Il Real Estate Ch#18

Front 1

Define management agreement:

Back 1

a contract between the owner of income property and a management firm or individual property manager that outines the scope of the managers authority

Front 2

Define tenant improvements:

Back 2

alterations to the interior of a building to meet the functional demands of the tenant

Front 3

Define multiperil policies:

Back 3

insurance policies that offer protection frm a range of potential perils,such as those of a fire,hazard,public liability, and casualty

Front 4

Define risk management:

Back 4

evalution and selection of apporpiat propert and other insurance

Front 5

Define worker's compensation acts:

Back 5

laws that require an employer to obtain insurance coverage to protect his/her employees who are injured in the course of thier employment

Front 6

Define surety bonds:

Back 6

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

Front 7

Define property manager:

Back 7

someone who manages real estate for another person for compensation--duties include collecting rents,maintaining the property,and keeping up all accounting

Front 8

Define life cycle costing:

Back 8

in property management,comparing one type of equipment with another based on both purchase cost & operating cost over its expected useful lifetime

Front 9

Define Americans with Disabilities Act:

Back 9

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

Front 10

The property manager does all things on behalf of __________ with their best interests in mind.

Back 10

the owner

Front 11

A property manager must be a(n) ______________ unless a resident of the building.

Back 11

broker or sponsored by a broker

Front 12

In the handling of security deposits, the property manager who is a broker must _____________________________.

Back 12

be depositing it in a escrow account

Front 13

Name 4 types of maintence:

Back 13

1)preventive
2)repair and corrective
3)routine
4)construction

Front 14

The most overlooked type of maintence is _____________.

Back 14

preventive

Front 15

Name 6 types of insurance:

Back 15

1)fire & hazard
2)consequential loss,use,and occupancy
3)contents & personal property
4)liability
5)casualty
6)surety bonds