Ch. 33 - Property Management Flashcards

1
Q

To whom is a property manager responsible?

A

A property manager is responsible BOTH to the owner and to the tenants of a property.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

A _____ manager lives on the property and may be employed by a real estate broker, a managing agent or an owner to manage a property on a part-time or full-time basis.

A

resident

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What tasks do managers of condos, co-ops and PUDs do that are different from other property managers?

A

They take care of the budgets and collect assessments, coordinate maintenance of the common areas, deal with landscaping and security issues, and enforce the regulations set forth by the association or board of directors.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What is a property manager’s first responsibility to the owner?

A

To realize the maximum profit

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What are the three types of budgets that should be established for each project?

A

Operating budget
Capital reserve budget
Stabilized budget

How well did you know this?
1
Not at all
2
3
4
5
Perfectly