ENGRADE Chapter 12 Flashcards
A tenant makes a rental payment in cash. The firm is to deposit the cash in the escrow account
Immediately, but no later than three banking days after receipt.
A real estate broker acting as an owner’s property manager may
Be held personally accountable for complete and accurate trust account records.
All of the following are important functions of a property manager
Supervising the maintenance of the property
Protecting the physical integrity of the property
Meeting the functional requirements of the tenants
The property manager’s chief concern should be that the property
is managed to achieve the highest rate of return possible for the owner’s investment.
Functions of the property manager include all of the following
Producing the best possible net operating income for the owner
Preservation and maintenance of the property
Carrying out a fiduciary relationship to the owner
(NOT applying the gross rent multiplier)
A property manager’s primary obligation is to
the owner
The type of maintenance that is most often overlooked is
preventative maintenance
Because of the complexity of the laws that affect today’s properties, knowledge is required of a property manager in all of the following areas
Environmental hazards
accessible construction
nondiscriminatory practices
(NOT investment security laws)
Fixed expenses the property manager should consider when developing the operating budget include all of the following
Repairs
Real Estate Taxes
Insurance Premiums
(not employees salaries)
In NC property management
a person that is paid to manage property only for family members needs an active brokers license.
Property managers under NC law are required to keep all property records for how long?
3 years
Unlicensed assistants in a property management office may do all of the following
Receive commissions based on the properties they handle
