Term
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Definition
| when someone else holds the title of the property |
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Term
| what is the purpose of the management contract |
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Definition
| to show both parties what the manager is expected to pay for and provide |
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Term
| the 4 types of business cycles are |
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Definition
1)expansion
2)recession
3)contraction
4)revival |
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Term
| when talking about apartment websites lisa said it is important to add what to your site? |
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Definition
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Term
| lisa said you should put what on the front page of your website |
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Definition
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Term
| what do renters want (number 1 in poll) |
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Definition
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Term
| what should we do in print ads |
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Definition
| do something to evoke emotions |
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Term
| the basic principles of marketing are |
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Definition
know your product
know your current customer base |
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Term
| what are the best and least expensive method of renting property |
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Definition
| using your current clientele base |
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Term
| a manager needs to determine a detailed plan that is shaped by three factos |
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Definition
supply and demand
available funds
customer needs |
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Term
| what on property are the least expensive most effective method of adversiting |
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Definition
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Term
| newspaper advertising is divided into two types |
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Definition
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Term
| which is the most important action to take when showing a propery to a new prospect? |
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Definition
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Term
| leases are contrats true or false |
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Definition
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Term
| the demand for professional property management that occured in the late 1800s resulted primarily from |
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Definition
| the structural advantage of the steel fram building coupled with the perfection fo the electric elevator made it possible to build tall buildings on small parcels of urban land, which in turn led to the development of multifamily apartment buildings that required proffessional property management |
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Term
| the traditional concentration of retail property in downtown areas became decentralized as a result of |
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Definition
| the population moved to the suburbs, and large shopping center were built to accomadate their needs |
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Term
| the growth of shopping centers has been stimulated by |
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Definition
| expansion of public transportation and increase in automobile ownership enabling young couples to buy homes in the suburbs |
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Term
| all of the following should be goals of the professinal property manager except: maintain 100% occupancy, generate income for the owner, increase value of the property, accomplish the objectives of the owner |
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Definition
| all except maintain 100% occupancy |
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Term
| which of the following professional organizations has the longest history? boma, naa, irem, icsc |
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Definition
| boma was formed in 1921, the rest in the 1930's and later |
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Term
| incubator spaces are most likely to be found in |
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Definition
| spaces in researches parks for beginning companies |
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Term
| examples of special-purpose properties include |
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Definition
| nursing homes, hospitals, schools |
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Term
| which of the following types of real estate properties utilizes more professional property managers? industrial, commercial, special-purpose, residential |
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Definition
| residental real estate is the largest source of demand for the services of professional propety mangers |
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Term
| the professional propery manager formulates plans to |
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Definition
| understand what the owner wants to achieve with a specific property |
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Term
| the construction of multifamily unit ownership housing has been stimulated by |
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Definition
| rising construction costs and decrease in availablity of land |
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Term
| income producing properties that offer services are known as |
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Definition
| office parks and business parks |
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Term
| the ability of a property manager to asses a market and implement sales promotion is most ciritical when dealing with |
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Definition
| ability to asses the market, conduct sales promotion and public relations and to act swiftly an decisively |
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Term
| ministorage, unlike many other types of industrial property is |
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Definition
| provide extra storage for home owners but business use them too |
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Term
| areas that are predominately warehousing, light manufacturing, or assemlbly zones and that are created under state statues are called |
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Definition
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Term
| which of the following would be classified as special purpose property?anything managed by a property management comany, hotels motels theaters schools and places of worship, residential condos and cooperatives, buildings occupied by members of the medical profession |
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Definition
| motels hotel theaters schools and places of worship |
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Term
| which of the following offers a combination of home ownership and site rental? manufactured home parks, housing for the elderly, loft buildings, condominiums |
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Definition
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Term
| messenger services, taxi services, fax services, and shopping are all services commonly offered by |
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Definition
| office buildings condo developments shopping centers and apartment complexes |
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Term
| asset managers often have the task of |
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Definition
| financial management of a sizeable number of investment properties rather than directly managing an idividual property |
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Term
| if a property manager asks a property manager to manager the property in violaton of current civil rights laws, the property manger should |
