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Certified Property Manager (CPM) Free Practice Test

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A 90-suite office property has 14 vacant suites. Nearby buildings report different asking rents, and several prospects have mentioned concessions. What is the best next step before recommending a pricing change?

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Certified Property Manager (CPM)

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Exam Syllabus

Core Certified Property Manager (CPM) topics

1

marketing and leasing

Turn ownership goals into a leasing plan | Define the competitive market | Normalize comparable rents | Read supply and absorption together

2

maintenance and operations

Establish a property condition baseline | Build an equipment inventory | Schedule preventive maintenance | Triage work orders

3

legal and risk management

Apply U.S. fair housing protections | Use consistent screening criteria | Assess accommodation requests | Separate housing and public-access duties

4

finance and asset management

Choose the accounting basis | Read the core financial reports | Build and monitor an operating forecast | Calculate expense recoveries

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Certified Property Manager (CPM) video course

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“Can’t I Just Study on My Own?”

Of course you can. Any exam can be prepared for independently. But you’ll spend weeks extracting key concepts from dense manuals, guessing which topics are actually tested, and hoping you covered enough.

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FAQ

Common questions about Certified Property Manager (CPM)

How do I decide whether a higher asking rent is worth more vacancy?

Compare expected collected revenue over the same period, including downtime, concessions, and leasing costs. A $2,200 monthly lease starting now produces $26,400 over 12 months. Waiting two months for $2,400 produces $24,000 over that same period before any added marketing cost. The higher face rent may still help in later years, so extend the comparison through the likely holding period.

Why can a property report positive NOI but have little cash available to its owner?

Net operating income generally measures property revenue less operating expenses before financing and major capital spending. Suppose annual NOI is $300,000, debt service is $210,000, and a roof replacement costs $70,000. Before taxes and other adjustments, owner cash flow is $20,000. A strong operating result therefore does not by itself establish a strong cash return.

When should a manager repair equipment instead of replacing it?

Compare the expected cost and reliability of each choice over a common period, including energy use, repeated failures, disruption, and any remaining useful life. A $9,000 repair that is likely to last one year may be less attractive than a $30,000 replacement that avoids recurring $6,000 annual repairs and saves $2,000 annually in energy. The choice also depends on available capital and the consequences of another failure.

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