Chapter 27 - The Property Management Profession

Question 1

Building Manager

Answer 1

Manager of just one building

Question 2

Fiduciary

Answer 2

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

Question 3

Leasing Agent

Answer 3

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

Question 4

Management Agreement

Answer 4

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

Question 5

Principal

Answer 5

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

Question 6

Property Management

Answer 6

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

Question 7

Property Manager

Answer 7

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

Question 8

Resident Manager

Answer 8

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

Question 9

Risk Management

Answer 9

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