Key Terms - Chapter 16

Question 1

management plan

Answer 1

A long-range program prepared by a property manager for the management of a property.

Question 2

management proposal

Answer 2

A program for operating a property submitted to the owner by a property manager.

Question 3

operating budget

Answer 3

A yearly budget of income and expense for a particular property prepared by a property manager.

Question 4

property management

Answer 4

Comprehensive, orderly, continuing program analyzing all investment aspects of a property and coordinating the leasing and maintenance of the property to ensure a financially successful project.

Question 5

property management agreement

Answer 5

An employment contract setting up the agency relationship between the property owner and the real estate agent that gives the agent the responsibility of managing the property, including such responsibilities as negotiating, leasing, repairing and maintaining the property, collecting rents, and accounting for funds.

Question 6

property management report

Answer 6

A periodic financial report prepared by a property manager for the owner.

Question 7

property manager

Answer 7

One who manages properties for an owner(s) as the owner’s agent.

Question 8

resident manager

Answer 8

A person who may or may not actually live on the premises who is a salaried employee of the owner