Real Estate Exam - Chapter 17: Property Management

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Real Estate Exam - Chapter 17: Property Management


 
  
Created Jun 10, 2010
by
jsimon05

 

 
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1
A Property Manager must:
 
- Achieve goals of the owners
- Generate income for owners
- Presence and Increase value...
2
Property management begins with a: Managment Plan
Enter into a Management Agreement (contract)
 
Prop manager is a general agent
3
Responsibilities:
Financial Reports:
 
Operating budget - gives owner sense of profit to expect during a certain period
Cash Flow...
4
Renting the Property & Setting Rental Rates:
 
When occupansy level of an apt house / building exceeds 95%, should consider raising rents....
5
Maintaining property: 4 types
 
- Preventative (painting, applicance servicing)
- Repair or Corrective
- Routine (day-to-day...
6
Federal laws affecting property management:
ADA
ECOA
FHA

 
ADA - existing barriers must be removed if can be in a readily achievable manner
ECOA -...
7
Risk Management techniques: ACTOR
 
Avoid - Remove source of risk (i.e. pool)
Control - Prepare i.e. put in sprinklers, cameras
Transfer...
8
Surety Bonds:

Multiperil Policies
 
- Type of insurance covering owner over financial losses caused by an employee's criminal acts

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