UNIT 19 Property Management Flashcards
What is a property manager?
Someone who:
1-Achieve the goals of the owners,
2-Generate Income for the owners,
3-preserve and increase the value of the property.
What is a management plan?
Detailed instructions from the owner of a property.
What is a management agreement?
A contract creating a general agency relationship between the owner and property owner. Charged with the fiduciary responsibilities of care, obedience, accounting, loyalty and disclosure.
What is an operating budget?
Page 297
What are the 3 types of maintenance?
Preventive, Repair or Corrective, and Routine.
What does the ADA cover and not cover?
1-Commercial & Public Access Buildings
2-Employers only if they have 15 or more employees
3-Does not cover Private Residences.
What are the 4 alternative risk management techniques?
Avoid Control Transfer Or Retain
ACTOR
What are the types of insurance related to income property owners?
Fire & Hazard
Flood
Consquential Loss, Use and OCcupancy
Who is a leasing agent?
usually a state licensed real estate professional workin as an IC on a commission basis.
What is a cash flow report?
Summarize income and expenses.
How are rents typically determined?
Residential - monthly per unit rate
Commercial - per square foot rate
What are commercial tenant considerations?
1- Suitability of building
2- Compatibility of tenant with the building & other tenants
3- Availability of space for expansion
What are the four environmental concerns of a property manager?
1- Disposal of hazardous wastes
2- Lead Paint Disclosures (1978)
3- Building related Illness (BRI)
4- Sick Building syndrome (SBS)
Which part of the ADA affect property management?
Title 1 - employers with 15 or more
Title 3 - prohibits commercial properties and public places from discrimination
