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Exam 4

Ch 21

TermDefinition
Adaptive reuse A conversion where the remodeling produces a creative reuse of the structure that is different from its original purpose
Agency relationship A relationship that empowers the property manager/agent to serve as the owner's fiduciary ; thus, the manager's words and actions are binding on the owner
Asset manager The representative of property owners responsible for overseeing property managers and advising owners on important stategic decisions involving properties
Benchmark A reference point used as a standard to quantify the relative performance of a specific asset or manager acting on behalf of an investor
Corrective maintenance The ordinary repairs to a building and its equipment on a dat to day basis
Credit tenants Companies whose general debt obligations are rated "investment grade" by one or more of the U.S. rating agencies, such as Standard and Poor's and Moody's
Custodial maintenance The day to day cleaning and upkeep required to maintain property value and tenants
Deferred maintenance Ordinary maintenance not performed at the time a problem is detected
Management agreement The agreement that forms the basis for the relationship between the property owner and the property managemnet firm
Permanence potential The preference to lease residential units to households whose prior history indicates a probability of a longterm occupancy
Preventive maintenance A program of regular inspections and care to avert potential problems
Property managers Individuals in charge of the day to day operations of a property
Rehabilitation The restoration of a property to satisfactory condition without changing the floor plan, form, or style of the structure
Remodeling Actions resulting in changes to the floor plan, form, or style of a structure to correct functional or economic deficiencies
Tenant mix The synergism created by the right grouping of tenants that results in the right mix of tenants that "makes the whole greater than the sum of its parts"
Tenant reps Brokers or agents that specialize in helping tenants find suitable space to lease
Third-party management company One other than the principals involved in a transaction
“in-house” will manage the property
Mom and Pop denoting a small store or business of a type often run by a married couple.
Cotenancy concept in property law which describes the various ways in which property is owned by more than one person at a time
Letter of Intent a document containing a declaration of the intentions of the writer.
Institute of Real Estate Management (IREM) An affiliate of the National Association of REALTORS®,this association is devoted to the needs of multifamily and commercial property managers.
Building Owners and Managers Associations (BOMA) represents the owners and managers of all commercial property
Created by: drewmad5