17. Property Management Flashcards
COMMUNITY ASSOCIATION MANAGEMENT
Provides a team of property managers, accounting staff, office staff, and property consultants to manage property.
CONSTRUCTION ALTERATIONS
Alterations, such as redesigning the space, to the interior of a building to meet a tenant’s particular space needs.
CORRECTIVE MAINTENANCE
Repairs that keep the building’s equipment, utilities, and amenities functioning.
LIFE CYCLE COSTING
In property management, comparing one type of equipment with another based on both purchase cost and operating cost over its expected useful lifetime.
MANAGEMENT AGREEMENT
A contract between the owner of income property and a management firm or individual property manager that outlines the scope of the manager’s authority.
MULTIPERIL POLICIES
Insurance policies that offer protection from a range of potential perils, such as those of a fire, hazard, public liability, and casualty.
PREVENTIVE MAINTENANCE
Regularly scheduled activities such as painting and seasonal servicing of appliances and systems.
PROPERTY MANAGER
Someone who manages real estate for another person for compensation. Duties include collecting rents, maintaining the property, and keeping up all accounting.
REPAIR
Activity that keeps a building’s equipment, utilities, and amenities functioning.
RISK MANAGEMENT
Evaluation and selection of appropriate property and other insurance.
ROUTINE MAINTENANCE
Day-to-day duties as cleaning common areas, performing minor carpentry and plumbing adjustments, and providing regularly scheduled upkeep of hearing, air-conditioning, and landscaping. Good routine maintenance is similar to good preventive maintenance.
SURETY BOND
An agreement by an insurance or bonding company to be responsible for certain possible defaults, debts, or obligations contracted for by an insured party; in essence, a policy insuring one’s personal and/or financial integrity. In the real estate business a surety bond is generally used to ensure that a particular project will be completed at a certain date or that a contract will be performed as stated.
TENANT IMPROVEMENTS
Alterations to the interior of a building to meet the functional demands of the tenant.
WORKERS’ COMPENSATION ACTS
Laws that require an employer to obtain insurance coverage to protect his or her employees who are injured in the course of their employment.
