Champions -Property Management- SAE, Exam Study Guide. With Complete Verified Solution 2023/2024
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Course
Champions -Property Management- SAE
Institution
Champions -Property Management- SAE
Champions -Property Management- SAE, Exam Study Guide. With Complete Verified Solution 2023/2024
police power
The right of governments to control land use
Fiduciary
requires duties of obedience, loyalty, disclosure, confidentiality, accounting, and reasonable care
variance
permission to viola...
Champions -Property Management- SAE, Exam
Study Guide. With Complete Verified Solution
2023/2024
police power
The right of governments to control land use
Fiduciary
requires duties of obedience, loyalty, disclosure, confidentiality, accounting, and
reasonable care
variance
permission to violate the rules
building code
dictates the minimum legally acceptable standards by which a building can be
constructed
Zoning
determines for what purposes certain parcels of land that can be used
property manager
manages properties for investors and owners who purchase property as an asset and
for a fee manages the property for someone else
In Texas agents need to be
licensed to show, lease or accept payment for soliciting space for property owners
OLD CAR
- Obedience
- Loyalty
- Disclosure
- Confidentiality
- Accountability
- Reasonable Care
Property Manager responsibilities
renting units and collecting rents, arranging for maintenance and repairs, hiring and
firing on-site personnel, providing a complete accounting to the owner, budget &
reporting, compliance with fair housing regulations (state & federal)
Types of Property Managers
Individual property manager- not required to be licensed
Licensed property manager-RE agents work for property management
Residential Manager -live in the property they manage - they are the liaison, buffer
between the property owners and the resident
list of specialties
Residential
Commercial
Industrial
Other
residential
, single family detached, townhomes, condominiums, cooperatives, multifamily (duplex,
triplex, quadplex)
apartment complex (low-rise, mid rise, high rise, garden style, walk-ups), manufactured
home parks, mobile home parks , scattered -site housing, retirement communities,
military housing, public housing, vacation properties
commercial
office properties(low-rise, mid-rise, high-rise, skyscraper,
retail properties free-standing, shopping centers, power centers, regional malls,
groceries stores, restaurants)
hospitality properties (motels, hotels, condo hotels)
medical offices/plazas, hospitals
special - purpose properties (churches, museums, schools, universities)
government buildings
Industrial
general purpose(warehouse)
special purpose (light industrial)
single purpose (heavy industrial parks, plants, refineries
industrial parks
research parks
other
foreclosure properties
airports
marinas
assisted- living communities
land
farm and ranch property
market research
gathering, organizing& analyzing data compiled from different sources
Equilibrium
where supply is high and demand is high
External Obsolescence
loss of value due to factors outside of the property
Physical Deterioration
loss of value due to daily wear and tear
Functional Obsolescence
lose of desirability of the style layout or functions of the property over time
4 phases of the business cycle
prosperity, recession, contraction, recovery
prosperity
interest creates demand
recession
supply & demand are the same
contraction
what goes up must come down
recovery
time to do it all over again
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