Exam Review Flashcards
What are the kind of funds?
- Unrestricted Fund; Can be spent in any way
- Restricted Fund; can only be spent for an specific purpose
- Endowment Fund; a fund for investment, only interests on it can be spent
- Operating Fund; is the fund that is used for the operating budget, expenses that happen at least once a year
-Contingency Reserve Funds; created for expenses that occur less frequently that once a year.
What is obsolescence?
Building components that are inadequate to modern standards, can be curable or incurable
What is a job analysis?
Is the process to determine a job description, required abilities and market wages for similar positions.
What a re the 7 elements of a marketing plan?
- Research
- Design of advertising materials
- Advertisement
- Contact with possible customers
- Follow up
- Suite showings
- Tenancy agreement negotiations.
Mention 5 ways for advertising;
- Social media
- Online Classifieds and Rental sites
- Newspaper
- On site signs
- Brochures
What is WHMIS?
Workplace Hazardous Materials Information System
What are controls?
Forms, systems and procedures needed to stay organized and are required for:
- Accounting
- Leasing
- Maintenance
- Personnel
- Tenant relationships
- Administration
- Taxation
- Security
- Warranties
Mention a control technique;
- Purchase order (sequential with details of the purchase)
- Inventory Control Sheet (tracks transactions and total inventory)
What happens in a hearing in terms of the strata corporation?
An owner can be heard before the strata corporation board.
What are the defenses for nuisance?
- Statutory Authority
- Trifling damage or of little consequence
How to stop a trespass occur?
Self help; After asking to leave and using no more force than necessary.
What are the goals/interest in having insurance?
- Risk management
- Coverage of full property Value required by law
- Renovation on time
What should a home owner have insurance for?
- Personal possessions
- Adequate deductible coverage
What is co-insurance clause?
this clause makes the owner pay a bigger deductible, if the owner do not insure for the full replacement value or a determined percentage close to the 100%.
What is the formula for Co-insurance?
Deductible = Insured value/Replacement value * Cost of repair
2 methods for procuring contracts?
- Sole source
- Competitive biding
What is the balance sheet?
Te financial situation at a certain point in time; Assets = Liability + Equity
What are the types of maintenance?
- Preventive Maintenance
- Corrective Maintenance
- Routine Maintenance
- Deferred Maintenance
Steps in a negotiation;
- What are the issues
- What are the interests
- What are the priorities
- What are the possible solutions.
- What are the alternatives
- What are each negotiator’s resistance points
- What are each negotiator’s goals
What are the 2 perspectives in a negotiation?
- Disrupted; competitive, one side loses and the other wins
- Integrative; cooperative, mutual gain.
How to manage risk in a residential property?
- Fire risk
- Environmental Risk
- Third party liability
- Vandalism and malicious mischief
- Preassure vessels
How to asses an employee?
- Ranking method
- Essay method
- Job results method
- Critical incidents method
- Graphic rating scales
How to chose tenants?
- Credit record
- Employment
- References
- Rental History
Ethical duties of a property manager;
- Advise full y candidly and honestly
- Duty of care
- Uphold the law
- Loyalty
- Disclose all options
