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Unit #17
Property Management
| Term | Definition |
|---|---|
| Budget Comparison Statement | Compares actual results with the original budget, often giving either percentages or a numerical variance of actual versus projected income and expenses. |
| Cash Flow Report | A monthly statement that details the financial status of the property. |
| Community association management | Provides a team of property managers, accounting staff, office staff, and property consultants to manage property. |
| Corrective Maintenance | Corrects problems after they have occurred |
| Management Plan | A highly detailed plan that lays out the owner's objectives with the property, as well as what the property manager wants to accomplish and how, including all budgetary information. |
| Multiperil Policies | Insurance policies that offer protection from a range of potential perils, such as those of a fire, hazard, public liability, and casualty. |
| Operating Budget | A guide of the property's financial performance in the present and future. It gives the owner a sense of expected profit |
| Preventive maintenance | Small repairs that help prevent bigger problems and expenses. |
| Profit And Loss Statement | A general financial picture based on the monthly cash flow reports; does not include itemized information |
| Property Manager | Someone who manages real estate for another person for compensation. Duties include collecting rents, maintaining the property, and keeping up all accounting. |
| Risk Management | Evaluation and selection of appropriate property and other insurance |
| Routine Maintenance | Day-to-day duties such as cleaning common areas, performing minor carpentry and plumbing adjustments, and providing regularly scheduled upkeep of heating, air-conditioning, and landscaping |
| Surety Bonds | An agreement by an insurance or bonding company to be responsible for certain possible defaults, debts, or obligations contracted for by an insured party; in essence, a policy insuring one's personal and/or financial integrity. In the real estate business |
| Tenant Improvements | Alterations to the interior of a building to meet the functional demands of the tenant. Also known as build-outs. |
| Workers' Compensation Acts | Laws that require an employer to obtain insurance coverage to protect employees who are injured in the course of their employment |
Created by:
jozie723
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