chapter 13
____ is the current amount being paid, and ____ is the amount the unit could make if available on the market today
"Contract rent", "economic rent"
As a property manager in California, you may charge up to____ per applicant as a nonrefundable tenant screening fee
$30.00
A tenant ONLY needs to give a ___notice to terminate a tenancy
30-day
is a form of home ownership whereby individual owners are allowed the use of common property and facilities, the governing of which is controlled by a homeowner's association
A COMMON INTEREST DEVELOPMENT
can be used to report cash received from tenants
A Cash Journal
An ___summarizes all revenues and expenses
Activity Report
____lead in the demand for property managers
Apartment buildings
a green building code that imposes energy efficiency and other green standards on new construction in an an effort to achieve reductions in natural resources consumption and greenhouse gas emissions
CA GREEN BUILDING STANDARDS CODE or CALGreen
homeowner's association; The obligations of the association are set forth in the ___
CC&Rs
FEHA
California Fair Employment and Housing Act
This act outlaws discrimination in housing
California Fair Employment and Housing Act
For all practical purposes, discrimination laws evolved from the U.S. Supreme Court Case Jones v. Mayer, Title VIII of the ____, and the 13th Amendment to the U.S. Constitution
Civil Rights Act of 1968
Because of many abusive practices in the past, all PRLS must register with the
DRE
CC&Rs
Declaration of Covenants, Conditions, and Restrictions.
the_____clearly defines DISCRIMINATION as the refusal to sell, rent, or lease housing accommodations, including misrepresentation as to availability, offering inferior terms, and cancellations on the basis of race, color, national origin, religion, sex, familial status, and handicap
FEHA (California Fair Employment and Housing Act)
California first passed the Unruh Civil Rights Act and then the ___ Both laws dealt with ___ issues The ______(expanded in 1988) reinforced both of the previous laws
Fair Employment and Housing Act, discrimination, Federal Civil Rights Act of 1968
This act prohibits financial institutions from engaging in discriminatory loan practices called "redlining"
Housing Financial Discrimination Act of 1977
The most notable professional association for property managers is the ____ a division of the National Association of Realtors® A ___was adopted by the institute and must be adhered to by any Realtor® applying for membership
Institute of Real Estate Management, Code of Ethics
When hiring a property manager, you should sign a ___with them which outlines the duties and expectations of the job
Management Contract
PRLS
Prepaid Rental Listing Service
is the practice of financial institutions denying loans or varying finance terms based on the location of a given property, regardless of the credit worthiness of the borrower
REDLINING
___discourages the building of more apartments, causing existing rents to go even higher, further damaging a city's housing affordability. Rent control, in California, can only apply to____properties
Rent control (demand), residential
The 4 basic types of income-producing properties include:
Residential Office building Retail property Industrial property
low income housing; is a county rent subsidy for qualified tenants who meet the required criteria. The property must be approved by ____ for eligibility and is checked for its condition at least ____
Section 8 , county inspectors, once a year
No discrimination in Business
State Law - Unruh Civil Rights Act
This act was the first civil rights act in California and prohibits "steering" and "blockbusting" as a real estate business practice
State Law - Unruh Civil Rights Act
The ____ states that the tenant has three business days to pay all past due rent or vacate the property or face an unlawful detainer
THREE-DAY NOTICE TO QUIT
Not so many years ago, buyers of child-bearing age, applying for financing on a purchase loan, were questioned about their use of
birth control
prepaid listing service; In order to collect fees, a prepaid rental listing service, must either be run by a ____ or ____
broker or pay for a new license every 2 years
homeowner's association; The budget of the association is determined by the amount of money required to operate and maintain the
common areas
property record keeping; There are a variety of ___available to aid in maintaining accurate records
computer programs
as a property manager its a good practice to make a copy of the prospective renters ___, ____ and other info in file
drivers license, social security card
A good property manager is constantly working to bring the contract rent up to the
economic rent
The principal goal of any manager is to minimize _____, maximize rents, and increase the long-term ____of the property. Outside Manager Resident Manager Institutional Manager
expenses, appreciation
adjective relating to or having the characteristics of a family
familial
Federal Civil Rights Act of 1968; In 1988, this Act was expanded to include protection against ___ and ___
familial status and the handicapped
Many ___ for qualifying tenants are available
forms
An ____ manager runs the day-to-day affairs of the association, taking direction from the board of directors
homeowner's association
As a property manager, you are in a better position to assess your clients'; ____ needs handle ___ offer timely suggestions on ____or sale opportunities recommend other____properties
insurance, financing, exchanging , investment
The owner's___ can be seriously impaired if proper tenant selections are not done
investment
It is extremely important to have a full understanding of the regulatory laws that govern less-than-freehold-estates, also known as
leasehold estates
Estate for Years Estate from Period-to-Period Estate at Sufferance Estate at Will these are Types of____
leaseholds:
Flat rental Net leases Gross rental Percentage lease Graduated lease these are types of __
leases
A 30-day termination notice must be given when the possession of a rental unit is for ____
less than one year
Determining when to spend or not spend money on ___ is a large part of the job. Spending a little to maintain a property saves the owner a lot in the___
maintenance, long run
A landlord must give 60-day notice to terminate the tenancy if the tenant has lived in the dwelling for ___
one year or more
Any rental agreement that ends ____ from the date of signing must be in writing
over one year
Property managers should possess skills and talent in handling ___, ___ and a diversity of other responsibilities
people, money,
Outside professional managers are usually paid a___of the gross revenue
percentage
Few people possess sufficient knowledge, skill, and time to manage their own ___
properties
As a _____, you are in a better position to assess your clients'
property manager
Establish a rent schedule Rent vacant units Keep all plumbing, heating, and electrical in good working order Maintain roof, windows, and doors Make sure floors, stairways, and railings are safe Keep premises clean and free of pests Qualify tenants Prepare and renew leases Collect rents Account for funds Submit monthly statements to owners these are important duties and functions of the?
property manager
As a property manager, you must be acutely aware of changing conditions in the
real estate market
property managers: All rental applicants need to be screened carefully and the proper and latest ___need to be used
rental agreements
Keep the dwelling clean and sanitary Use all fixtures properly, keeping them clean Cause no damage to the property Use property at state in the lease agreement Pay rent on time Give a 30-day notice when vacating a month-to-month tenancy Return door and mailbox keys when vacating Leave unit in as clean a condition as taken at the start of the lease The____has the following responsibilities
tenant