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national chp. 9
speciality areas
Term | Definition |
---|---|
9-1 property mgt. property manager | acting as a general agent of the landlord |
property managers role | -max landlord's investment -generate income -maintain physical condition -does not spend the profits |
mgt. agreement signed by employing broker | may not be signed by salesperson/broker associate w/out permission of employing/managing broker |
...when mgt agreement signed duties? | -create representation -markets space to attract tenants -collects rents and security deposit -develop annual budget & prepare financial reports -negotiate lease (including investigating applicants' qualifications |
...creates representation | if in an agency relationship -will make owner a principal and broker a general agent (property manager) |
...markets space to attract tenants? | most important is CAREFUL SELECTION OF GOOD TENANTS |
...property manager renting industrial property concerned w/? | environmental issues |
9-2 common interest ownership properties condominiums and town houses | -real estate -portions of which are designated for separate ownership (units) and remainder of which (including physical structure) is designated for common ownership and use (common elements) -can be office building |
...who are common elements owned by? | all current property owners as TENANTS IN COMMON |
...purchasers? | own and finance their own units -transferred by deed |
...each unit and its common element percentage? | taxed, homesteaded, insured, and transferred as a seperate parcel |
...to sell their unit owners may have to? | get permission from the other owners to sell their unit (first right of refusal) (condominium association and cooperative association) |
cooperative ownership | ownership of the building by corporation -leases to shareholders who own stock in the corporation |
...what do buyers receive? | corporate bylaws, shares of stock, and proprietary lease for their unit and their share of common elements -DO NOT RECEIVE A DEED (bc theres no ownership of unit) |
...owners pay? | assessment and association fees |
time-shares | common interest ownership form where multiple owners have interest in a property -each purchaser receives right to use the facilities for certain period of time each year |
...time-share most commonly used for? | resort-type properties |
9-3 commercial property | classification of real estate that includes nonresidential income-producing property (NOT APTS) -commercial use requires property to be zoned for business purposes |
...ex. of commercial property | office building, gas station, restaurant, shopping center, hotel/motel, and parking lot |
9-4 business opportunity sales | sale of a business (including goodwill and assets) -many states require a broker's license to offer for sale and another for a fee |