Chp 17 Property Management
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Compares actual results with the original
budget, often giving either percentages or a numerical variance of actual
versus projected income and expenses.
Budget comparison statement
A monthly statement that details the financial
status of the property.
Cash flow report
Corrects problems after they have occurred.
A contract between the owner of income property
and a management firm or individual property manager that outlines the scope of
the manager’s authority.
A highly detailed plan that lays out the owner’s
objectives with the property, as well as what the property manager wants to
accomplish and how, including all budgetary information.
Insurance policies that offer protection from a
range of potential perils, such as those of a fire, hazard, public liability,
A guide of the property’s financial performance in
the present and future. It gives the owner a sense of expected profit.
Small repairs that help prevent bigger problems
A general financial picture based on the monthly
cash flow reports; does not include itemized information.
Profit and loss statement
Someone who manages real estate for another
person for compensation. Duties include collecting rents, maintaining the
property, and keeping up all accounting.
Evaluation and selection of appropriate property
and other insurance.
Day-to-duties such as cleaning common areas,
performing minor carpentry and plumbing adjustments, and providing regularly
scheduled upkeep of heating, air-conditioning, and landscaping.
An agreement by an insurance or bonding company
to be responsible for certain possible defaults, debts, or obligations
contracted for by an insured party; in essence, a policy insuring one’s personal
and/or financial integrity. In the real estate business, a surety bond is
generally used to ensure that a particular project will be completed at a
certain date or that a contract will be performed as stated.
Alterations to the interior of a building to
meet the functional demands of the tenant. Also known as build-outs.
Laws that require an employer to obtain
insurance coverage to protect employees who are injured in the course of their
Workers’ compensation acts
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