المدير السكني المعتمد (ARM)®

3. Introduction to Ethics

First and foremost, ethics refers to well-founded standards of right and wrong that tell us what we ought to do. Ethics, for example, refers to standards that impose obligations to refrain from acts such as stealing or fraud. Ethical standards also demand virtues such as honesty, compassion, and loyalty.

In this lesson, you will learn how to:

• Define the concept of Ethics, and its relationship to morality and the law
• Explain the history of IREM
• Understand the purpose of the IREM Code of Professional Ethics

4. Ethical Decision Making

Ethical issues can arise in everyday life and can sometimes be confusing. The “Five Question Method” is a valuable framework for clarifying and examining ethical decisions, in addition to referencing the IREM Code of Professional Ethics.

In this lesson, you will learn how to:

• Identify excuses and justifications for conducting unethical business practices
• Recognize strategies for resolving ethical dilemmas

5. IREM Code of Professional Ethics

IREM was founded in 1933 with ethics as its cornerstone to establish an organization of responsible real estate managers opposed to unethical business practices. Those early standards of the 1930s have evolved into what today is the IREM® Code of Professional Ethics.

In this lesson, you will learn how to:

• Understand the articles of the IREM Code of Professional Ethics and apply them to real world situations

6. Conflict of Interest

A fiduciary relationship assures your clients and fellow professionals that they can trust and depend on you whenever you conduct business together. Because of the importance of fiduciary relationships, conflicts of interest must be avoided. A conflict of interest is a situation in which a professional has a personal, usually financial, interest sufficient to appear to influence the objective exercise of his or her official duties

In this lesson, you will learn how to:

• Explain what a fiduciary relationship means
• Identify factors that contribute to conflicts of interest

7. Enforcement:  Detailed Case Study

Unless enforced, codes of ethics have little meaning. IREM enforces the code vigorously. Enforcement of the IREM code of ethics is conducted within a defined structure by an established peer review process that may result in disciplinary actions. The three boards responsible for enforcing the code are: the Ethics Inquiry Board, the Ethics Hearing and Discipline Board, and the Ethics Appeal board.

In this lesson, you will learn how to:

• Explain how the IREM Code of Professional Ethics is enforced
• Evaluate real ethics violations and determine outcomes through a detailed case study

8. Summary

Ethics is more than just a set of rules. It is a personal commitment to determine the right thing to do and then to do just that. It's good for you, your business, and our industry. Good luck with your exam today, and with your future as an ethical IREM member and real estate management professional.

In this lesson, you will learn how to:

• Review concepts learned during “Ethics for the Real Estate Manager (ETH800)”

PART III The Staff

9. Managing and Leading the Team

An effective property manager is one that understands the various dynamics on the property and creates an environment where all team members are encouraged to do their best work. A property manager must create an intentional strategy for managing and leading the team.

In this lesson, you will learn how to:

• Determine the property manager’s role on the property team
• Identify and describe approaches to management
• Identify intergenerational dynamics related to management
• Determine what motivates employees

10. The Life Cycle of an Employee

Finding, hiring, training, and evaluating the right talent will add to the bottom line by decreasing turnover and increasing the quality of work. The property manager must understand the life cycle of an employee and the related legal considerations throughout the process in order to attract and retain an effective property team.

In this lesson, you will learn how to:

• Identify and describe key components in the recruitment and hiring process
• Determine strategies for onboarding and training new employees
• Execute the performance management process
• Manage employee retention and turnover

11. Communication and Conflict Resolution

Managing employees involves an understanding of communication skills as well as the various styles of conflict resolution. A manager must develop active listening and nonverbal communication skills to break down communication barriers and enable more effective problem solving among employees.

In this lesson, you will learn how to:

• Recognize common communication barriers
• Demonstrate active listening
• Interpret nonverbal behavior
• Compare conflict resolution styles
• Recognize problem-solving strategies

Part III: Accounting and Budgeting

12. Accounting

Overseeing and executing accurate and efficient accounting procedures ensures the financial health of the property. A property manager must be able to identify and understand accounting skills needed to meet the owner’s objectives for the property’s performance and to provide a foundation for making day-to-day operating decisions.

In this lesson, you will learn how to:

• Describe the importance of accounting and budgeting
• Differentiate between accounting and budgeting
• Recognize ethical accounting and budgeting practices
• Describe the accounting function
• Define key accounting terms
• Classify cash, full accrual, and modified accounting practices
• Describe the chart of accounts
• Define assets and liabilities
• Summarize the purchase order process
• Identify the functionalities of accounting software

13. Budgeting