Property Management Office (PMO) - correct answer Department within an organization that is responsible for controlling or managing property. Responsible
... [Show More] for establishing, guiding, managing, and maintaining an efficient property system, communicating effectively with other departments and functions, and developing and presenting training in subjects relating to property.
Responsibility of Property Management Office - correct answer Establishment and maintenance of a property control system. A property control system is comprised of property management personnel, processes, and management information system (MIS).
Ownership - correct answer Having legal or rightful title to property.
Accountability - correct answer To possess and have use of the property of another with delegated duties and responsibilities, subject to penalty in case of default. Note those "accountable do not have legal or rightful title to the property. Key elements of property accountability are:
• Provider
• Recipient
• Specific duties and responsibilities
• Specific penalties in case of default
Transfer or Accountability - correct answer May or may not involve physical relocation of an asset.
Responsibility - correct answer To be answerable for a trust or obligation.
Responsibility vs Accountability - correct answer The key distinction from a property professional's standpoint is that one is accountable to someone for the property, and is responsible for certain actions (such as maintenance or storage) related to the property.
Property Control System - correct answer Comprised of written policies, procedures, operational guidelines,
and related records as well as the management information system (MIS) that facilitates performing those functions. System must incorporate methods for safeguarding the physical assets of an organization, for periodically verifying the existence, status and condition of the property, and for ensuring the accuracy of related records.
Property Management Office (PMO) Responsibilities - correct answer Establish and maintain effective and efficient processes for managing the assets used in support of the objectives and mission of the organization. It must ensure assets owned by the organization or for which the organization is accountable are adequately controlled, protected, preserved and maintained to maximize their useful life and provide the best possible return on investment.
15 Functional Areas of Property Management - correct answer 1. Acquisition
2. Receiving
3. Identification
4. Records
5. Reports
6. Storage
7. Movement
8. Audits
9. Physical Inventory
10. Consumption
11. Utilization
12. Maintenance
13. Subcontractor Control
14. Disposition
15. Contract Closeout
Departmental Property Administrator - correct answer In charge of the property within a unit or department. This is the individual who consolidates the property activity of the department and informs property management via transactions recorded [Show Less]