Chapter 27 - The Property Management Profession Flashcards Preview

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Flashcards in Chapter 27 - The Property Management Profession Deck (9)
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1

Building Manager

Manager of just one building

2

Fiduciary

Person in position of trust, held by law to high standards of good faith and loyalty

3

Leasing Agent

A person who is employed by a real estate broker to engage in licensed activities limited to leasing redisdential real estate, and who has obtained a license as provided for in Section 5-5 of the Illinios Real Estate License Act

4

Management Agreement

A written agreement that governs the relationship between a property owner/investor and the property manager and outlines the duties of the property manager.

5

Principal

A person who grants another person (an agent) authority to represent him or her in dealings with third parties

6

Property Management

Leasing or renting, or offering to lease or rent real property of others for a fee, commission, a property management employee contact

7

Property Manager

Usually oversees the management of a number of properties for various owners

8

Resident Manager

Represents a property management firm and may live on the premises of the building being managed

9

Risk Management

Identifying, managing, and minimizing the potential risks on the property