Property Management - Real Estate Exam

Property management section a property manager has a fiduciary relationship with the owner the primary goals of the property manager are to generate the highest net operating income while maintaining the value of the property Valuer Brisbane . A property manager is a general agent of the owner because they are engaged in an ongoing business relationship most states recognize property management contracts as personal service contracts. That terminate upon the death of either party the duties of a property manager include preparing the budget allocating the money for fixed expenses operating expenses and reserve funds selecting quality tenants.

Which involves being familiar with the market rent versus the contract rent as well as offering concessions to attract tenants the lease agreement should specify when the rent is due if the lease does not specify a date rent is due the last day of the leasing period. The property Valuer Brisbane should maintain good relationships with the tenants the duties of maintaining the property include hiring contractors and employees and overseeing. Their work the property manager must reserve funds for capital expenditure such as remodeling and renovating the property a property manager should have knowledge of market conditions record-keeping expenses.

How to handle environmental hazards they should also be familiar with risk management risk management involves evaluating the need for insurance coverage to protect the owner and manager from risk such as loss of revenue liability from injury of anyone on the premise loss due to fire medical coverage for employees and casualty losses the four options a property manager has for avoiding risk are avoid the risk by removing the problem retain the risk by purchasing insurance with a large deductible control.