Chapter 15 - Property Management and Leasing Flashcards
The two primary responsibilities of a property manager are?
- Generate income for the owner
2. Preserve and/or increase the value of the investment property.
Which three factors does a property manager analyze in preparing a management plan?
- Owners objectives
- Regional and neighborhood market
- The specific property
How many units must an owner possess before being required to pay interest on tenant security deposits?
25 units or more
Estate for years
Specific beginning and end dates (aka tenancy for years)
What are the four types of maintenance a property manager is responsible for?
- Preventative maintenance
- Repair or corrective maintenance
- Routine maintenance
- Construction
What type of estate does a tenant have under a lease?
Leasehold (less-than-freehold) estate
Estate from period to period
Periodic tenancy. Infinite term, automatically renewing.
Holdover tenancy
Aka period tenancy. Conversion that happens after estate for years tenancy expires.
Under tenancy from year to years, how much notice is required before the end of a lease period?
60 days
Under tenancy from month to month, how much notice is required before the end of a lease period?
30 days
Estate at will
Tenancy of indefinite duration. Notice to terminate not required.
Estate at sufferance
When you stay past the duration of your lease without the landlords consent.
Consideration
Anything given or promised or forborne by one party in exchange for the promise or undertaking of another.
Assigning a lease
Original tenant is omitted from responsibility.
Subleasing
Original tenant remains ultimately responsible.
