Class 14 Flashcards
Another name for panic peddling
Blockbusting
An illegal act
Discrimination
Something offered to a tenant
Concession
Leading people to neighborhoods
steering
property managers are considered to be ________ agents
General
A word that means trust
fiduciary
A real estate licensee who is acting as a property manager is act as what kind of agent?
Gener
How is the income earned by a property manager determined?
Determined by agreement in the management contract
A concession can be best described as….
a negotiable point, often given by a landlord to a prospective tenant’s favor
What are the fiduciary duties owed to a client
Obedience
Loyalty
Disclosure
Confidentiality
Accounting
Reasonable care
Note: Americans with disabilities act would not apply to residential housing or condominiums, etc. it DOES apply to places of employment, access to shopping centers, management office of an apartment complex, etc
The primary goal of a property manager is to…
earn the highest net return possible for the owner
second goal is to maintain or preserve the owner’s investment
A contract for personal services, a management agreement spells out the duties and responsibilities of the parties. As a general rule, a management agreement will contain what?
Names and addresses of parties (broker and owner) address of property terms compensation responsibilities of each how to handle security deposits schedule of rent
The relationship between an owner and agent is a __________ relationship.
A general agent is one who what?
acts for another in on-going relationships
has authority to as for the client
Kentucky law requires property managers to keep records in a ________ ledger and a __________ ledger
owner’s ledger
tenant’s/unit ledger
Concessions are sometimes used to attract tenants. What are some examples of concessions?
use of microwave
free rent
What is included in an operating budget?
estimated gross income
estimated rent loss and vacancy
estimated expenses
tenants are selected based on what three things?
rental history
financial/income status
references
If a lease does not specify the due date of the rent, it becomes due on the __________
last day of the leasing period
Familial status is a protected group in the Fair Housing. What is familial status?
Familial status refers to anyone under 18 years of age. A landlord cannot deny occupancy to families with children, nor charge higher rent or deposits to families with children. occupancy may be based on the number of people in a unit
Housing for senior citizens is exempt from familial status and children may be barred from occupancy if all occupants are _____ or older; or, _____% of the units are occupied by someone who is at least 55 years of age
62
80%
If a residential building is built after ___________ and it has elevators, all units int he building must be built to handicapped specifications, if there are no elevators in the building, only the first floor units must be built to handicapped specifications
March 12, 1991
Violations of Fair Housing laws include:
Blockbusting
Steering
Advertising that indicates a preference or limitation
An aggrieved party may file a complaint with HUD within ______ year of the alleged act of discrimination. Civil action may also be taken by filing with a US District Court within ___ years of the alleged discriminatory act. Complains filed under the 1866 Civil Rights Act are taken directly to federal court
1 year
2 years
Civil penalties up to $________ may be imposed by the courts if the US Attorney General files a complaint against anyone or a group who may be engaged in a pattern of discrimination. In addition, fines and jail terms may be imposed for threats, coercion or intimidation
$100,000
Under the Americans with Disabilities Act, an employer who is financially capable and has ___ or more employees must provide help and support to handicap employees.
15
Fines for violation of ADA may be up to _____ for the first offense and _____ for the next
$75,000
$150,000
