Chapter 22 Flashcards
The process to remove a tenant that is failing to follow the covenant of the lease
Eviction
Anything that is permanently attached to the property something that you can’t move around
Fixture
Whoever is taking care of the property, whether it be the owner or a management company. Ultimately, the person responsible for the property.
Landlord
A written agreement between a landlord or lessor with the tenant to be able to live in the property
Lease
The tenant, the person renting the property
Lessee
Owner of the property
Lessor
A contract person who takes care of the property and who makes sure it is leased out at all times and in good shape
Property manager
The amount you were going to pay for the term of your lease
Rent
The person who is going to be living in the property, also referred to as the lessee
Tenant
Five essential elements in a property management contract
Parties to the contract
Term, start and end date
Scope of work
Consideration or money
Termination procedure
Does a property owner have to allow service or emotional support animals?
Yes
Property management roles 1-5
Have a written contract between property manager and property owner
Maximize the income potential for the owner
Assess the property
Look at condition of property
Advertise the property legally
Property management roles 6-9
To facilitate showings
To process applications
Screen potential tenants
Sign all applicable paperwork
Property management roles 10-12
Providing copies of all amicable paperwork to all parties
Collect all applicable, security deposit, other fees and rent
Moving the tenant in
Risk management activities 1-4
Make sure the property is safe and sound
Make sure everything is in writing and in the proper accounts
Screen the tenants properly
Collect rent on time and start eviction proceedings in timeframe set forth in your lease
