Unit 15 Property Management Flashcards
Institute of Real Estate Management (IREM)
A subdivision of the National Association of REALTORS (NAR)
Certified Property Manager (CPM)
Certification for property managers.
Schedule Rent
The amount you think you can get based on analysis of the neighborhood
Effective rent
The actual rent received. Often less than scheduled rent, if inducements are provided to the tenant, such as one month’s free rent.
Most common real estate managed
Residential Real Estate
Trust accounts should be:
Reconciled monthly and balances checked daily.
Estate for years
has a definite termination date
Estate at sufferance
the tenant stays after the lease ended without the owner’s consent.
Estate at will
No specific time limit. In California, such an estate requires a 30-day notice to terminate.
Gross Lease
Landlord pays expenses
Net Lease
Tenant pays expenses. Pro-rata share of property taxes, insurance, common area maintenance charges.
Percentage Lease
Base rent is paid but the tenant pays a portion of their sales too
What type of property is charged the highest in a percentage lease?
Parking Lots
True or False: A percentage lease allows the landlord to share the tenants business success
True
A lease agreement is required
for leases 1 year or more
