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real property management final
uco chapman
44
Political Studies
Undergraduate 4
12/09/2014

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Cards

Term
blockbusting (10)
Definition
act of encouraging people to sell or rent by claiming that the entry of a protected class of people into the area will have some negative impact on property values
Term
steering (10)
Definition
channeling of members of protected class to buildings or neighborhoods that are already occupied primarily by members of those same classes and away from neighborhoods of those from other classes
Term
sherman anti (10) Law on price fixing SATL
Definition
promote competition in an open marketplace. places constraints on price-fixing. manager shouldn't discuss rental rates with anyone other than the owner of the property and the tenants they are charging.
Term
civil rights act of 1968 (10)Fair Housing Act
Definition
prohibits ciscrimination in the sale, rental and financing of buildings, and other housing-related transactions based on race, color, and subsequent amendments extending to the protections to religion, national orgin, sex, family status, and disability
Term
legal advertisements (10)
Definition
includes references to race, sex, religion. human models should reasonably represent the majority and minority groups in the community. Should describe the property not the other tenants and the landlord.
Term
Fair Credit Reporting Act FCRA (10)
Definition
governs credit reporting bureaus and which information is given to which party. managers can require a credit report but criminal report must require the applicants permission.
Term
when is it okay to discriminate (10)
Definition
when the community is designated elderly (all older than 65) (85% are 55 and older)
Term
rights on tenants credit report (10)
Definition
can decide not to rent if credit report is bad.
Term
lead base paint (10)
Definition
banned from paint in 1978. housing constructed before 1978 is affected. Managers must disclose the information that lead based paint is present.
Term
rental centers (11)
Definition
special leasing area located in a real estate developmet typically found in complexes larger than 100 units. includes display area, furnished models and an area than can be used to close lease transactions.
Term
advertisement for apt (11)
Definition
newspaper is most popular. should be brief but informative, appealing to the needs. apartment journals are an important tool. most useful advertising tool is the company's website.
Term
all the gross incomes (11)
Definition
Term
definition of cap rate (11)
Definition
an analysis on NOI. converts future income to a present value by assigning a number to the relationship between income and value.
Term
depreciation (11)
Definition
accounts for the decline in value from physical deterioration, functional obsolescence, and economic obsolescence.
Term
what is profit/loss? NOI? ROI? (11)
Definition
Term
condominiums
Definition
ownership of unit and undivided common interest in the common areas.
Term
absorption rate (12)
Definition
This number tells you how many months it would take for all the current homes for sale on the market to sell, given a monthly sales volume. of homes in an area: a 20% absorption rate is equivalent to five months of supply, and a 50% absorption rate is equivalent to two months of supply.
Term
rent space 4 types (12)
Definition
Term
what can a property manager not do because of civil rights act or fair housing laws
Definition
refuse to show, rent or negotiate with a person

discriminate in the terms or conditions of a lease

engage in discriminatory advertising

tell potential renters that a property is not available ,if it is

interfere with or intimidate a person to keep him from taking advantage of the full benefits of the fair housing act
Term
megan's law (10)
Definition
sex offender information must be public
Term
display ads (11)
Definition
usually limited to large, prestigious or newly opened apartment complexes.
Term
cash-flow analysis
Definition
allows the owner to analyze actual return on investment after taxes and decide whether it is economically more advagtageous to keep the property, invest more into it, refinance or sell.
Term
planned unit development (PUDs)
Definition
high density often mix residential with common recreational activities.
Term
in which type of ownership model does the owner purchase shares in the corporation
Definition
cooperative ownership
Term
in which type of ownership model does the owner receive a deed to real property
Definition
condominium ownership
Term
in which type of ownership does the owner have a proprietary lease on their unit
Definition
cooperative ownerhsip
Term
what is an advantage to owning a manufactured home park
Definition
there is a good chance the owner of the park will end owning units, efficient to manage because they are all in same area, low turnover because most people never move a manufactured home.
Term
generally, property taxes are assessed separately on each unit in a
Definition
condominium
Term
BOMA building class definitions
Definition
provide subjective standards to discuss office markets.
Term
BOMA class A
Definition
prestigious buildings competing for best tenants with above average rental rates
Term
BOMA class B
Definition
buildings for wide range of tenants with average priced rents for the area; fair to good quality
Term
BOMA class C
Definition
buildings compete for tenants who require functional space priced below average rents for the area
Term
trophy buildings
Definition
landmark buildings usually new with best technologies and best locations
Term
does the classification of building class vary from city to city
Definition
yes
Term
the four measurements pertaining to floor plans
Definition
construction area
rentable area
dominant portion
usable area
Term
construction area
Definition
sometimes called the new york method, measuring to the outside finished surface of permanent outer building walls. includes all area of enclosed floors of the building and even basements.
Term
rentable area
Definition
measuring to the inside finished surface of the permanent outer building walls. all restrooms, janitor closets, electrical rooms are included
Term
dominant area
Definition
inside finished surface of the permanent outer building wall which must be 50% or more of the vertical floor-to-ceiling dimension.
Term
usable area
Definition
number of square feet that can actually be occupied. rooms containing equipment for the building are excluded.
Term
when construction begins on an office property should you place for lease signs on the building
Definition
yes
Term
what should be included in a office property lease because of the length of most leases.
Definition
escalation clause because it will cover the unavoidable annual increases in real estate taxes and operating expenses in addition to keeping up with anticipated increases in market rents.
Term
should base rate be higher than minimum rate in an office space
Definition
yes
Term
what to consider for spatial requirements
Definition
nature of business
types of staff positions
number of ppl in each position
task that each performf
Term
absolute that can be charged for economic survival
Definition
minimum rate
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