Chapter 16

Question 1

commingling

Answer 1

to mix the money your money with others’

Question 2

conversion

Answer 2

using other people’s money

Question 3

management plan

Answer 3

a long range program prepared by a property manager for the management of a property

Question 4

management proposal

Answer 4

a program for operating a property submitted to the owner by a property manager

Question 5

operating budget

Answer 5

a yearly budget of income and expense for a particular property prepared by a property manager

Question 6

property management

Answer 6

comprehensive, orderly, continuing program analyzing all investment aspects of a property and coordinating the leasing and maintenance of the property to ensure a financially successful project

Question 7

property management agreement

Answer 7

(PMA) an employment contract setting up the agency relationship between the property owner and the real estate agent that gives the agent the responsibility of managing the property

Question 8

property management report

Answer 8

a periodic financial report prepared by a property manager for the property owner

Question 9

property manager

Answer 9

one who manages properties for property owners as the owner’s agent