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17 Cards in this Set

  • Front
  • Back
ONLY ____ can manage their property without an active NC real estate license
title holding owners
in NC, a property manager who is the owners agent MUST have an ____
active nonprovrision real estate brokers license
property manager who is the employee of the owner is still require to have real estate icense unless the owner of the property is ____
a chapter C or subchapter S corporation

(if there is a corporate owner and the property title s in the corps name, then a salaried employee without a real estate license will be allowed to manage)
salaried employee property manager is limited to:
-exibiting units on real estate

-providing prospective tenats with info

-acceptng applications

-completing pre printed forms

-acceping surcity deposits and rent ONLY when deposits and rent are made payable to owner

(salaried employee SHALL NOT negotiate amount of payments. SHALL NOT negotiate rental leases on behalf of owner)
someone who preserves the value of an investment property while generating income as an agent for the owner
property manager
the agency relationship (in property manager) is created by
property manager contract
property managers do not perform functions such as:
making capital improvements

-reinvesting profits

-paying owners income tax

-establishing depreciation schedule
the first step in taking over the management of any property is to enter into a _____
(this agreement creates an agency relationship bt owner and property manager)
property management agreement
unlike other agency areements, the Commissionn rule allows property management agreements to contain an ___ ___ __ if propety owner can terminate with notice at end of contract period.
auomatic renewal clausse
after entering into an agreement with a property owner, a managerhandles the property as the owner would. the managers first responsibilty is __ __ __ __ ________
to relaize the highest return n the property that is consistent with the owners instruction
in selecting commercial and industrial tenant, a manager should be certain that: (4)
-size of space meets requirements

-ability to pay

-business is compatible

-expansion space available
property maintenance encompasses four areas:(TQ)(4)
-preventive maintenance

-repair or correective maintenance

-routine and cleaning

mantenance includes regulary scheduled activities

-such as painting and periodic lubrication that will maintain the structure
preventive maintenance
maintenance involves the actual reparis that keep the buildings equipemen utilites and amenties functioning
repair or corrective maintenance
the property manager must supervise routine maintenance and clening though building such as:
day to day duties, carpentry, plumbing, scheduled upkeep of heating, air
to protect owners of exissting sturctures from the massive expense of extensive remodeling, the ADA recommends
reasonably acheivale accomodations
which contract is the ONLY agency contract that is allowed by NCREC to have an automatic renewal clause?
property management agreement