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Real Estate > Chapter 19. > Flashcards

Chapter 19. Flashcards

1
Q

Anchor Stores

A

A key tenant in retail. Typically one of the larger stores in a shopping mall, usually a department store or a major retail chain (Macys, Nordstrom, etc.)

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2
Q

Capital Expense (CAPEX)

A

Expenditures creating future value. Incurred when a property owner spends money to upgrade a building in an effort to add value and/or extend the useful life of the building.

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3
Q

Capital Reserve Budget

A

Money set aside by a property owner for long-term capital expenditures (ხარჯები) to a property

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4
Q

Corrective Maintenance

A

A maintenance task performed to identify, isolate, and rectify ( გასწორება) a problem with a property so that the property can be restored to an acceptable condition.

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5
Q

Eviction

A

A legal proceeding by a lessor landlord to recover possession of real property.

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6
Q

Fiduciary ( სანდო პირი)

A

A person who on behalf of or for the benefit of another transacts business or handles money or property not the person’s own; such relationship implies great confidence and trust.

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7
Q

General Agent

A

Someone authorized to transact every kind of business for the principal.

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8
Q

Lessee

A

A person to whom property is rented under a lease.

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9
Q

Lessor

A

One who rents property to another under a lease.

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10
Q

Management Agreement

A

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

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11
Q

Management Proposal

A

A document that sets forth the duties of the manager when employed by the owner.

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12
Q

Operating Budget

A

An amount of money set aside by the owner for a specific period for the property manager to manage the property effectively.

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13
Q

Planned Unit Development

A

A highly designed residential project that features relatively dense clusters of houses, which are usually surrounded by areas of commonly owned open space maintained by a nonprofit community association.

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14
Q

Preventative Maintenance

A

Keeping property and equipment in a good state of repair so as to minimize the need for more costly major repair work or replacement.

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15
Q

Property Management

A

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.

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16
Q

Property Management Report

A

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

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17
Q

Property Manager

A

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

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18
Q

Resident Manager

A

A manager of a property who lives on-site.

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19
Q

Risk Management

A

Controlling and limiting risk in property ownership.

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20
Q

Stabilized Budget -

A

A forecast of income and expenses for a property, typically over a three to five year period.

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21
Q

Tenancy for Years

A

A lease for a fixed period of time. For a tenancy for years lease, no notice is needed for termination, the lessee knows the termination date from the outset of the lease.

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22
Q

Variable ( ცვლადი) Expense

A

Property expenditures ( ხარჯი) that vary depending of the operations of the property.

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23
Q

Which of the following is NOT typically found in a Management Agreement…?

A

General agency disclosure

24
Q

What is the total monthly rent roll of a building with the following rents: (1) 3 bedrooms at $4,600/month (8) 2 bedrooms at $3,800/month (8) 1 bedroom at $3,300/month (2) Studios at $2,200/month

A

65800

25
Q

In which type of property management must a manager understand the layout needs and desires of the tenant…?

A

Office Management

26
Q

Repairing a leak in the roof is an example of this type of maintenance…?

A

Corrective Maintenance

27
Q

This individual acts as the owner’s advisor to determine the best long-term strategy for a property…?

A

Asset Manager

28
Q

What is typically the overall goal of the property manager…?

A

Produce the best NOI for the property

29
Q

This document is developed by the property manager and describes how rents will be maximized…?

A

Marketing Plan

30
Q

A property management report is typically delivered to the owner on what basis…?

A

Monthly

31
Q

An accounting report issued periodically by the property manager to the owner outlining all income and expenditures for that accounting period is known as a/an…?

A

Property Management Report

32
Q

Which of the following is typically found in the Management Agreement between the property manager and the owner…?

A

Length of the agreement

33
Q

Replacing filters is an example of this type of maintenance…?

A

Preventative Maintenance

34
Q

Which of the following is an example of corrective maintenance…?

A

Repairing an air handling unit

35
Q

In a rental property, how is the management fee typically calculated…?

A

Percentage of the income collected

36
Q

Where does a property manager typically hold the rents collected on behalf of the owner…?

A

Trust Account

37
Q

Which of the following is typically found in the Management Agreement between the property manager and the owner…?

A

Which of the following is typically found in the Management Agreement between the property manager and the owner…?

38
Q

In what type of property management must a manager understand the needs and desires of an anchor tenant…?

A

Retail Management

39
Q

Which of the following is an example of corrective maintenance…?

A

Repairing an air handling unit

40
Q

This institute offers courses to obtain the Certified Property Manager (CPM) designation…?

A

IREM

41
Q

In which building type are water and sewer billbacks commonly found as an additional source of income for the owner…?

A

Retail

42
Q

Which of the following expenses is typically related to the age of the building…?

A

Building repairs

43
Q

This document is developed by the property manager and describes how rents will be maximized…?

A

Marketing Plan

44
Q

Which of the following is NOT included in the marketing plan…?

A

Operating Budget

45
Q

An amount of money set aside by the owner for a specific period for the property manager to manage the property effectively is known as a/an…?

A

Operating Budget

46
Q

A highly designed residential project that features relatively dense clusters of houses, which are usually surrounded by areas of commonly owned open space maintained by a nonprofit community association is known as a…?

A

Planned Unit Development

47
Q

In a general agency relationship between the property manager and owner, who serves as the agent…?

A

The property manager

48
Q

In which type of property management is a manager most likely to be involved in the enforcement of the building association’s rules and regulations…?

A

Condominium and Cooperative Management

49
Q

This individual acts as the owner’s advisor to determine the best long-term strategy for a property…?

A

Asset Manager

50
Q

Which of the following is an example of a variable expense…?

A

Water and sewer fees

51
Q

Which of the following is typically found in the Management Agreement between the property manager and the owner…?

A

The management fees

52
Q

In which type of property management must a manager understand the layout needs and desires of the tenant…?

A

Office Management

53
Q

An accounting report issued periodically by the property manager to the owner outlining all income and expenditures for that accounting period is known as a/an…?

A

Property Management Report

54
Q

Which of the following is NOT prepared by a property manager when managing a rental building…?

A

Tenant fit-out budget

55
Q

Property expenditures that vary depending of the operations of the property are known as…?

A

Variable Expense

56
Q

Which of the following is an example of ‘Other Miscellaneous Income’, found in the operating budget…?

A

Application fees

Real Estate (23 decks)

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