Chapter 3 - Property Management Flashcards
1
Q
Who is the property management agreement between
A
Owner of property & broker
2
Q
Property manager can be hired to manager what types of buildings
A
1) Apartment complex
2) Commercial shopping mall
3) Condo complex
3
Q
What must be included in the property management agreement?
Verbal or In Writing?
A
IN WRITING!
- Description of property (address / legal description)
- Spell out compensation, responsibilities, goals, length of agreement
- Agreement involves ‘general agency’ (ongoing specific services)
4
Q
Responsibilities of property manager
A
Securing tenants Collecting rent (economic rent) Overseeing the care of property Budgeting Hiring / suprevising employee Keep Records Make reports to owner Maximize profits
5
Q
What is another name for economic rent
A
fair market rent
6
Q
Property Manager responsibilities DON’T INCLUDE: (4 things)
A
Major repairs
Selling property
Major additions
Appraising
7
Q
Budget often addresses 3 things
A
Operating expenses
Maintenance and Repairs
Utilities
