Certified Property Manager© (CPM©) for individuals meeting a certain level of education and experience. 
    Accredited Residential Manager© (ARM©) for resident managers. 
    Accredited Management Organization© (AMO©) for companies that employ at least one CPM.

     
  3. What are the three general responsibilities of a property manager? 

    Renting the units promptly at the highest market rent possible. 
    Keeping operational and other costs within budget. 
    Pr
    eserving and enhancing the physical value and prestige of the property.
     
  4. Describe how a property manager can receive his or her fees. 

    A property manager's fees can be a flat monthly amount, a percentage of the gross rents collected or a combination of the two. In addition to the fees collected on rentals, a property manager can receive additional compensation for renewing leases and for supervising major repairs or alterations. 
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