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15 Cards in this Set

  • Front
  • Back
Define management agreement:
a contract between the owner of income property and a management firm or individual property manager that outines the scope of the managers authority
Define tenant improvements:
alterations to the interior of a building to meet the functional demands of the tenant
Define multiperil policies:
insurance policies that offer protection frm a range of potential perils,such as those of a fire,hazard,public liability, and casualty
Define risk management:
evalution and selection of apporpiat propert and other insurance
Define worker's compensation acts:
laws that require an employer to obtain insurance coverage to protect his/her employees who are injured in the course of thier employment
Define surety bonds:
an agreement by an insurance or bonding company to be responsible for certain possible defaults,debt,or obligation contracted for bt an insured party-- in 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
Define property manager:
someone who manages real estate for another person for compensation--duties include collecting rents,maintaining the property,and keeping up all accounting
Define life cycle costing:
in property management,comparing one type of equipment with another based on both purchase cost & operating cost over its expected useful lifetime
Define Americans with Disabilities Act:
Title I-provides for the employment of qualified job applicants regardless of thier disability
Title III-requires that managers ensure that people with disabilities have full and equal access to facilities and services
The property manager does all things on behalf of __________ with their best interests in mind.
the owner
A property manager must be a(n) ______________ unless a resident of the building.
broker or sponsored by a broker
In the handling of security deposits, the property manager who is a broker must _____________________________.
be depositing it in a escrow account
Name 4 types of maintence:
2)repair and corrective
The most overlooked type of maintence is _____________.
Name 6 types of insurance:
1)fire & hazard
2)consequential loss,use,and occupancy
3)contents & personal property
6)surety bonds