Key Terms Flashcards
Someone who manages real estate for another person for compensation.
Property manager
Duties include collecting rent, maintaining property, and keeping up all accounting
Property manager
A highly detailed plan that lays out the owner’s objectives with the property, as well as what the property manager wants to accomplish and how, including all budgetary information
Management Plan
A(n) ___ outlines the details of the owner’s objectives for the property, as well as what the property manager expects to accomplish and how, including all financial objectives.
Management plan
A contract between the owner of income property and a management firm or individual property manager that outlines the scope of the manager’s authority
management agreement
___ maintenance includes regularly scheduled activities such as painting and seasonal servicing of appliances and systems.
Preventative
Alterations to the interior of a building to meet the functional demands of the tenant
Tenant improvements
Legislation that prohibits discrimination against the physically or mentally impaired as it relates to employment opportunities and public accommodations
Americans with disabilities act (ADA)
Evaluation and selection of appropriate property and other insurance
Risk management
Laws that require an employer to obtain insurance coverage to protect employees who are injured in the course of their employment
workers compensation acts
an agreement by an insurance or bonding company to be responsible for certain possible defaults, debts, or obligations contracted for by an insured party
surety bond
In real estate, this is generally used to ensure that a particular project will be completed at a certain date, or that a contract will be performed as stated
surety bond
insurance policies that offer protection from a range of potential perils, such as those of a fire, hazard, public liability, and casualty
multiperil policy
