Section 3 - Chapter 18

Question 1

property management involves:

Answer 1

leasing, managing, marketing, and overall maintenance of real estate owned by others

Question 2

property managers do these things:

Answer 2

achieve objectives of owners, generate income, preserve/increase value of property

Question 3

property manager prepares a:

Answer 3

management plan (what owner wants and how manager will do it)

Question 4

management agreement is:

Answer 4

agency relationship between owner and property manager; defines duties of each party

Question 5

Risk management decisions:

Answer 5

‘ACTOR’ - avoid, control, transfer, or retain