Course Review Part 5 Flashcards
When you are hired to manage someone’s property you have what type of duties to your client?
Fiduciary
How might we terminate a lease?
Performance, impossibility, breach of covenants, change of law
Hotels, hospitals, cemeteries, nursing homes etc. are what type of property?
Special use
What do we call the person who hires us?
Principal or client
If not stated in the lease, when is the rent due?
At the beginning of the rental period
What is it called when the landlord has the right to get the property back after a lease?
Reversionary right
What is the term for a 15 day unexplained absence after default of rent?
Abandonment
What must landlord do?
Rerent to mitigate damages
What do we call the process whereby the sheriff removes the tenant from the property through court order?
Actual eviction or ejectment
What document transfers possession but not ownership of property?
Lease
Is a lease real or personal property?
Personal
What is the designation we give to income-producing property?
Commercial
What type of potential tenant would be looking at labor pool availability of utilities sources of raw materials and adequate transportation services?
Industrial tenant
With which type of property does the use of the property dictate its design?
Special use property
Which laws prohibit unlawful and anti-competitive trade practices?
Anti-trust laws
Homes built before what year require a lead paint disclosure?
1978
Who is a customer?
Someone in the transaction we don’t represent, usually the tenant
How do we qualify a tenant?
Rental history, employment, income, criminal background etc.
What law states that contracts regarding the sale of leasing of real estate must be in writing to be enforceable?
Statute of Frauds
What are four methods of dealing with risk?
Avoid, transfer, retain and control
What do we call a loss in value of property from any cause?
Depreciation
Who may be allowed to take a tax deduction for depreciation?
The owner of the income producing property
What do we call it when a tenant allows someone else to take over a portion of his or her leasehold interest?
Sublet
Why would a manager raise rents if he knows that some tenants would leave?
The income may be greater at the new rental rates even after move outs are deducted
An unlicensed owner of a 30 unit apartment manages the property herself> Her actions are:
Legal
