What are the three distinct phases of a property's life cycle?

The correct answer highlights the three distinct phases of a property's life cycle: Acquisitions, Operations, and Dispositions.

During the Acquisitions phase, a property is purchased or otherwise acquired. This stage involves thorough market analysis, due diligence, and negotiations to ensure that the investment aligns with the buyer's goals.

Once acquired, a property enters the Operations phase, which encompasses the day-to-day management, maintenance, and improvement of the property. The focus here is on maximizing revenue through effective leasing strategies, tenant relations, and property upkeep.

The final phase, Dispositions, involves the sale or transfer of the property. This phase is crucial for recognizing the investment's value and may include preparing the property for sale, marketing it, and negotiating with potential buyers.

This tripartite structure reflects the comprehensive process involved in managing real estate assets effectively throughout their life, ultimately leading to successful investment outcomes. The other choices do not encapsulate all three essential phases as clearly or effectively, as they either leave out key components or categorize the phases in a way that does not fully represent the life cycle of property management.