Property management

Question 1

What is property management?

Answer 1

A professional service that involves leasing, maintenance, managing, and marketing of real estate owned by others

Question 2

The property manager is the local ____ of the property owner

Answer 2

representative

The property manager acts on behalf of the property owner in managing and overseeing the property.

Question 3

An absentee owner often relies on a professional ____ ____ to manage the owner’s investment

Answer 3

property manager

An absentee owner is someone who does not reside near their property and therefore requires management services.

Question 4

What is the primary objective of property management?

Answer 4

To protect the owner’s investment and to maximize the owner’s return

Effective property management aims to enhance the financial performance of a property.

Question 5

What do rental agents do?

Answer 5

They find a tenant for a property and collect a fee

Rental agents play a crucial role in filling vacancies in rental properties.

Question 6

What do property managers do?

Answer 6

They continue to manage the property after the tenant is secured

Property managers oversee ongoing operations, maintenance, and tenant relations.

Question 7

Property managers must be licensed as ___ ____ to be paid commissions or on a transactional basis

Answer 7

active brokers

Question 8

Compensation is detailed in the ___ ___

Answer 8

management agreement

The management agreement outlines the terms of payment and responsibilities between the property owner and the manager.

Question 9

Can associates work independently as property managers?

Answer 9

No, they need to work under the direction of a broker