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Definition
| terminate the management contract if it leads to exposure in liability |
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Term
| ethical conduct refers to |
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Definition
| fidelity, integrity and competency |
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Term
| which of the following characterizes the expansion phase in the business cycle? production increases, prices of goods fall because of increased supply, credit is tightened because the dollar can buy more, business do not attract capital because alternative investments are more attractive |
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Definition
| wages and consumer purchasing power climb to their highest point and demand for goods increases |
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Term
| at or just before the peak of the general business cycle |
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Definition
| supply meets and begins to pass demand for products and services, recession occurs and the economy contracts because there is less demand for goods |
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Term
| movements of the general economy that usually are measured over 50 years or more are called |
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Definition
| long-term movements reflect the overall direction the economy is taking |
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Term
| cycles of the general business economy differ from those of the real estate market in that the |
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Definition
| real estate activities occur on local levels at irregular intervals and may be shorter than those in the general economy |
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Term
| from an economic standpoint the rental market as a segment of the economy |
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Definition
| during the contraction phase vacancy rates are high and property owners must compete for tenants, resulting in a drastic reduction in rent |
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Term
| in the operating budget what is the name of the expenditure that accounts for money for repalacemtn expenditures |
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Definition
| reserve funds cover the "unexpected expenditures that may be expected" |
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Term
| when more space is available than potential tenants demand it indictes a |
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Definition
| technical oversupply results when ther are more spaces than tenants who want the spaces |
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Term
| in market analysis the specific goal of the property manager is to identify major economic trends and their |
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Definition
| effect on the value of a specific property in that particular market level. |
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Term
| the objective in a market analysis is to |
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Definition
| arrive at the optimum price for a standard unit of that type within the market area |
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Term
| to avoid any surprises when taking over a new property the manager should first |
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Definition
| disclose the amount and durability of rental income |
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Term
| when evaluating date in a neighborhood market survey, a residential property manager will be most concerned with |
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Definition
| population demographics such as size of family units, the median income level, population trends |
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Term
| economic oversupply results when |
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Definition
| tenants cannot afford the rents |
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Term
| what should the manager do if the building is 100% occupied |
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Definition
| a shortage of space and therefore suggest the possibility of rent increases |
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Term
| prospective tenants form their intitial impression of a rental property based on |
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Definition
| what they see as they approach the building "curb appeal" |
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Term
| after inspecting and analyzing the comparables a property manager should be able to estimate the routine operating costs for the subject property and |
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Definition
| estimates of the capital expenditures needed to maker the property competitive |
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Term
| a good management plan is based on an |
|
Definition
| determining operating budget, five-year forecast, comparative income and expense analysis |
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Term
| what should a property manager keep in mind when setting goals and objectives |
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Definition
| that they may determine that alternative use may be explored |
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Term
| cash flow from a property is predicted by which of the following formulas |
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Definition
| money available for use after paying expenses and the debt service from the expected gross effective income |
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Term
| the determining factor in the acceptance or rejection of the management plan will be the |
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Definition
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|
Term
| objectives of the property owner |
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Definition
1 achieve the objectives of the property owners
2 generate income for the owners and
3 preserve and or increase the value of the investment property |
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Term
| definition of real estate |
|
Definition
| surface of a parcel of land and everything above and below the land and any permanent attachments to the land nature or man made |
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Term
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Definition
construction stopping in the north in the winter,
9 month school years effect on apartments |
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Term
| how long are long term movements in real estate |
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Definition
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Term
| what three things does a manger focus on in a management plan |
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Definition
regional and neighborhood market analysis
specific property analysis
analysis of an owners objectives |
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Term
| what are the three types of relationships |
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Definition
employer-employee relationship
trust
principal-agent managment |
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Term
| employer-employee relationship |
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Definition
| found most often in banks, colleges, large corporations. the employe manager is directly responsible to the officers of the owner employer corporation |
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Term
|
Definition
| one person or institution transfers legal ownership of property to someone else to hold or manage for the benefit of a third party |
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Term
| principal-agent relationship |
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Definition
principal - one who hires
agent - one who does the work |
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Term
|
Definition
| care, obedience, accounting, loyalty and disclosure |
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Term
| advertising campaing depends on three factors |
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Definition
type of property
supply and demand
available financial resources |
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