Property Management

Question 1

Property Manager

Answer 1

achieve the objectives of property owners, generate income for the owners, preserve and/or increase the value of the investment property

Question 2

Management Agreement

Answer 2

contract creating a general agency relationship between the owner and the property manager

Question 3

Management Plan

Answer 3

outlines the details of the owner’s objectives with the property

Question 4

Operating Budget

Answer 4

projection of income and expense for the operation of a property over a one year period

Question 5

Cash Flow Report

Answer 5

monthly statement that details the financial status of the property

Question 6

Profit and Loss Statement

Answer 6

a financial picture of revenues and expenses used to determine whether a business has made money or suffered a loss

Question 7

Budget Comparison Statement

Answer 7

compares actual results with the original budget

Question 8

Preventative Maintenance

Answer 8

regularly scheduled activities; preserves the long range value and integrity of the building

Question 9

Corrective Maintenance

Answer 9

includes actual repairs to keep things functioning

Question 10

Tenant Improvements

Answer 10

construction alterations to the interior of a building to meet a tenant’s particular space needs

Question 11

Risk Management (ACTOR)

Answer 11

avoid, control, transfer, retain

Question 12

Surety Bonds

Answer 12

cover an owner against financial losses resulting from an employee’s criminal acts or negligence while performing assigned duties

Question 13

Multiperil Policies

Answer 13

insurance for apt buildings that includes standard and special coverage