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Real Estate - Ch. 19
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. |
| corrective maintenance | Correction of problems after they have occurred. |
| management agreement | A contract between the owner of income property and a management firm or individual property manager that outlines the scope of the manager’s authority. |
| management plan | A highly detailed plan that lays out the owner’s objectives for a 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 fire, hazard, public liability, and casualty. |
| operating budget | A property’s anticipated 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 incurred by an insured party; in essence, a policy insuring one’s personal and/or financial integrity. |
| 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 | State laws that require an employer to obtain insurance coverage to protect employees who are injured in the course of their employment. |
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katiestapley
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