Session 11 Property Management

Question 1

Fire and Hazard

Answer 1

Coverage against loss or damage caused by fire on the premises

Question 2

Consequential Loss

Answer 2

Covers the result of disaster

Question 3

Contented and personal liability

Answer 3

Covers contents and Persian property

Question 4

Liability

Answer 4

Covers risk to public when entering a building or employees are hurt during work (workers compensation act)

Question 5

Casualty

Answer 5

Coverage against theft, burglary,and vandalism

Question 6

Surety Bonds

Answer 6

Covers an owner against financial loss due to employee criminal behavior or negligence in the job

Question 7

Subrogation

Answer 7

Insurance clause one party takes over rights against third party

Question 8

Rent Calculation

Answer 8

Commercial property= $/sq ft OR $/frontage (front foot using only the width of the property)

Question 9

Commission Calculations

Answer 9

Commissions on rental property determined by calculating % of annual rent

$925/mo x 12= $11,100 x 15%= $1665.00