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18 Cards in this Set
- Front
- Back
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What language can be used in advertisements?
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Language that indicates a preference or limitation prohibited, i.e., "adult building, Jewish home, restricted, private, integrated, traditional are not allowed.
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When advertising can references to landmarks associated with nationality or religion be prohibited?
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Yes such as parish, synagogue or club or school used exclusively by one sex; pictorials using human models depicting one segment of the population is discriminatory.
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What is the main rule to follow when doing an advertisement for property?
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Selective use of media by language or geography may be considered discriminatory.
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What do you look at when evaluating the rental market?
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Remember rents are primarily by supply and demand; high vacancies may indicate defects in property, inept management or excessive rental rates; high occupancy may indicate effective rental program or rents to low.
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What must a property manager be able to do?
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Determine appropriate rental market by analysis.
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What is identified as success for a property manager?
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Success is obtaining long-term tenants and this is done by meeting the tenants needs in size of space with a compatible cost.
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When screening applicants what laws/regulations need to be followed?
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May not withhold an available apartment, segregate certain persons in separate sections or parts of building, and charge different rents or security deposits to protected classes. Note: handicap modifications are allowed at renters expense and can be required to return interior back to original specs if undesirable to general population.
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Who has ultimate responsibility to resolve complaints between tenants?
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Manager
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What financial responsibility does the property manager have?
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They must develop operating budget on anticipated revenues and expenses based on owner's long-term goals; must consider continuous fixed expenses, i.e., salaries, taxes, insurance.
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What type of fuduciary responsibilities does a property manager have with a owner?
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General agent: has greater authority and discretion over decisions thatn others; charged with agency duties of care, obedience, accounting, loyalty, disclosure; first responsibility to realize highest return on property that is consistent with owner's directives.
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What is the property managers responsibility concerning maintenance?
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Primary objective: protect physical integrity of property over long term,
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What is preventive maintenance?
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Preserves long-range value and physical integrity; typically most neglected leading to greater expense in future,
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What is corrective maintenance?
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Actual repairs.
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What is the property manages responsibility concerning fees, security deposit, and rent collection?
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Should investigate financial references and former landlord; must attempt to collect without legal action becoming necessary. Must treat all of the applicants, the same.
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What are the areas a manager property should negotiate with the owner?
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Description of property, time period agreement will comver, management's responsibilities, statement of owner's purpose, extent of manager's authority, reporting, management fee, allocation of costs.
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What are capital expenditures?
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Modernization or renovation to enhance property value; must keep in mind principle of contribution.
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What is life cycle costing?
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cost of equipment in modernization or renovation evaluated over entire useful life; both initial and operating costs of equipment over useful life must be measured to compare total cost of one type equipment with that of another.
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Where should property manager place money?
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In a trust account as per license law states.
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