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NEW QUESTION # 93
A property manager received a call from their asset manager quest-ioning the completion of the installation, as well as the processing and payment of the invoice, for a chiller rebuild. What is the name of the comprehensive documentation process that the property manager followed?
Answer: B
Explanation:
Anaudit trailis a comprehensive and chronological record that provides documentary evidence of the steps taken in a process-such as installation, invoicing, and payment. It allows verification and traceability of all actionsand transactions related to a project, making it the most accurate term in this scenario.
NEW QUESTION # 94
A newly hired property manager is working on completing several employee reviews and knows there are several ways this can be accomplished. The reviewer would like to assess the employees based on quality of work and job knowledge. Which of the following is theBESTway to accomplish this?
Answer: A
Explanation:
TheBehaviorally Anchored Rating Scale (BARS)is thebestmethod for evaluating employees on qualitative factors like job knowledge and quality of work. It combines elements of quantitative ratings and qualitative examples, offering clear, behavior-based descriptions for each level of performance, which helps reduce bias and improve review accuracy.
NEW QUESTION # 95
An unexpected elevator repair charge was incurred. Due to the unanticipated change in the budget, the information needed to be written directly on the invoice, but it was coded incorrectly. What step in the process isESSENTIALto ensuring that the correct vendor is paid?
Answer: B
Explanation:
To ensure that the correct vendor is paid, it is essential toreconfirm the vendor numberon the invoice. This step ensures that the payment is routed to the correct vendor, especially if the invoice was coded incorrectly or had other discrepancies.
NEW QUESTION # 96
An investment firm hires an asset manager to oversee the financial performance of a property. The asset manager requests from the property manager a monthly reporting package. Which of the followingBEST exemplifies components of a typical reporting package?
Answer: A
Explanation:
A typical monthly reporting package from a property manager to an asset manager includes operational financial data-such as rent rolls (occupancy/income), cash receipts (income tracking), and transfers of excess funds (distributions). These provide a snapshot of property performance.
NEW QUESTION # 97
A property manager has planned and budgeted a chiller teardown for a medical office building. The work was scheduled to be completed in March. Due to a long lead time for parts, the work was not completed until May.
The property manager will need to calculate the difference between actual and budgeted costs and report this information to the building owner. What is this called?
Answer: C
Explanation:
Avarianceis the difference between what wasbudgetedand what wasactually spent or incurred. In this case, the property manager must report thevariancein costs and timing due to the delay, which is key in financial and performance reporting.
NEW QUESTION # 98
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