Business Management /Real Estate Notes PSI Exam Prep: Leasing and Property Management Part 2
Real Estate Notes PSI Exam Prep: Leasing and Property Management Part 2
This deck covers key concepts in leasing and property management, focusing on legal terms, property manager responsibilities, and federal regulations.
The tenant is prohibited from quiet enjoyment of the premises and vacates prior to termination of the lease agreement.
Constructive eviction
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Key Terms
Term
Definition
The tenant is prohibited from quiet enjoyment of the premises and vacates prior to termination of the lease agreement.
Constructive eviction
The landlord takes matters into his own hands and evicts the tenant without using legal procedures.
Self-help eviction
means the right to use the property without undue interference from the landlord or others and the right to live in safety and comfort.
Quiet enjoyment
A property manager is usually considered
a general agent
A property manager have fiduciary duties to:
the owner, not the tenant
these are used to pay expenses related to managing the property, such as maintenance, utilities, contractor expenses, or staff salaries. Rent is deposited into these accounts.
Operating accounts
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| Term | Definition |
|---|---|
The tenant is prohibited from quiet enjoyment of the premises and vacates prior to termination of the lease agreement. | Constructive eviction |
The landlord takes matters into his own hands and evicts the tenant without using legal procedures. | Self-help eviction |
means the right to use the property without undue interference from the landlord or others and the right to live in safety and comfort. | Quiet enjoyment |
A property manager is usually considered | a general agent |
A property manager have fiduciary duties to: | the owner, not the tenant |
these are used to pay expenses related to managing the property, such as maintenance, utilities, contractor expenses, or staff salaries. Rent is deposited into these accounts. | Operating accounts |
also called escrow accounts, hold funds belonging to others. | Trust accounts |
How many days to deposit to trust account? | between 1 and 3, but it really depends on the state |
Usually covering a one-year period, this report projects the income and expenses of operating the property. | Operating budget |
Usually created monthly, this report shows the current financial status of a property. It accounts for income received (such as rent, late fees, etc.) and expenses paid (such as utilities, personnel, repairs, etc.). | Cash flow report |
Prepared on a monthly, quarterly, semi-annual, or annual basis, this report shows whether the property profited during the period or suffered a loss. | Profit and loss statement |
This report compares actual results from the profit and loss statement to those projected on the operating budget. | Budget comparison statement |
it manipulates owners into the fear that the entry of a protected class will negatively impact property values to encourage an owner to rent or sell. This fear is used to convince owners to sell or rent at a lower price. | Blockbusting |
it occurs when members of protected classes are guided (or steered) toward certain areas, buildings, or neighborhoods by a property manager or real estate licensee. For example, only showing families with children units on the first floor is an example of it. Even phrases like “kid friendly” could be perceived as such. Basically, prospective tenants have the right to see all available housing options and to select the option of their choice. | Steering |
it specifically permits some housing facilities to discriminate based on familial status. This exemption permits senior housing facilities and communities to refuse to sell or rent homes to families with minor children. The facilities must meet certain requirements to be eligible for the exemption. | The Housing for Older Persons Act of 1995 |
it is the hypothetical elderly widow who has converted a portion of her home into a rental apartment to supplement her limited income. it provides that if a dwelling has four or fewer rental units and the owner lives in one of those units, that home is exempt from the FHA | The Mrs. Murphy exemption |
apply to new construction and remodeling of public accommodations and commercial buildings. Community spaces in apartments built before 1990 must be compliant. All public spaces must be fully accessible in apartments built after 1990. | The Americans with Disabilities Act, or ADA |
they owe fiduciary duties to their clients (the landlord) and the community as a whole, not to individual residents. | Property managers |
this lease typically includes all the nets in the base rent, but not not all operating expenses. | A modified gross lease |
this duty is that licensees can't take any action that would adversely impact the client's legal interests. | The overarching theme of statutory duties |
Property managers must recognize the federally protected classes under ADA and the federal Fair Housing Act. Which list most accurately lists these classes? | Race, color, religion, national origin, sex, familial status, or disability |
this lease typically includes all the nets in the base rent, but not not all operating expenses. | A modified gross lease |
Leases for periods of more than one year must be in | writing |