(Summary) Section 9: Property Management in Texas, Complete Verified Solution 100%
Property Manager's Responsibilities
-A property manager is responsible for overseeing all activities related to the owner's property.
-The property manager acts as the owner's fiduciary.
-As a general agent for...
(Summary) Section 9: Property Management in Texas,
Complete Verified Solution 100%
Property Manager's Responsibilities
-A property manager is responsible for overseeing all activities related to the owner's
property.
-The property manager acts as the owner's fiduciary.
-As a general agent for the owner, the property manager is authorized to perform all of
the duties related to the property on the owner's behalf.
-A property manager's loyalty is to the property owner.
-The primary function of the property manager is to produce the greatest net return for
the owner.
-A property manager's principal role is that of a general agent for the property owner.
Property Manager Skills
-Command of generally accepted accounting principles (GAAP)
-Knowledge about appraisals and how they work
-Knowledge of financial trends and local market conditions
-Knowledge about financing
-Supervisory skills
-Union negotiation skills
-Knowledge of construction
-Knowledge of ecology and how environmental issues and regulation impact property
management
Which four of these are skills required of property managers?
-Lease renewal laws
-Advertising and marketing
-Building systems
-Purchasing and purchase orders
Real estate asset manager
This type of manager might work for a team of investors and focus on long-term
financial planning.
Resident manager
Sometimes this type of manager is hired by the owner to live in the apartment building,
working on a salary and rent stipend.
Building manager
This type of manager might work for a property management firm or have their own
company.
Individual property manager
This type of manager might be employed by a property manager or an owner and
manage a single property.
Property Manager Real Estate License Requirements
, -Managing rental property for a single owner as an employee (collecting rent is
involved)
-Managing properties for more than one owner for a fee (collecting rent is involved)
No License Required
-Managing one's own rental properties
-Managing rental property for a single owner as an employee (no rent collection
involved)
-Managing multiple properties for one owner as an employee (no rent collection)
Carol works for a property management company that manages properties for
multiple owners. One of her responsibilities is to collect rent.
Which of these statements about Carol is true?
Because Carol works for a property management company that works for more than
one owner, she is required to have a minimum of a sales agent license to collect rent
and perform other real estate functions.
Which four types of properties typically require management?
-Office building
-Retail
-Residential
-PUD
PUD property
A homeowners association with amenities like a swimming pool, walking or bike paths,
a park, a party room or meeting rooms
-Manages the maintenance, landscaping, security issues and concerns, and
enforcement of the homeowners association's regulations
Development property
The construction of large projects, such as shopping centers, apartment buildings, and
industrial parks
-Plans the construction of large projects and works with municipal agencies and other
local organizations to embrace the development project
Residential property
Apartment buildings, single- and multi-family housing, condominiums, cooperatives,
vacation homes, and mobile home parks
-Responsible for maintenance and repair, tenant move-in/move-out, cleaning and
upgrades, and tenant eviction
Office building property
Low- and high-rise buildings, office complexes, and business parks
-Attracts and keeps the right tenants and tenant mix by negotiating favorable leases
with businesses
Retail property
Neighborhood shopping centers, local shopping malls, and regional malls
-Attracts anchor store tenants and focuses on the right tenant mix to promote longevity
and draw customers
Property Management Certification
-Property managers are not required to be certified in their specialty area.
-The Institute of Real Estate Management (IREM), which is an affiliate of the National
Association of REALTORS®, offers a certification program.
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