Chapter 18: Property Management Flashcards
A real estate broker acting as an owners property manager?
Must not profit from private contracts at the expense of the owner
Adaptions of property specifications to suit tenant requirements are?
Tenant improvements
What type of insurance policy is designed for apartment and commercial buildings and offers a package of standard commercial coverage?
Multi peril
In determining rental amounts, a property manager considers the economic principle of?
Supply and demand
What is not an important function of a property manager?
Preparing the owners income tax returns
When dealing with risk, the options of a property manager would include?
Avoiding it
Retaining it
Transferring it
The property managers chief concern should be that?
The property is managed to achieve the highest rate of return possible for the owners investment
All of the following should be considerations in selecting a tenant for the property except?
Ethnic background of the tenant and his or her employee
A property management firm can receive its income as?
Renting space to tenants
Preparing a budget
Developing a management plan
A property managers primary obligation is to?
The owner
The manager of a commercial building has many responsibilities in connection with the operation and maintenance of the structure. The manager would normally be considered the agent of?
Lessor of the building
The type of maintenance that is most overlooked is?
Preventative maintenance
The cost of equipment to be installed in a modernization of renovation must be evaluated over its entire useful life. This evaluation is called?
Life cycle costing
Because of the complexity of the laws that affect today’s properties, a property manager should be familiar with all of the following.
Environmental hazards
Accessible construction
No discriminatory practices
A management agreement is to a property manger like a?
Listing agreement is to a broker
