Chapter 18

Question 1

Property management

Answer 1

Property Management – The administration of residential, commercial and/or industrial real estate. Property management typically involves the managing of property that is owned by another party or entity. Property managers are typically paid a fee and/or a percentage of the rent brought in for the property while under management.

Question 2

Management agreement

Answer 2

Management Agreement – A contract between the owner of a property and someone who agrees to manage it.

Question 3

Property management report

Answer 3

Property Management Report – An accounting report issued periodically by the property manager to the owner outlining all income and expenditures for that accounting period.

Question 4

Management agreement

Answer 4

Management Agreement – A contract between the owner of a property and someone who agrees to manage it.

Question 5

Resident manager

Answer 5

Resident Manager – A manager of a property who lives on-site.

Question 6

Property manager

Answer 6

Property Manager – An individual or company responsible for the day-to-day functioning of a piece of real estate.