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Real Estate Course
Chapter 19 - Property Management
| Term | Definition |
|---|---|
| Property Management | The administration of residential, commercial and/or industrial real estate. Property management typically involves the managing of property that is owned by another party or entity. Property managers are typically paid a fee and/or a percentage of the re |
| Management Agreement | A contract between the owner of a property and someone who agrees to manage it. |
| Property Manager | An individual or company responsible for the day-to-day functioning of a piece of real estate. |
| Resident Manager | A manager of a property who lives on-site. |
| Property Management Report | An accounting report issued periodically by the property manager to the owner outlining all income and expenditures for that accounting period. |
| Anchor Stores | A key tenant in retail. Typically one of the larger stores in a shopping mall, usually a department store or a major retail chain (Macys, Nordstrom, etc.). |
| Capital Expense (CAPEX) | Expenditures creating future value. Incurred when a property owner spends money to upgrade a building in an effort to add value and/or extend the useful life of the building. |
| Capital Reserve Budget | Money set aside by a property owner for long-term capital expenditures to a property. |
| Corrective Maintenance | A maintenance task performed to identify, isolate, and rectify a problem with a property so that the property can be restored to an acceptable condition. |
| Eviction | A legal proceeding by a lessor landlord to recover possession of real property. |
| Fiduciary | A person who on behalf of or for the benefit of another transacts business or handles money or property not the person’s own; such relationship implies great confidence and trust. |
| General Agent | Someone authorized to transact every kind of business for the principal. |
| Lessee | A person to whom property is rented under a lease. |
| Lessor | One who rents property to another under a lease. |
| Management Proposal | A document that sets forth the duties of the manager when employed by the owner. |
| Operating Budget | An amount of money set aside by the owner for a specific period for the property manager to manage the property effectively. |
| Planned Unit Development | A highly designed residential project that features relatively dense clusters of houses, which are usually surrounded by areas of commonly owned open space maintained by a nonprofit community association. |
| Preventative Maintenance | Keeping property and equipment in a good state of repair so as to minimize the need for more costly major repair work or replacement. |
| Risk Management | Controlling and limiting risk in property ownership. |
| Stabilized Budget | A forecast of income and expenses for a property, typically over a three to five year period. |
| Tenancy for Years - | A lease for a fixed period of time. For a tenancy for years lease, no notice is needed for termination, the lessee knows the termination date from the outset of the lease. |
| Variable Expense | Property expenditures that vary depending of the operations of the property. |
Created by:
drister05
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