Questions :

1. Identify and Explain the three (3) major steps in property management process.
2. What is the role of the Commission on Audit in property management?
3. Enumerate the Various modes of acquisition of a government property. Explain each.

Answer :

The first step in maintaining organized and accurate documentation while ensuring
compliance with regulations. Initially, property managers establish a robust system
for documentation and recordkeeping, encompassing various essential documents
such as deeds, leases, financial records, and maintenance reports. This entails
implementing digital databases or filing systems and adhering to standardized
categorization methods to ensure easy accessibility. Following this, regular
maintenance and updates are crucial to reflect changes and transactions involving
the property, including lease renewals, repairs, and inspections. Assigning specific
responsibilities, utilizing reminders, or employing property management software
aids in maintaining accuracy and completeness. Finally, emphasis is placed on
security and compliance measures to safeguard sensitive information and prevent
unauthorized access or tampering. Property managers stay abreast of relevant laws
and regulations, employing secure storage solutions, encryption, and access controls
to mitigate risks and maintain legal compliance.
The Commission on Audit. Its core functions encompass conducting audits to assess
financial management practices, including record-keeping and property handling.
Through rigorous examination of records and physical inspections, the COA verifies
asset ownership, existence, and condition to ensure proper management. Upon
identifying deficiencies, the COA issues recommendations and directives aimed at
enhancing procedures and internal controls. Moreover, it enforces accountability by
holding government officials and employees responsible for any mismanagement or
irregularities uncovered during audits. Through its oversight role, the COA plays a
pivotal role in promoting good governance, safeguarding public funds, and
upholding integrity in records and property management across the Philippines.
Negotiation, when acquiring property for public use, agencies make every reasonable
effort to negotiate with property owners. The goal is to reach an agreement without
resorting to litigation. Condemnation, if negotiation fails the government can use
eminent domain to condemn the property and take title, this process involves
appraisals, financial offers, and public hearings. Regulatory Takings, sometimes
regulations restrict property use without taking title. Foreclosure, Forfeiture or Fails
Banks, federal agencies may acquire properties through foreclosure, forfeiture or
from failed banks.