Property Management Flashcards
whether an individual or a company, acts as the general agent of the investment property owner in administering the property to achieve the objectives of the owner, generate income, and preserve and/or increase the property’s value.
Property manager
usually a state-licensed real estate professional working as an independent contractor or property manager on a commission basis.
Leasing agent
will summarize income and expenses.
cashflow report
determined by computing gross receipts, then subtracting operating expenses and interest paid on a mortgage loan.
Net Profit
provides general financial information
profit and loss statement
compares actual results with the original budget.
Budget comparison sheet
Rents typically are determined for residential property
monthly rate per unit
Rents typically are determined for commercial property
monthly rate per square foot
applies to employers with 15 or more employees and provides for employment of qualified job applicants, regardless of disability, with reasonable accommodations
Title I ADA
prohibits discrimination in commercial properties and public accommodations and requires that access to facilities and services be provided when reasonably achievable in existing buildings, with a higher standard for new construction or remodeling
Title III ADA
prohibits lenders from denying a loan based on a person’s race, color, religion, national origin, sex, marital status, age, or receipt of public assistance; additional protections may be added by state or local laws
Equal Credit Opportunity Act
prohibits discrimination in the sale, rental, or financing of housing based on race, color, religion, national origin, sex, familial status, or disability; additional protected individuals may be added by state or local laws
Fair housing act
Risk management acronym
avoid it, control it, transfer it, or retain it (ACTOR)
Successful risk management by a property manager benefits from
an insurance audit
What agreement authorizes the property manager to act for the owner?
Property Management agreement
Managers who monitor a portfolio of properties similar to a securities portfolio by analyzing the performance of the properties and making recommendations to the owners of the properties are called
Asset managers
A property manager is expected to
maintain the value of and generate income from the property.
A real estate broker acting as an owner’s property manager
must not profit from private contracts at the expense of the owner.
The owner’s objectives, the regional and neighborhood market, and the specific property are all factored into the property manager’s
management plan
Title III of the Americans with Disabilities Act (ADA) impacts which type of property?
Commercial and public accommodations
How can tenants insure their personal belongings in apartments they rent?
Obtain HO-4 or renter’s insurance
A property manager who enters into a management agreement with an owner is usually
general agent
A statement sent to an owner that does not reflect the entire debt service as an expense is called
profit and loss statement
Residential property managers of buildings constructed before what year must provide lead-based paint disclosure forms to all new tenants?
1978
According to the Fair Housing Act, what is steering?
Channeling of protected class members to certain buildings or neighborhoods
Avoid, control, transfer, or retain are the four alternative techniques of
risk management
Personal, as well as business-related, services may be provided to building tenants under the umbrella of
concierges services
One way that property managers meet the goals of ECOA is by
making sure to use the same lease application for every applicant.
Leasing agents are usually
independent contractors working on a commission basis.
Homes built in factories meeting Department of Housing and Urban Development (HUD) specifications are called
manufactured homes.
What is the purpose of an operating budget for a property manager?
It is a guide for the property’s financial performance in the future.
