Chapter 19 Property Management Flashcards Preview

MA RE Licenscure Exam > Chapter 19 Property Management > Flashcards

Flashcards in Chapter 19 Property Management Deck (12)
1

Property Manager MUST

achieve the goals of the owners
generate income and
preserve and or increase the value of the property

2

a property manager is considered

a general agent who is charged with the fiduciary responsibilities of care, obedience, accounting, loyalty, and disclosure

3

rental commissions

are based on annual rent from a property

4

management plan

outlines the details of the owner's objectives with the property, as well as what the property manager expects to accomplish and how including all financial objectives.

5

operating budget

the projection of income and expense of the operation of a property over a one year period

6

cash flow report

a monthly statement that details the financial status of the property.

7

income

gross rentals collected delinquent rental payments, utilities, vending machine proceeds, contracts late fees, and storage charges.

any losses from uncollected rental payments or evictions are deducted from total gross income to arrive at net operating income.

8

profit and loss statement

a financial picture of revenues and expenses used to determine whether a business has made money or suffered a loss.

Gross receipts- operating expenses -total mortgage payment + mortgage loan principal = Net Profits

9

Budget comparison statement

compares actual results with the original budget, often giving either percentages or a numerical variance of actual vs projected income and expenses

10

ECOA equal Credit Opportunity Act

prohibits a lender from denying a loan based on a person's race, color, religion, national origin, sex, marital status, age or receipt of public assistance.

11

The Fair Housing Act

prohibit discrimination in the sale, rental, or financing of housing based on race, color, religion, national origin, sex familial status, or disability

12

Risk Management

involves answering the ? what if something goes wrong?


A-Avoid
C-Control
T-Transfer
O-Or
R-Retain