Federal Property Asset Management Reform Act of 2002

Federal Property Asset Management Reform Act of 2002 - Amends the Federal Property and Administrative Services Act of 1949 to direct the Administrator of General Services to establish: (1) maintain, and apply current asset management principles to real and personal property; (2) performance measures to determine Federal real property management effectiveness; and (3) and maintain a single database of all Federal real property interests. Requires each Federal landholding agency to appoint a Senior Real Property Officer to monitor and administer real property assets. Authorizes landholding agencies to apply enhanced asset management tools, such as interagency transfers or exchanges, sales or exchanges with non-Federal sources, and subleases or outleases to other Federal agencies or non-Federal entities, for real property.

Permits a Federal agency to retain proceeds from the sale of personal property to recover the full costs incurred in disposing of such property. Provides for: (1) the crediting of monetary proceeds from the disposition of real and related personal property to existing agency accounts to pay for capital asset expenditures of that agency; and (2) implementation of such disposal and accounting requirements for FY 2003-2007.

Authorizes the: (1) conveyance of surplus Federal property to non-profit organizations for preservation purposes, and generally for public airport use; and (2) abandonment, destruction, or other disposal of property if it has no commercial value, or if costs of continued care and handling would exceed its fair market value.

Amends the McKinney-Vento Homeless Assistance Act to revise procedures for the consideration of surplus real property for homeless assistance.