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Ch. 15

Vocab: Real Estate Management

TermDefinition
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