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Ch. 15
Vocab: Real Estate Management
| Term | Definition |
|---|---|
| Americans with Disabilities Act (ADA) | A federal law protecting the rights of individuals with physical or mental impairments. |
| Commingling | To mix the money or property of others by an agent with the agent's personal or business funds or other property. |
| Conversion | Unauthorized appropriation of ownership rights over goods/ property belonging to another; also altering 1 form of prop. to another (changing leasehold apart. build. to freehold condo. ownership). Act that interferes w/ owner's right of possession to prop |
| Management Plan | A long-range program prepared by a property manager for the management of a property. |
| Management Proposal | A program for operating a property submitted to the owner by a property manager. |
| Operating Budget | A yearly budget of income and expense for a particular property prepared by a property manager. |
| Property Management | Comprehensive, orderly, continuing program analyzing all investment aspects of a property and coordinating the leasing and maintenance of the property to ensure a financially successful project. |
| Property Management Agreement | Employment contract setting up agency relationship between prop. owner & real estate agent that gives agent job of managing the prop., including negotiating, leasing, repairing & maintaining the property, collecting rents, & accounting for funds. |
| Property Management Report | A periodic financial report prepared by a property manager for the owner. |
| Property Manager | One who manages properties for an owner(s) as the owner's agent. |
| Stabilized Budget | A forecast of income and expense as may be reasonably projected over a short term of years, typically five years. |
| Resident Manager | A person employed to manage a building who lives on the premises. |
| Trust Account | An account maintained by a real estate broker in an insured bank for the deposit of other people's money. Also called escrow account. |
| Commercial Property | Property producing rental income or used in business. |
| Operating Statement | A report of receipts and disbursements in evidence of net income of rental property. |
| Tax Shelter | A method of tax avoidance such as protecting income from taxation by allowable depreciation. |
| Vacancy Rate | A projected rate of the percentage of rental unit vacancies that will occur in a given year. |
Created by:
laurenk1996
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