100+ Free ARM Practice Questions

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What is the primary purpose of a residential property's marketing plan?

To set rental rates above market to maximize revenue

To attract qualified prospects and minimize vacancy loss

To document leasing activity for the IRS

To replace the operating budget during slow seasons

to track

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2026 Statistics

Key Facts: ARM Exam

100

Exam Questions

Open book, online proctored

70%

Passing Score

IREM

30 days

Exam Window

After registration

12 mo

Experience Required

IREM minimum portfolio

2 courses

Required Coursework

Plus ETH001 or ETH800

60-80 hrs

Typical Study Time

IREM

The IREM ARM exam has 100 open-book multiple-choice questions delivered through a live online proctor, with a 30-day window after registration and a 70% passing score. Seven topic areas: Marketing, Leasing & Tenant Relations (20%), Maintenance & Operations (20%), Financial Reporting & Budgeting (20%), Fair Housing & Legal Compliance (15%), Risk Management & Insurance (10%), Resident Retention & Customer Service (10%), and IREM Code of Professional Ethics (5%). Eligibility: 12 months residential management experience meeting IREM minimum portfolio (e.g., 30 rental MF units or 60 HOA/condo units) plus 14 of 29 management functions; complete two ARM courses and an ethics course (ETH001 or ETH800).

Sample ARM Practice Questions

Try these sample questions to test your ARM exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1What is the primary purpose of a residential property's marketing plan?

A.To set rental rates above market to maximize revenue

B.To attract qualified prospects and minimize vacancy loss

C.To document leasing activity for the IRS

D.To replace the operating budget during slow seasons

Explanation: A marketing plan identifies the property's target market and lays out the strategies used to attract qualified prospects, fill vacancies quickly, and minimize lost rent. Setting rates above market typically increases vacancy rather than revenue, and a marketing plan is not a tax document or a substitute for the operating budget.

2Which metric expresses unoccupied unit days as a percentage of total available unit days?

A.Renewal rate

B.Vacancy rate

C.Concession rate

D.Cap rate

Explanation: Vacancy rate is the percentage of available unit days (or units) that are unoccupied during a given period. Renewal rate measures lease renewals, concession rate tracks discounts, and cap rate is a valuation metric (NOI ÷ value).

3Which of the following is the standard first step in the residential leasing process?

A.Signing the lease

B.Conducting an initial inquiry and pre-qualification

C.Performing the move-in inspection

D.Charging the security deposit

Explanation: Leasing begins when a prospect inquires and the property representative pre-qualifies them on basics such as occupancy needs, move-in date, and stated income. The signed lease, deposit collection, and move-in inspection all come later in the workflow.

4What document outlines the rental rates, concessions, and unit-mix offered at a residential property?

A.Operating budget

B.Rent roll

C.Market survey rate sheet

D.Capital reserve study

Explanation: A market survey rate sheet (or pricing sheet) lists current asking rents, specials, and unit types and is updated based on competitor surveys. The rent roll lists current residents and their rents, the operating budget projects income and expenses, and the reserve study scopes capital replacements.

5When comparing your property to competitors in the same submarket, which research tool is typically used?

A.Cap rate analysis

B.Comparable market study (rent comps)

C.Reserve study

D.T-12 income statement

Explanation: A comparable market study, often called rent comps, surveys nearby properties of similar age, size, and amenities to benchmark rents, concessions, and occupancy. Cap rate, reserve studies, and T-12 income statements answer different questions about valuation, capital, and historical income.

6Effective gross income (EGI) for a residential property is best defined as:

A.Gross potential rent only

B.Gross potential rent plus other income, less vacancy and collection loss

C.Net operating income after debt service

D.Total operating expenses plus reserves

Explanation: EGI starts with gross potential rent at 100% occupancy, adds other income such as fees and parking, and subtracts vacancy and collection loss. NOI is calculated after operating expenses, and operating expenses are not part of EGI itself.

7A property is offering one month free on a 12-month lease at $1,500 per month. What is the effective monthly rent?

A.$1,250

B.$1,375

C.$1,400

D.$1,500

Explanation: Effective monthly rent equals total rent collected divided by the lease term. Eleven months of paid rent is $16,500; divided by 12 months gives $1,375 effective monthly rent. The advertised street rent of $1,500 is gross, not effective.

8Which of the following best describes a 'traffic source' report in residential leasing?

A.A report of which marketing sources produced prospect inquiries and leases

B.A list of vehicles registered to residents

C.A summary of work orders by location

D.A road maintenance schedule for the parking lot

Explanation: Traffic source reports tie each prospect inquiry and lease back to the marketing channel that produced it (ILS, walk-in, referral, social, etc.) so the manager can shift spend toward channels with the lowest cost per lease.

9A site team's lease conversion ratio for the month is 30%. If the property received 200 prospects, how many leases were signed?

A.30

B.60

C.70

D.200

Explanation: Lease conversion ratio is leases ÷ prospects. With 200 prospects and a 30% conversion, 0.30 × 200 = 60 leases were signed. The other choices misapply the calculation or simply repeat the input.

10When setting renewal rents, which factor should the property manager weigh MOST heavily alongside current market rent?

