Ch 12 Summaey Flashcards
When someone other than the property owner supervises a property’s operation, he is acting as a property manager.
Property management
Types of managed properties
Categories of managed property in which a manager might specialize include residential, office, retail, or industrial properties.
Property management agreement
The property management agreement creates an agency relationship between the manager and the property owner.
It also sets forth the authority of the property manager.
The agreement should always be in writing and signed by both the manager and the owner
A ___ is a contract for possession of real estate in exchange for payment of rent.
Lease
An____ is a lease provision that ensures automatic renewal of the lease unless the tenant or the landlord gives the other party notice of intent to terminate.
automatic renewal clause
A ___ is a periodic report showing the total money received and disbursed and the overall condition of the property for a given period.
The report typically includes a summary of operations, the rent roll, a statement of disbursements, and a narrative report of operations.
statement of operations
____ is a program of regular inspection and care to prevent potential problems.
Preventive maintenance
____ is ongoing repairs that are made to a building and its equipment to restore it to good operating condition.
Corrective maintenance
