CHP 41 - Property Management Flashcards
Individual PM
Manages for one owner or a number of owners
Individual Building Manager
Manages a single large property. May or may not have a license
Resident Manager
Lives on site and is employed
Real Estate Asset Manager
Owner’s agent and adviser for all property related things
What do condo managers do that others don’t
Budget Collect assessments coordinate maint of common areas Landscaping Security Enforce regulations
Capital Reserve Budget
FIannce long term outlays for fixed assets
Variable Expenses
Remodeling
Capital Expenses
New Equipment
PM’s first responsibility to owner
Realize the max profit
Rent roll can help determine….
Annual rental income for a property
Fair Housing Act of 1968 AKA
Civil Rights Act of 1968
Title VI
Prohibits Discrimination on race, color, national origin in programs receiving fed financial assistant
Housing and Comm Development Act in 1974 added ____ to protected classes
Sex
Fair Housing Amendments Act in 1988 added _______ status’
Handicap and familial status
Protected Classes
Race Religion Color National Origin Sex Handicap Familial Status
Complaint’s can be filed with HUD within this time frame
1 year
In addition to or instead of filing complaint with HUD suit can ve filed with KY or federal court within ___ years
2
ADA became law in _____
1992
ADA Fines
$55,000 1st offense
$110,000 any afterwards
Blockbusting
Encouraging owners to sell bc “they” are moving in
Steering
Steering buyers towards certain neighborhoods to preserve or alter the makeup
Redlinging
Restricting number of loans in certain communities bc of racial makeup
First section of the NAR’s Code of Ethics
Duties to clients and customers
