CPM Cheat Sheet 2026

The 30 highest-yield CPM facts, distilled from real exam questions. Print it, save it as a PDF, or study it here — free, no sign-up.

1. Which organization awards the Certified Property Manager (CPM) designation in the US? → Institute of Real Estate Management (IREM)
2. Which act requires employers with 50+ employees to provide up to 12 weeks of unpaid, job-protected leave for qualifying family and medical reasons? → The Family and Medical Leave Act (FMLA)
3. What is 'deferred maintenance'? → Needed repairs or maintenance that have been postponed, increasing future costs
4. Which energy efficiency measure involves adjusting building systems to operate only when and where needed? → Building automation / smart controls
5. What is 'benchmarking' in property management performance measurement? → Comparing a property's performance metrics to industry standards or peer properties
6. What is 'progressive discipline' in employee management? → A structured sequence of increasingly serious consequences for policy violations
7. What is 'subrogation' in insurance? → The insurer's right to recover from a negligent third party after paying a claim
8. A property has a gross potential income of $600,000, vacancy and credit loss of $30,000, and operating expenses of $200,000. What is the NOI? → $370,000
9. What is 'succession planning' in property management organizations? → Identifying and developing internal candidates to fill key leadership roles in the future
10. What is the purpose of conducting a 'due diligence' property inspection before acquisition? → To identify physical deficiencies, deferred maintenance, and capital needs before purchase
11. Asbestos-containing materials (ACM) in buildings built before what year require special handling under federal regulations? → 1980
12. Which of the following is an example of a capital expenditure (CapEx) rather than an operating expense? → Roof replacement
13. A property generates a potential gross income of $500,000 with a 5% vacancy rate. What is the effective gross income? → $475,000
14. Which lease type is most common in large retail or commercial properties where rent is tied to the tenant's sales volume? → Percentage lease
15. What is 'constructive eviction'? → When the landlord's failure to maintain the property forces a tenant to vacate
16. What is a 'cash-on-cash return'? → Annual pre-tax cash flow divided by total equity invested
17. Which lease structure requires the tenant to pay base rent plus their proportionate share of property taxes, insurance, and maintenance? → Triple net (NNN) lease
18. Which property type is generally characterized by income-producing residential units rented to multiple tenants? → Multifamily residential
19. What is 'loss to lease' in apartment management? → The difference between market rent and actual contracted rent on existing leases
20. What is the primary goal of a property's marketing plan? → To attract qualified prospects and minimize vacancy
21. What is the legal purpose of an 'unlawful detainer' action? → To formally evict a tenant who refuses to vacate after proper notice
22. Under the Americans with Disabilities Act, which properties must comply with accessibility requirements for public accommodations? → All commercial facilities open to the public regardless of age
23. When performing a property analysis, what does the term 'equity dividend rate' (also called cash-on-cash return) measure? → The before-tax cash flow as a percentage of the initial equity invested
24. Which document transfers possessory rights of a property to a tenant for a specified period in exchange for rent? → Lease
25. What is the Gross Rent Multiplier (GRM) of a property with a market value of $1,200,000 and annual gross rents of $150,000? → 8
26. What is 'effective rent' in commercial leasing? → The average net rent over the lease term after accounting for all concessions
27. Which standard measures a building's energy performance relative to similar buildings? → ENERGY STAR rating
28. Which financial report shows a snapshot of assets, liabilities, and equity at a specific point in time? → Balance sheet
29. When selecting a maintenance contractor, which factor is most critical from a risk management standpoint? → Proof of adequate insurance coverage and proper licensing
30. Which metric best evaluates the effectiveness of a leasing team? → Conversion rate of prospects to signed leases