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Unit #17

Property Management

TermDefinition
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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