Unit 19 Flashcards
Property Manager
Indivdual or company that acts as a general agent of the investment property owner in administering the property to achieve the objectives of the owner, generate income, and preserve/increase property’s value
Leasing agent
Usually state licensed real estate professional working as an independent contractor or property manager on a commission basis
Corporate property manager
Usually an employee
Cash Flow Report
Summarizes income and expenses
Profit and Loss statements
General financial info
Net Profit
Determined by computing gross receipts, then subtracting operating expenses and interest paid on a mortgage loan
Budget Comparison Statement
Compares actual results with the original budget
How is rent determined?
Usually by monthly rate per unit (residential) or monthly rate per square foot (commercial)
Commercial tenant considerations
Include suitability of building size, location, amenities, compatibility of tenant, and availability for expansion
Property maintenance
Preventative maintenance, timely repairs, routine activities that help preserve or enhance desirability
Environmental concerns
Disposal of hazardous wastes
Lead-based paint disclosures
Building relates Illness
Sick Building Syndrome
ADA Title I
Applied to employers with 15 or more and provides for employment of qualified job applicants, regardless of disability, with reasonable accommodations
ADA Title III
Prohibits discrimination in commercial properties and public accommodations and requires that access to facilities and services be provided when reasonable achievable in existing buildings, with a higher standard for new construction or remodeling
Equal Credit Opportunity Act (ECOA)
Prohibits lender from denying a loan based on race, color, religion, national origin, sex, marital status, age, or receipt of public assistance
Federal Fair Housing Act
Prohibits discrimination in sale, rental, or financing of housing based on race, color, religion, national origin, sex, familial status, or disability
