CPM Certified Property Manager
Definition
The CPM (Certified Property Manager) designation is a distinguished professional credential awarded by the Institute of Real Estate Management (IREM). It signifies a high level of property management expertise, adherence to ethical standards, and commitment to continuing professional education. This designation is recognized worldwide and is synonymous with excellence in the property management industry.
Examples
- Residential Properties: A CPM might manage apartment complexes, ensuring that tenants are satisfied and maintenance is performed timely.
- Commercial Buildings: CP general property management, specifically for income-producing properties such as office buildings, shopping centers, industrial properties, and apartment communities.
- Diverse Portfolio: Some CPMs handle a mix of different property types, demonstrating versatility and a broad range of skills in property management.
Frequently Asked Questions (FAQs)
What are the requirements to obtain the CPM designation?
To earn the CPM designation, candidates must:
- Have several years of qualifying property management experience.
- Complete multiple required educational courses.
- Pass written examinations.
- Fulfill the IREM’s ethical obligations and agree to adhere to their Code of Professional Ethics.
How does the CPM designation benefit property managers?
Property managers with the CPM designation are recognized for their high standard of knowledge and professionalism. It often results in greater career opportunities, higher earning potential, and increased trust with clients and employers.
Is continuing education required for the CPM designation?
Yes, CPMs are required to engage in continuous education to maintain their designation. This ensures that they remain knowledgeable about the latest trends, techniques, and regulations in property management.
Related Terms
- RPA (Real Property Administrator): A designation awarded by BOMA (Building Owners and Managers Association) that focuses on commercial property management.
- FMP (Facility Management Professional): A credential by IFMA (International Facility Management Association) emphasizing facility management skills.
- ARM (Accredited Residential Manager): Another IREM credential, but it focuses specifically on residential property management.
Online Resources
References
- Institute of Real Estate Management. (n.d.). CPM (Certified Property Manager) Designation. Retrieved from IREM.org
- Jarchow, R. (2020). Property Management Kit For Dummies. For Dummies.
Suggested Books for Further Studies
- “Professional Real Estate Management” by Stephen P. Peca
- “Property Management Kit For Dummies” by Jarchow, R.
- “Real Estate Management Law” by Richard Card, John Murdoch, and Sandi Baker
- “Certified Property Manager (CPM®)” by Martha G. Kennedy and Diane O’Brien
Real Estate Basics: CPM Certified Property Manager Fundamentals Quiz
### What does CPM stand for in real estate management?
- [x] Certified Property Manager
- [ ] Certified Project Manager
- [ ] Certified Public Manager
- [ ] Commercial Property Manager
> **Explanation:** CPM stands for Certified Property Manager, which is a professional designation given by the Institute of Real Estate Management (IREM).
### Who awards the CPM designation?
- [x] Institute of Real Estate Management (IREM)
- [ ] Building Owners and Managers Association (BOMA)
- [ ] International Facility Management Association (IFMA)
- [ ] National Association of Realtors (NAR)
> **Explanation:** The CPM designation is awarded by the Institute of Real Estate Management (IREM).
### What is a primary benefit of obtaining the CPM designation?
- [ ] A unique title but no real benefit
- [ ] Access to exclusive property management communities but no financial incentive
- [x] Increased career opportunities and higher earning potential
- [ ] Reduced property management responsibilities
> **Explanation:** Obtaining the CPM designation often results in increased career opportunities and higher earning potential in the property management field.
### Which type of properties can a CPM manage?
- [ ] Only residential properties
- [ ] Only commercial buildings
- [x] A variety of property types, including residential, commercial, and industrial
- [ ] Only government-managed residential properties
> **Explanation:** A CPM can manage various types of properties, including residential, commercial, and industrial.
### What kind of continuing obligation comes with the CPM designation?
- [ ] None
- [ ] Yearly reporting of income earned
- [x] Engagement in continuous education
- [ ] Monthly membership fee reporting
> **Explanation:** And CPM designee needs to engage in continuous education to ensure they stay updated with industry trends and regulatory changes.
### Can a CPM designation be revoked, and if so, under what circumstances?
- [x] Yes, if the ethical standards set by IREM are compromised
- [ ] No, once awarded, it cannot be revoked
- [ ] Only under financial audits
- [ ] During property management certification renewals
> **Explanation:** The CPM designation can be revoked if the individual violates the ethical standards set forth by IREM.
### What types of exams are required for the CPM designation?
- [ ] Verbal interviews only
- [ ] Practical property tests only
- [x] Written examinations
- [ ] Online open-book quizzes
> **Explanation:** Candidates must pass multiple written examinations to qualify for the CPM designation.
### Which organization focuses on residential management and provides the ARM designation?
- [x] The Institute of Real Estate Management (IREM)
- ( ] Building Owners and Managers Association (BOMA)
- [ ] International Facility Management Association (IFMA)
- [ ] National Association of Realtors (NAR)
> **Explanation:** The Institute of Real Estate Management (IREM) focuses on a broad spectrum of property management and provides designations like ARM (Accredited Residential Manager).
### What is a critical element under the ethical obligations of CPMs?
- [x] Adherence to the IREM's Code of Professional Ethics
- [ ] Reporting competitors' unlawfulness
- [ ] Undergoing monthly performance reviews
- [ ] Arbitrarily setting rent prices
> **Explanation:** CPMs must adhere to the IREM's Code of Professional Ethics, which guides their practice and behaviors in the property management profession.
### Which credential primarily focuses on the commercial property management field?
- [x] Real Property Administrator (RPA)
- [ ] Accredited Finance Manager (AFM)
- [ ] Certified Residential Specialist (CRS)
- [ ] Tenant Relationship Manager (TRM)
> **Explanation:** The Real Property Administrator (RPA) credential is primarily focused on commercial property management, conferred by the Building Owners and Managers Association (BOMA).
