32-35 Flashcards
Asbestos
– A naturally occurring mineral fiber sometimes found in older homes. It is hazardous to health when a possibility exists of exposure to inhalable fibers.
Asbestosis
A chronic lung disease caused by inhaling asbestos fibers
Friable
Easily crumbled or reduced to power. Asbestos is an example of a friable substance.
Radon
A colorless, odorless gas that is emitted from soils, rocks and water as a result of radioactive decay in certain areas of the country.
Lead
A material used in pipes and paint of many older homes. We now know that lead is hazardous to health. The local environmental protection agency should be consulted for guidelines on handling, removal and applicable laws.
Carbon Monoxide (CO
poisonous gas that is colorless, odorless, and tasteless, which makes it very dangerous.
Chloro-flouro Carbons (CFCs)
A fluid, containing hydrocarbons, that absorbs heat from a reservoir at low temperatures and rejects heat at higher temperatures. When emitted into the atmosphere, CFCs cause depletion of the stratospheric ozone layer.
Freon
Moderately toxic gases or liquids which have typically been used as refrigerants (in air conditioning units) and as aerosol propellants.
Groundwater
water that is below the earth’s surface. It saturates the spaces between rocks, soil, and gravel, called the aquifer. This water moves through the aquifer, and can be found nearly everywhere, from a few feet to hundreds of feet below the surface.
Underground Storage Tank
A tank and any underground piping connected to the tank that has at least 10 percent of its combined volume underground.
Urea Formaldehyde Foam Insulation (UFFI)
A type of foamed in-place insulation that releases formaldehyde gas. It was banned by the Consumer Public Safety Commission in 1982 from use in residences and schools.
Property Management
A branch of the real estate business involving the marketing, operation, maintenance and day-to-day financing of rental properties.
Property Manager
A person who manages properties for an owner as the owner’s agent.
Management Agreement
A contract between the owner of a property and someone who agrees to manage it.
Management Proposal
A document that sets forth the duties of the manager when employed by the owner.
Description of the property
a legal description extracted from the property deed, or a complete address and unit number. HOA or COA name
Length of agreement
a month-to-month, annual or long-term basis with automatic renewal unless advanced notice is provided in-writing by either party.
Management authority
details what services and privileges a property manager may exercise during the contract term without getting approval from the owner each time a situation arises
Reporting
self-serve reports allow owners to track maintenance requests, view monthly expenses and see exactly when tenants pay their rent.
Management fee
typically a “Fee Plus,” arrangement. For example, the management company may charge 10 to 15 percent of the base rent for basic leasing and reporting services.
Accounting responsibilities
every property manager should provide a detailed ledger of income collected, deposited and disbursed, and expenditures for each facility or dwelling
- Insurance and risk management
The Agreement should clearly show which party is responsible for a host of insurance and risk management vehicles.
- Owners responsibility and objectives
The management proposal – a document that is used to start the negotiation process and fine tune details before drafting a management agreement – clearly defines owner expectations and responsibilities.
- How or why agreement may be terminated
1) the property is uninhabitable due to a weather event, (2) the owner or agent dies, or (3) financial hardship forces a sale of the property, are three reasons the parties may want an exit plan.
Capital Expense
Expenditures creating future value. Incurred when a property owner spends money to upgrade a building in an effort to add value and/or extend the useful life of the building.
Capital Reserve Budget
Money set aside by a property owner for long-term capital expenditures to a property. Used to establish a savings plan of sorts, that ensures long-term capital investment is funded, without drawing from the general operating account, or creating a substantial hardship for owners via direct billing when the time comes to upgrade a property.
Corrective Maintenance
A maintenance task performed to identify, isolate, and rectify a problem with a property so that the property can be restored to an acceptable condition.
Operating Budget
An amount of money set aside by the owner for a specific period for the property manager to manage the property effectively. Sometime called an Asset Management Plan, includes a detailed summary that helps all stakeholders gain comprehensive information about each revenue and expense line item, and have confidence that the budget will provide measurable standards to ensure financial goals are realistic and measurable as the year progresses
Preventive Maintenance
Keeping property and equipment in a good state of repair so as to minimize the need for more costly repair work or replacement. Preventive maintenance typically saves owners money in the long-run by extending the life of appliances and keeping property values high
Property Management Report
An accounting report issued periodically by the property manager to the owner outlining all income and expenditures for that accounting period.
Variable Expense
Property expenditures that vary depending on the operations of the property.
Beam
A horizontal structural element. Joists, trusses, and girders are examples of a beam.
Column
A vertical structural element.
Concrete Masonry Unit (CMU)
A block of hardened concrete, with or without hollow cores, designed to be laid in the same manner as a brick or stone. Concrete masonry units are commonly used in load bearing exterior walls.
Flashing
A thin, continuous sheet of metal, plastic, rubber, or waterproofing used to prevent the passage of water through a joint in a wall, roof, or chimney.
Footing
The widened part of a foundation that spreads a load from the building across a broader area of soil.
Foundation
The portion of a building that has the sole purpose of transmitting structural loads from the building into the earth.
Frost Line
Depth in the earth to which the soil can be expected to freeze during a severe winter. In New York State, the frost line ranges from 4’-0” - 5’-0” below the ground.
Joist
One of a parallel array of light, closely spaced beams used to support a floor deck or flat roof.
Lintel
A beam that carries the load of a wall across a window or door opening. Also referred to as a header.
Load Bearing Wall
Walls that support the floor or roof of a building. Load bearing walls are considered structural walls and help transfer the load of a building down to the foundation and footings.
Parapet
The portion of an exterior wall that projects above the level of the roof.
Partition
An interior non-load bearing wall. Partitions are typically comprised of wood or metal studs with gypsum board on either side.
Party Wall
A structural wall that is shared between two adjoining properties. Party walls are commonly built using concrete masonry units; however, many older buildings use brick.
Rafter
A framing member that runs up and down the slope of a steep roof.
Shingled Roofing
A type of roof covering that consists of individual overlapping elements. These elements typically consist of wood, slate, asphalt, metal, plastic, or composite material.
Sill
The strip of wood that lies immediately on top of a concrete or masonry foundation in wood frame construction. The sill also refers to the horizontal bottom portion of a window.
Single-ply Roofing
Roofing systems that are composed of insulation, a single-ply membrane, flashing and adhesive. The three most common types of single-ply membranes include TPO, EPDM, and PVD.
Stud
One of an array of small, closely spaced, parallel wall framing members. Studs are made of wood or metal.
Wythe
A vertical layer of masonry that is one masonry unit thick.
