NC Superior Real Estate School - Chapter 15-16 Exam Questions and Answers

NC Superior Real Estate School - Chapter 15-16 Exam Questions and Answers Chapter 15 Vocabulary: Real Estate (Property) Management - Note: This is Chapter 16 in the Adventure Guide -Answer-Chapter 15 Vocabulary: Real Estate Management - Note: This is Chapter 16 in the Adventure Guide Management Plan -Answer-A long-range program prepared by a property manager for the management of a property Management Proposal -Answer-A program for operating a property submitted to the owner by a property manager Operating Budget -Answer-yearly budget of income and expense for a particular property prepared by property manager Property Management -Answer-Comprehensive, order, continuing program analyzing all investment aspects of a property and coordinating the leasing and maintenance of the property to suture a financially successful project Property Management Agreement -Answer-An employment contract setting up the agency relationship between the property owner and the real estate agent that gives the agent the responsibility of managing the property, including such responsibilities as negotiating, leasing, repairing and maintaining the property, collecting rents, and accounting for funds. Property Management Report -Answer-A periodic financial report prepared by a property manager for the owner Property Manager -Answer-One wh manages properties for an owner(s) as the owner's agent Resident Manager -Answer-A person employed to manage a building who lives on the premises Stabilized Budget -Answer-A forecast of income and expenses for a property, typically over a three to five year period. (quizlet) Important Information from Adventure Guide -Answer-Important Information from Adventure Guide The Nature of Property Management -Answer-Managing the property of another for a fee Need a license to manager property for another The property manager is the firm The licensees work for the property manager Listing agent/buyer's broker agent = firm Exceptions to License Requirements -Answer-Employees of an entity managing its own property Unlicensed salaried employees - can collect rents, show properties, provide information, complete forms - cannot negotiate lease amounts or contract terms or amounts to be paid can do almost anything that the owner can - no compensation (i.e. bonus) unlicensed assistants can not negotiate prices attorneys can show rental properties, no properties for sale No license required to manage an HOA Homeowner's Associations The Property Management Agreem