Chapter 14 Property Management and Insurance 2010©Cengage Learning. All Rights Reserved.

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Presentation transcript:

Chapter 14 Property Management and Insurance 2010©Cengage Learning. All Rights Reserved.

IN THIS CHAPTER A property manager is a person who manages properties for others. The property manager is a fiduciary and therefore owes all the obligations imposed by the law of agency. Property Management. Property Insurance. 2010©Cengage Learning. All Rights Reserved.

THE BASICS A property manager strives to produce the greatest net return possible for the owner. Acts as the owner’s agent in managing, renting, leasing, and selling the property. Agent must have a real estate license. 2010©Cengage Learning. All Rights Reserved.

TYPES Residential Property Management Industrial Property Management Management by Homeowners’ Associations 2010©Cengage Learning. All Rights Reserved.

OWNER–MANAGER RELATIONSHIP Authority Duties Fee 2010©Cengage Learning. All Rights Reserved.

PRINCIPAL FUNCTIONS Rental Schedule Budget Marketing Handling Funds Legal Actions Maintenance Records 2010©Cengage Learning. All Rights Reserved.

INSURANCE & TERMINOLOGY Property Insurance Liability Insurance Flood Insurance Package Policy 2010©Cengage Learning. All Rights Reserved.

HOMEOWNER’S INSURANCE POLICIES HO-1 “Named perils.” HO-2 “Broad form.” HO-3 A special “all risk” policy. HO-4 “Tenant’s broad form.” HO-5 A special “all risk” policy offering automatic replacement cost for contents and dwelling. HO-6 Applies to condominium owners and cooperative owners covering their contents. 2010©Cengage Learning. All Rights Reserved.

LEGAL ISSUES Insurable Interest Coinsurance Unoccupied Building Exclusion Homeowner’s Warranty Policies 2010©Cengage Learning. All Rights Reserved.

 anchor stores  capital reserve budget  coinsurance clause  corrective maintenance  endorsement  extended coverage  face amount  fire insurance policy  homeowner’s policy  homeowner’s warranty policy  insurable interest  management agreement  management proposal CHAPTER TERMINOLOGY REVIEW 2010©Cengage Learning. All Rights Reserved.

 operating budget  package policy  preventative maintenance  property management  property management report  property manager  resident manager  risk management  stabilized budget  standard fire policy  strip center more CHAPTER TERMINOLOGY REVIEW 2010©Cengage Learning. All Rights Reserved.