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national chp. 9

speciality areas

TermDefinition
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
Created by: kmills5