Property Management

Question 0

Casualty insurance

Answer 0

Casualty insurance can cover many issues such as plateglass breakage theft and broken furnace etc.

Question 1

Independent contractors

Answer 1

Independent contractors are not employees of property management firms. They may be specialists such as plumbers on manual laborers. In all cases however employers must provide workers compensation insurance for employees unless they are independent contractors

Question 2

In Massachusetts last months rent is held for more than one year

Answer 2

The landlord must pay interest on it

Question 3

Records should be kept by a property manager

Answer 3

The property manager needs to provide an owner with monthly statements and a final annual statement for tax and business purposes

Question 4

Exculpatory

Answer 4

Exculpatory clause relieves the landlord from liability for a tenant’s personal injury in common area

Question 5

Three major roles of the property manager

Answer 5

The three roles include, to free up the owner from the specifics of operating a building, to increase the net operating income, and to protect the interests of the owner.

Question 6

Assignment

Answer 6

Assignment is the transfer of the entire remaining terms of the lease

Question 7

Surety bond

Answer 7

The broker is only required to have a surety bond

Question 10

Notice to quit

Answer 10

The notice to quit requires a 30 day notice

Question 11

All leases in Massachusetts

Answer 11

Must be in writing

Question 12

There is no license requirements to be a property manager unless he or she receives a commission fee for leasing space in the building

Answer 12

Then a real estate brokers license is required

Question 19

30 day tenant

Answer 19

The 30 day tenant is a tenant at will

Question 20

Property manager provides many functions including

Answer 20

Hiring personnel, keeping the property insured, and maintaining records.