Chp 17 Property Management

Card Set Information

Author:
IQ
ID:
230007
Filename:
Chp 17 Property Management
Updated:
2013-08-14 15:56:16
Tags:
Real Estate
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Description:
Real Estate
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  1. 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
  2. A monthly statement that details the financial
    status of the property.
    Cash flow report
  3. Corrects problems after they have occurred.
    Corrective maintenance
  4. 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.
    Management agreement
  5. 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.
    Management plan
  6. Insurance policies that offer protection from a
    range of potential perils, such as those of a fire, hazard, public liability,
    and casualty.
    Multiperil policies
  7. A guide of the property’s financial performance in
    the present and future. It gives the owner a sense of expected profit.
    Operating budget
  8. Small repairs that help prevent bigger problems
    and expenses.
    Preventive maintenance
  9. A general financial picture based on the monthly
    cash flow reports; does not include itemized information.
    Profit and loss statement
  10. Someone who manages real estate for another
    person for compensation. Duties include collecting rents, maintaining the
    property, and keeping up all accounting.
    Property manager
  11. Evaluation and selection of appropriate property
    and other insurance.
    Risk management
  12. 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.
    Routine maintenance
  13. 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.
    Surety bonds
  14. Alterations to the interior of a building to
    meet the functional demands of the tenant. Also known as build-outs.
    Tenant improvements
  15. Laws that require an employer to obtain
    insurance coverage to protect employees who are injured in the course of their
    employment.
    Workers’ compensation acts

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