Unit 19 - Property Management

Question 1

The three principles of the property manager are:

Answer 1

1. Achieve the goals of the property owner
2. Generate income for the property owner
3. Preserve and/or increase the value of investment property

Question 2

Property Mangers:

Answer 2

1. Assess the market and rental rates of property
2. Supervise the maintenance of property
3. Screen tenants and collect rents
4. Maintaining expense and revenue records, and security deposits

Question 3

Opportunities for Property Managers:

Answer 3

1. Community association management
2. Housing for elderly or near elderly
3. Manufactured home and mobile home parks
4. Resort housing
5. Concierge services
6. Corporate property managers
7. Leasing agents

Question 4

Elements of the Management Agreement:

Answer 4

1. Use the Colorado Exclusive Right to Sell/Lease choosing either agency or transaction broker
2. Identify the description of the property to be leased
3. Identify the term of the leasing agreement
4. Identify the success fee
5. Specifiy any additional terms or responsibilities to be performed and the method of payment