PROPERTY MANAGEMENT FINAL|UPDATED&VERIFIED|100% SOLVED|GUARANTEED SUCCESS

The highest designation bestowed on a property manager? Certified Property Manager (CPM) 3 important technological advances that occurred in the early 1900's? 1. The structural advantages of steel-framed buildings 2. The perfection of high-speed elevators 3. The continued use of the automobile Resident Managers duties include? 1. Renting units 2. Collecting rents 3. Responsibility for tenant relations 4. Maintenance 5. Supervision 6. Keeping records 7. Completing proper paperwork Property Manager duties include? 1. Budgeting, reports, and monthly statements 2. Onsite inspections 3. Supervision 4. Controlling expenditures 5. Establishing rental rates 6. Establishing standard operating procedures 7. Maximizing income steam and value Vacany Rates are often? incorrectly calculated. go to a apartment association for better data Excess demand can lead to? overcrowding and doubling up of tenants technical oversupply is? when there are more houses than there is demand Economic oversupply is? when tenants can not afford the existing rent levels for housing The cost approach is? a form of appraisal that calculates the cost that it would be to build a building of similar stature The market approach is? a form of appraisal based off the rental rates of similar buildings in the area The income approach is? a form of appraisal derived by the income generated by the property Cash flow is also known as? $12000 per month in rent $13000 per month loan Net Operating Income -$1000 per month cash flow Different forms of Real Depreciation? 1. Physical Loss of value from wear and tear 2. Economic and Social Obsolescence zoning, noise, nuisance, population 3. Functional Obsolescence poor design and lacking amenities The lessor is the? owner The lessee is the? tenant Estate at Sufferance is? When a tenant overstays there contracted time on the premise Estate from Period to Period is? month to month tenancy A gross lease is? most common in residential and the tenant pays the owner a fixed monthly rental sum which includes taxes, maintenance, insurance, utilities A Net lease is? most comment in commercial and the tenant pays a base minimum rental rate and a prorated share of taxes, insurance, and maintenance A percentage lease is? the tenant pays the higher of either a minimum base rent or a percentage of total sales each month Requirements of a valid lease? 1. Description of the property 2. Names of Parties 3. Signature 4. Written 5. Term of Lease 6. Rental Rate 7. Legal Purpose 8. Competence of Parties The difference between assignment and subletting? assignment gets the original tenant off the hook while subletting means that the original tenant is still responsible for the other one to pay rent Waiver of Tenant rights deals with? A property manager cannot waive any rights in areas such as habitability and security deposits Roommates are? Jointly and severally liable Late Charges? There is no law governing them so it must be in the rental agreement An application must be filled out for the property manager to? run a credit report A property manager must have a? CA Real Estate License Resident managers have the rights to? 1. Show units to tenants 2. provide assistance in completing rental applications 3. Accept rents and deposits 4. Quote rental rates 5. Accept and execute leases and rental agreements Onsite resident managers are required for _ or more units? 16 Sole Proprietorship sole ownership General Partnership spreads risks evenly among individuals Corporation held properties must be managed like a corporation and not an individual Owners Goals 1. Safety 2. Cash Flow 3. Tax benefits 4. Leverage 5. Diversification 6. Appreciation 7. Pride of Ownership 8. Equity Gain All agreements more than one year long must be? in writing Trust account records must be kept for _ years 3 Brokers can not have anymore that _ amount of money in a bank account as a slush fund $200 Secret Profit is? when you direct someone to a company you have a portion of