BUSN222 D001 Fall 15

BUSN222 D001 Fall 15: Quiz 1 week 1

BUSN222 D001 Fall 15: Tests & Quizzes Quiz 1

High-tech companies often locate near universities in incubator spaces.

Old multistory manufacturing buildings that are converted into office, residential, and storage space are referred to as loft buildings.

Property managers do not need to be involved in community activities.

Slumlords are owners who pour money back into older properties.

The oldest professional organization of property managers is the Building Owners and Managers Association.

A Certified Property Manager (CPM) is a member of the National Apartment Association.

Ethical behavior is often considered the equivalent of fairness and putting the client’s interest ahead of the manager’s.

The primary function of a property manager is to extract as much money as possible from the managed property.

The automobile made it possible to develop suburbs a long distance from the city center.

One business cycle consists of expansion, recession, contraction, and revival.

Long-term business cycles occur regularly once a year.

Hurricanes and terrorist attacks are considered part of long-term movements.

The management plan considers the surrounding area, the subject property, and the owner’s goals.

Real estate is not generally influenced by outside market forces.

The owner and the manager should be named as coinsureds on liability and workers’ compensation insurance policies.

Fees charged to owners may be freely discussed by competing property management companies.

Most owners do NOT wish to be disturbed so annual reporting is generally sufficient.

Banks, colleges, and large corporations usually enter into an employer-employee relationship with the property manager.

The management agreement should indicate if the agent is permitted to sign binding leases.