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Flashcards in Property Management Deck (13):
0

Independent contractors

Independent contractors are not employees of property management firms. They may be specialists such as plumbers on manual laborers. In all cases however employers must provide workers compensation insurance for employees unless they are independent contractors

1

Casualty insurance

Casualty insurance can cover many issues such as plateglass breakage theft and broken furnace etc.

2

In Massachusetts last months rent is held for more than one year

The landlord must pay interest on it

3

Records should be kept by a property manager

The property manager needs to provide an owner with monthly statements and a final annual statement for tax and business purposes

4

Exculpatory

Exculpatory clause relieves the landlord from liability for a tenant's personal injury in common area

5

Three major roles of the property manager

The three roles include, to free up the owner from the specifics of operating a building, to increase the net operating income, and to protect the interests of the owner.

6

Assignment

Assignment is the transfer of the entire remaining terms of the lease

7

Surety bond

The broker is only required to have a surety bond

10

Notice to quit

The notice to quit requires a 30 day notice

11

All leases in Massachusetts

Must be in writing

12

There is no license requirements to be a property manager unless he or she receives a commission fee for leasing space in the building

Then a real estate brokers license is required

19

30 day tenant

The 30 day tenant is a tenant at will

20

Property manager provides many functions including

Hiring personnel, keeping the property insured, and maintaining records.