Home > Flashcards > Print Preview
The flashcards below were created by user
on FreezingBlue Flashcards. What would you like to do?
Commercial Real Estate Brokerages
Manage the leasing and sales of commercial property because they have expertise in marketing, negotiating leases, and structuring lease agreements.
Certified Property Manager CPM
Professional designation conferred by the Institute of Real Estate Management (IREM) to individuals who distinguish themselves in the areas of education, experience, and ethics in property management.
Senior Management Positions - Executive Manager
Executive Manager oversees the operations of a property management company. Responsible for the performance of supervisors, on-site managers, maintenance and accounting. Should have CPM
Senior Management Positions - Asset Manager
Asset Manager (portfolio manager) - works for large corporations or pension funds that have significant property portfolios. focuses on long-term strategic financial planning rather than the day-to-day operations.
The goal of the asset manager is to preserve the asset or benefit value of these properties for the owner.
study market trends and develop strategies regarding the acquisition, management, and divestiture of property in the portfolio. They plan and direct the purchase, development and disposition of property on behalf of the owners (investors).
Middle Management Positions - Regional Manager
Regional Manager - oversees supervisors within a region to insure they adhere to the policies of upper management and meeting management's overall objectives. Prepares and reviews operating budgets and preparing owner report packages.
Middle Management Positions - Property Supervisor
Supervisor responsible for several porperties and supervises the on-site managers of those properties. Reviews reports from the on-site manager, does on-site inspections, prepares budgets and monthly statements, supervises all aspects of the building operations. Seeks to maximize net operating income by minimizing expenditure, maintaining low vacancy rates and collecting rents.
Middle Management Positions - Community Association Manager
Community Association Manager administers the daily affairs and oversees the maintenance of property and facilities jointly owned and used by the homeowners through the association. Collect monthly assessments, prepares budgets and financial statements, negotiates with contractors, resolves complaints.
Middle Management Positions - Facility Manager
Facility Manager - works with employees and contractors to insure that the commercial property is operating safely, efficiently, reliably, and legally. Can include developing strategies for acquisition and disposition of property, renovations, maintaining records and reporting to the owners.
Middle Management Positions - On-Site Manager
On-site Manager lives or maintains an office on the property, responsible for the day-to-day operations of a single property - an office building, a shopping center, an apartment complex.
Meet with current tenants and prospective tenants to show vacant apartments or office space. Responsible for enforcing the terms of the rental or lease agreements, such as rent collection, parking and pet restrictions and termination-of-lease procedures.
Individual Rental Units
Individual rental units include single-family detached homes
Scattered-site rentals are properties located in different areas of a city.
More time-consuming and costly to manage - owned by different investors and spread over a large geographical area.
Detached homes - conventional single-family residences, manufactured houese in mobile home parks, alternative dwellings such as houseboats and boats in marinas.
A Manufactured Home is a home built in a factory after June 15, 1976 that conforms to the US Manufactured Home construction and Safety Standards.
- Attached homes - row house are several houses attached to each other with shared walls betwen units.
- condominiums - individually owned units that are part of a multi-unit project.
- Multi-family properties - more than one family resides in property. Semi-detached - duplex, triplex, 4-plex to apartment complexes and mobile home parks with hundreds of units.
Semi-detached homes - Units that share common (party) walls
Apartment buildings - multi-story, multi-unit buildings where 5 or more residences are included in one building. Apartments consist of nearly 1/2 of all residential housing.
Style of buildings - Low-rise
Style of buildings - low-rise - apartments 1 to 3 stories with no elevator.
Garden apartments - 1 and 2 story walk-up buildings with 1 or 2 bedroom units. Lower density frequently located in the suburbs. Include modest landscaping and some amenities such as swimming pool or exercise room
Style of building - Mid-rise
style of building - Mid-rise - 4 to 10 floors, located on the edges of urban areas and suburbs of large cities. Amenities include pools, exercise rooms, parking
Style of building - High-rise
Style of building - high-rise - multiple floors and between 75' and 491' high. Usually located near the center of the city or affluent outlying areas. amenities include laundry rooms, swimming pools,
Style of building - Tenement
Style of building - Tenement - few or no amenities, run-down, low rental walkups
Senior Housing - age-restricted housing restricts residency and ownership to active seniors 55 years oand over
Senior Housing - Active Retirement Facitiies
Senior Housing - Active Retirement Facilities - retirement facilities (often gated) and senior apartments. Designedwith facilities and living area catering to the residents' needs and interests.
Senior Housing - Independent Living Facility
Senior Housing - Independent Living Facility - multi-unit development where seniors can live independently, but without maintaining a home. Many facilities offer housekeeping, meals, activities and transportation.
Senior Housing - Assisted-living facility
Senior Housing - Assisted-living facility - offers medical and limited nursing care. Rarely managed by property managers.