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Question 1

What is property development and property management

Answer 1

Pd is about developing properties in such a way that they supportsurround their surrounding amenities

Pm is about maintaining property in such a way that maintains their value and the surroundings

Question 2

Duties of pms and what’s owed to the owner

Answer 2

1. Collecting rent
2. Finding tenants
3. Overseeing and maintenance work and alterations
4. Accounting
5. Administration
6. Other services
7. Maintenance
8. Statistical information

Duty of care, loyalty, disclosure and general accountability

Question 3

Stages of property development

Answer 3

Pre-purchase, concept, purchase, town planning, working drawing and documentation,pre-construction, construction, completion and post construction

Question 4

Development site

Answer 4

The starting point of every development, wherever land or building are capable of more efficient or profitable use development is considered

Question 5

Preparation of site development requires

Answer 5

1. Physically - the contour, shape and load becoming features must be suitable to the proposed development
2. Economical - the investment must be examined to ensure its viable
3. Legally - the necessary powers to undertake the development must be obtained ( negotiating lease agreements, getting the local planning authority consent and getting any licenses required )

Question 6

Development team

Answer 6

For large projects can consist of a architect, q S, valuer, lawyer, tax expert and accountant, pm.

Team composition varies at each stage

Question 7

Administration

Answer 7

Advertising of vacant spaces
checks and reference confirmation and screening of tenants
Preparing lease agreements
Collection of deposits and ancillary costs
Renewing affleases 1
Monthly rental billing, debt collections