NCh5 property Manager, And Owner Relationships Flashcards
1
Q
What type of agent is a property manager?
A
General Agent
2
Q
What is used to create the relationship and defined the roles and responsibilities of the agent and the owner?
A
Management agreement
3
Q
Gross income minus operation expenses is
A
Net income
4
Q
Who are the operating expenses provided to?
A
Owner
5
Q
Recurring expenses necessary for the monthly operation and maintenance of the property is described as
A
Operating expenses
6
Q
Fixed expenses, such as taxes and insurance and variable costs, such as utilities, payroll, and reserves for repairs, replacement, and maintenance are considered
A
Operating expenses
7
Q
What do operating expenses not cover or include?
A
Mortgage payments or debt reduction, depreciation,
capital improvements, or expenditures
