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