Term
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Definition
| A contract creating a general agency relationship between the owner and the property manager. |
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Term
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Definition
| Outlines the details of the owner's objectives with the property as well as what the property manager expects to accomplish and how including financial objectives. |
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Term
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Definition
| The projection of income and expense for the operation of a property over a one year period. |
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Term
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Definition
| A monthly statement that details the financial status of the property. |
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Term
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Definition
Gross Rental Income + other income - losses incurred = Total Income
Total Income - Operating Expenses = Net Operating Income
Net Operating Income - Debt Service - Reserves = Cash Flow |
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Term
| Profit and Loss Statement |
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Definition
| A financial picture of revenues and expenses used to determine whether a business has made money or suffered a loss. |
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Term
| Budget Comparison Statement |
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Definition
| Compares actual results with the original budget, often giving either percentages or numerical variance of actual versus projected income and expenses. |
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Term
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Definition
| Includes regularly scheduled activities such as painting and seasonal servicing of appliances and systems. |
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Term
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Definition
| Involves the actual repairs that keep the building's equipment, utilities and amenities functioning. |
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Term
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Definition
| Includes such day to day duties as performing minor carpentry and plumbing repairs and providing regularly scheduled upkeep of heating, air conditioning, and landscaping. |
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Term
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Definition
| Construction alterations to the interior of the building to meet a tenant's particular space needs. |
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Term
| Building Related Illness (BRI) |
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Definition
| Clinically diagnosed condition that can be attributed directly to airborne contaminants. |
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Term
| Sick Building Syndrome (SBS) |
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Definition
| More typical in an office building; often increasing ventilation or replacing interior features such as carpeting can solve air quality problems. |
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Term
| Risk Management Techniques (ACTOR) |
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Definition
1. Avoid it
2. Control it
3. Transfer it
4. or
5. Retain it |
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Term
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Definition
| Cover an owner against financial losses resulting from an employee's criminal acts or negligence. |
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Term
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Definition
| Policy that offers an insurance package that includes standard types of commercial coverage such as fire, hazard public liability, and casualty. |
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