Unit 19: Property Management

Question 1

A property manager in a _______relationship with the property. Owner could be an independent contractor with great authority and discretion in the management decisions.

Answer 1

General agency

Question 2

Agreement is also known as a…

Answer 2

Contract

Question 3

A real estate agent is a…

Answer 3

Special agent

Question 4

The first step in taking over the management of any property is to enter into a _______, a contract, creating a general agency relationship between the owner and the property manager

Answer 4

Management agreement

Question 5

Rental rates are influenced primarily by…

Answer 5

Supply and demand

Question 6

______Includes regularly scheduled activities, such as painting and seasonal servicing of appliances and systems

Answer 6

Preventative maintenance

Question 7

Repair or ______involves the actual repairs that keep the buildings, equipment, utilities, and amenities functioning.

Answer 7

Corrective maintenance

Question 8

A property manager also must supervise the _______ of the building.

Answer 8

Routine maintenance

Question 9

A manager should use the same ____- application for every applicant

Answer 9

Lease

Question 10

Avoid control transfer, and retain are all…

Answer 10

Risk management techniques