Practice Of Property Management- Real Estate Council Of Alberta Questions With Verified Solutions

Functions of Accounting System {Ans: 1. Record 2. Classify 3. Summarize 4. Communicate 5. Interpret}Forms Of contract {Ans: Verbal Contracts Contracts made by exchanging letters Drawn up detailed legal documents}Triple Net Lease {Ans: The tenant pays a base rent plus all operating expenses including property tax, but excluding structural repairs}What is valuation date {Ans: The date assessment values are based to ensure that all properties within a municipality are valued of the same date... July 1st}Which principle makes the property manager liable for the actions of its employees {Ans: The principal of vicarious liability}Shopping Centre vary in sizes from {Ans: 30,000 Square feet to over 1,000,000 square feet}Non-ethical practices {Ans: 1. Bribe 2. Secret Profit 3. Gifts}Potential Problems Areas in Leasing {Ans: 1. Structural Problem 2. Measurement Standards 3. Environmental Issues 4. Non Resident Owners. 5. Safety Issues}Factors for Individual Owners to consider {Ans: 1. What is the market rent of the property. 2. Which type of tenant is most appropriate for the property 3. What is the duration of the tenancy 4. Will the residence be leased, unfurnished, partially furnished or fully furnished}Management of Condominium {Ans: Board of Directors