Real Property Management Part 1 Flashcards
T/F
A real estate license is necessary to be a property manager in NY?
True
What is “Risk Management”?
identifying, managing, and minimizing the potential risks on the property
T/F
In NY, anyone who works for a property management company and interacts with tenants must have a real estate license.
False
A Management Agreement generally will contain some or all of the following:
- Description of property & exact address
- Time period covered by the agreement
- Names, duries, and responsibilities of each party
- Property manager’s degree of authority to hire, supervise employees, contract with maintenance and repair resources, approve tenants, etc.
- Management Fee
- Use and disbursement of property management funds and/or accounts
- Insurance and risk management
- Reports
“Class Category” is based on a combination of building characteristics such as (8)…
- Age
- Architectural Design
- Location
- Building Amenities and services
- Lease Rates
- Occupancy
- Tenant Profiles
- Building Management
How many different class categories of office buildings are there?
4 - Class A, B, C, D.
What are “Class A” buildings like?
-Most desirable, newest buildings in a particular market with best design superior construction, amenities, and features that will attract the highest quality tenants.
What are “Class B” buildings like?
Properties that have a good location, appearance, amenities, and are still desirable but not quite the top of the market - primarily dues to time and age
What are “Class C” buildings like?
Properties may be older or new buildings constructed to be highly. Tenants looking at class c properties are typically price driven.
What are “Class D” buildings like?
Older, functionally obsolete buildings needing extensive renovation. Tenants that want rehab projects or to tear down.
Who would be responsible for hiring a new property manager of an established condo community?
In a condo community, the property manager is hired by and represents the board of the homeowners’ association.
3 common features in Independent living facilities…
Individual units
Common Areas
Food Services
3 common features in semi-independent or assisted living facilities…
Full Meal Program
Aide Service
Housekeeping
What are the three expenses that fall into a “net lease”?
Taxes
Insurance
Common Area Maintenance
Which of the three expenses does a triple net lease include?
Taxes
Insurance
Common area maintenance
What is an anchor tenant (or magnet stores)?
A major department or chain store strategically located within a shopping center to give maximum exposure to satellite stores
Example - Macys
An urban pedestrian mall is best described as….
a foot traffic only open mall
An urban pedestrian mall is best described as….
a foot traffic only open mall
A homeowner association property manger’s duties would probably include…
collecting member assessments
What is a “management proposal” and what does it include?
A plan created by the property manager for overseeing the property that includes an analysis of the market and a variety of financial reports, including an operating budget.
Should also include a one year operating budget and a five year plan
What is the stabilized budget?
The income and expenses averaged over a five year period
What is the a “rent roll”
A spreadsheet or listing of key information about an undivided property, such as the address and the number of units, and the following info on each tenant:
- name
- unit numbers
- lease start and end dates
- rent each tenant pays on a unit.