A.The resident's payment history and tenure

B.The age of the building's roof

C.The property's loan-to-value ratio

D.The manager's personal relationship with the resident

Explanation: Renewal pricing should reflect the resident's value to the property — on-time payments, lease compliance, and tenure — alongside the current market rent. Roof age, the loan-to-value ratio, and personal relationships are not appropriate primary inputs to renewal rent.

About the ARM Exam

The ARM (Accredited Residential Manager) certification from IREM is the early-career credential for residential property managers. The exam is 100 multiple-choice questions, open book with PDF or hard-copy IREM materials, with a 30-day window after registration. It is delivered live online with a proctor and a 70% passing score. Content covers marketing and leasing, maintenance and operations, financial reporting and budgeting, fair housing and legal compliance, risk management and insurance, resident retention, and the IREM Code of Professional Ethics.

Questions

100 scored questions

Time Limit

Open book, 30-day window

Passing Score

70%

Exam Fee

~$285 (members) / ~$485 (non-members) (Institute of Real Estate Management (IREM))

ARM Exam Content Outline

20%

Marketing, Leasing & Tenant Relations

Marketing plans, advertising, leasing process, application screening, lease execution, move-in, and day-to-day tenant relations for residential properties

20%

Maintenance & Operations

Preventive vs. corrective maintenance, work order priorities, building systems (HVAC, electrical, plumbing), capital reserves, vendor management, and contracts

20%

Financial Reporting & Budgeting

Operating budgets, NOI, cap rate, GRM, T-3 and T-12 income reports, variance analysis, accrual vs. cash accounting, and capital reserves

15%

Fair Housing & Legal Compliance

Fair Housing Act seven protected classes, ADA Title III, Section 504, ESA reasonable accommodations, lead-based paint disclosure, and landlord-tenant law

10%

Risk Management & Insurance

Insurance coverage (property, liability, umbrella), loss prevention, OSHA HazCom for in-house staff, mold remediation (IICRC S520), and emergency preparedness

10%

Resident Retention & Customer Service

Renewal strategy, retention metrics including renewal rate and NPS, service recovery, communication standards, and turnover cost analysis

IREM Code of Professional Ethics

Loyalty to client, confidentiality, accounting and trust funds, fiduciary duty, and the IREM Code of Professional Ethics enforcement process

How to Pass the ARM Exam

What You Need to Know

Passing score: 70%
Exam length: 100 questions
Time limit: Open book, 30-day window
Exam fee: ~$285 (members) / ~$485 (non-members)

Keys to Passing

Complete 500+ practice questions
Score 80%+ consistently before scheduling
Focus on highest-weighted sections
Use our AI tutor for tough concepts

ARM Study Tips from Top Performers

1Tab and highlight your IREM course materials before the exam — open book only helps if you can find answers in under 60 seconds

2Memorize the seven Fair Housing Act protected classes (race, color, religion, national origin, sex, familial status, disability) — multiple questions test these directly

3Practice core formulas: NOI = effective gross income − operating expenses; cap rate = NOI ÷ value; GRM = price ÷ gross annual rent

4Know the difference between preventive maintenance, corrective maintenance, and capital improvements — and where each one is funded (operating budget vs. reserves)

5Study the IREM Code of Professional Ethics articles — fiduciary duty, trust accounts, confidentiality, and disclosure of conflicts come up in scenario questions

Frequently Asked Questions

What is the IREM ARM certification?

The Accredited Residential Manager (ARM) is IREM's early-career certification for residential property managers. It validates competency in managing rental multifamily, condominium, cooperative, manufactured home, and single-family rental properties, and it is widely used as a stepping stone toward the Certified Property Manager (CPM) designation.

How many questions are on the ARM exam and what is the passing score?

The ARM exam has 100 multiple-choice questions and requires a 70% passing score. The exam is open book — candidates may use PDF or hard-copy IREM course materials. After registration you have a 30-day window to schedule and take the exam, which is delivered live online with a proctor.

What are the eligibility requirements for the ARM?

You need 12 months of residential property management experience that meets IREM's minimum portfolio (for example, 30 rental multifamily units or 60 HOA/condo units) and you must perform 14 of 29 IREM management functions. You also complete two ARM courses and the ETH001 or ETH800 ethics course before sitting for the exam.

Is the ARM exam open book?

Yes. The ARM exam is open book and you may use PDF or hard-copy IREM course materials during the test. A standard non-programmable calculator is allowed. Because reference materials are permitted, the exam tests your ability to apply concepts and find the right answer in your materials quickly, not pure memorization.

How long does it take to earn the ARM?

Most candidates complete the ARM in 3-6 months. The required coursework is two ARM courses plus an ethics course (ETH001 or ETH800), totaling roughly 60-80 hours of study. The exam itself is delivered within a 30-day window after registration, so most candidates schedule it once their courses are complete.

How does ARM differ from CPM?

ARM is the residential, early-career credential — 12 months of experience, two ARM courses, and a 100-question exam. CPM is the senior, all-asset-class designation — 36 months of experience, eight courses plus a Management Plan Skills Assessment, and a 150-question exam. Many CPM candidates earn the ARM first and use it as a stepping stone.