Property-Management-Study-Guide-2016-rev(1).pdf - March 2016 ★ ★ ★ District of Columbia Department of Consumer and Regulatory Affairs OCCUPATIONAL

Property-Management-Study-Guide-2016-rev(1).pdf - March...

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District of Columbia Department of Consumer and Regulatory Affairs OCCUPATIONAL & PROFESSIONAL LICENSING ADMINISTRATION STUDY GUIDE FOR PROPERTY MANAGERS EXAMINATION ★ ★ ★
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DC Property Management Study Guide – i TABLE OF CONTENTS 1 Management Plan ................................................................................................................................. 1 1.1 Market Analysis ............................................................................................................................ 1 1.2 Analysis of Alternative Programs ................................................................................................. 2 1.3 Property Analysis .......................................................................................................................... 2 1.4 Responsibilities and Limitations ................................................................................................... 3 1.4.1 According to Contract ........................................................................................................... 4 1.5 Implementation ............................................................................................................................. 5 1.6 Owner’s Objective ........................................................................................................................ 5 1.7 Analysis of Competitive Properties .............................................................................................. 5 2 Accounting Systems ............................................................................................................................. 6 2.1 Budgeting Process ......................................................................................................................... 6 2.1.1 Analysis of Income and Expenses ........................................................................................ 7 2.1.2 Cash Flow and Projections .................................................................................................. 11 2.1.3 Capital Expenditures ........................................................................................................... 13 2.1.4 Escrow Accounts and Reserves .......................................................................................... 13 2.2 Reports and Records ................................................................................................................... 14 2.3 Lease Administration .................................................................................................................. 14 2.3.1 Pass-Throughs ..................................................................................................................... 16 2.3.2 Escalator Clauses ................................................................................................................ 16 2.4 Fiscal Responsibility ................................................................................................................... 16 2.5 Asset Management ...................................................................................................................... 16 3 Facilities Management ....................................................................................................................... 18 3.1 Physical Inspections .................................................................................................................... 19 3.2 Service Contract Negotiations .................................................................................................... 20 3.3 Utility Management .................................................................................................................... 21 3.3.1 Water consumption ............................................................................................................. 21 3.3.2 Electrical/Natural Gas ......................................................................................................... 22
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DC Property Management Study Guide – ii 3.3.3 Other .................................................................................................................................... 22 3.4 Preventive Maintenance .............................................................................................................. 22 3.5 Risk Management/Insurance ....................................................................................................... 23 3.6 Capital Repairs ............................................................................................................................ 24 3.7 Marketing .................................................................................................................................... 24 4 District of Columbia Laws, Rules and Regulations Regarding Property Management ..................... 25 4.1 Rent Control ................................................................................................................................ 27 4.2 Occupancy Housing and Building Codes ................................................................................... 28 4.3 Leases and Security Deposits ...................................................................................................... 30 4.4 Agency/Contract Law ................................................................................................................. 32 4.5 Zoning ......................................................................................................................................... 32 4.6 Sale and Conversion .................................................................................................................... 32 4.6.1 Transfer of Ownership/ Tenant Opportunity to Purchase Act ............................................ 34 4.6.2 District Opportunity to Purchase Act .................................................................................. 35 4.7 Fair Housing/Human Rights Act 1977 ........................................................................................ 36 4.8 Employment ................................................................................................................................ 37 4.9 Landlord-Tenant Relationship .................................................................................................... 38 4.10 Police and Fire Codes ................................................................................................................. 39 4.11 Record Keeping ........................................................................................................................... 39 4.12 Tenant’s Rights Under Foreclosure ............................................................................................ 40 4.13 Evictions ...................................................................................................................................... 40
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DC Property Management Study Guide – 1 OVERVIEW The purpose of this Study Guide is not only to assist the property manager in providing material applicable to the District of Columbia Property Manager’s Exam but also to be a resource tool. Throughout the study guide are references to web sites, District of Columbia Municipal Regulations (DCMR), and published books, which will assist in researching specific materials more thoroughly and in being a resource directory after completing the exam. Also, important key words are shown in bold. Lastly, there are a number of example questions and answers to further assist in the understanding and comprehension of the concepts. 1 MANAGEMENT PLAN The primary responsibility of a real estate property manager is to understand and implement the owner’s goals and objectives. In order to accomplish this and to develop a short term and long term “game plan” for the property, the manager needs to formulate a Management Plan . The plan describes in detail the subject property’s current use along with its physical condition, fiscal projections, and any operational issues. It also includes an analysis of the market (both regional and neighborhood), the competing properties, as well as potential improvements or alternative uses for the subject property. These items will be discussed further in this section.
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