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Exam 4
Ch 21
| Term | Definition |
|---|---|
| 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
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