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Managing Residential Property - Chapter 10

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Managing Residential Property - Chapter 10

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Questions and Answers

Match the following damages with their deductible status:

Broken pane of glass = Deductible Worn kitchen floor linoleum = Deductible Holes in walls and ceilings = Not deductible Paint wearing out = Not deductible

Match the following items with their remaining useful life:

Linoleum floor = 3 years Paint jobs = No useful life Walls with holes = Dependent on painting Glass in door = Immediate replacement needed

Match the following ages of the linoleum with the prorated deduction from the deposit:

12 years old = $120 15 years old = $0 10 years old = $200 5 years old = $300

Match the following calculation components with their descriptions:

$600 = Cost of linoleum 15 years = Expected lifespan $40 per year = Annual depreciation 3 years = Remaining useful life Signup and view all the answers

Match the following terms with their definitions:

Prorated amount = Based on remaining useful life Security deposit = Funds held against potential damages Normal wear and tear = Expected deterioration over time Deductible expense = Chargeable amount against deposit Signup and view all the answers

Match the type of residential property with its description:

Single-family homes = Less turnover with residents staying longer Condominiums = Shared ownership of common areas Planned unit developments = Small lot sizes with common areas Manufactured home parks = Designated spaces for mobile homes Signup and view all the answers

Match the aspect of residential management to its key point:

Management planning = Creating a management plan and budget Tenant relations = Requires good people skills Marketing = More time spent with shorter lease terms Operations = Ensures property is managed day and night Signup and view all the answers

Match the unique feature of residential properties with its effect:

Shorter lease terms = Increased marketing efforts Regulatory environment = Stricter landlord-tenant laws Personal investment = More engaged tenants Manager on call = 24/7 availability for issues Signup and view all the answers

Match the type of property management with its associated building type:

Traditional buildings = Most common for multi-family properties High-rise buildings = Often located in urban areas Garden apartments = Typically feature green spaces Converted loft buildings = Repurposed former industrial spaces Signup and view all the answers

Match the residential management analysis category with its focus:

Regional analysis = Economic and demographic conditions Property analysis = Evaluation of the physical property Market analysis = Understanding supply and demand Neighborhood analysis = Local amenities and trends Signup and view all the answers

Study Notes

Learning Objectives

Students will be able to list different types of multi-family rental properties
Discuss the steps in developing a management plan for residential property
Explain how a property manager creates an operating budget
Identify different ways to market residential property
Explain the steps in finding, screening, and selecting tenants
Define the Uniform Residential Landlord and Tenant Act
Discuss the most common lease provisions
Compare a tenant's options when a landlord breaches the lease agreement
Explain what happens to security deposits when a tenancy ends
Identify different types of residential property and unique management challenges

Suggested Lesson Plan

Students are given Exercise 10.1 to review the previous chapter, "Staffing and Maintenance"
A brief overview of Chapter 10, "Managing Residential Property," and a review of the learning objectives for the chapter is provided

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Description

This quiz covers key concepts from Chapter 10 on managing residential properties. Students will explore various types of multi-family rental properties, the development of management plans, and marketing strategies. Additionally, the quiz will test knowledge on tenant screening, lease provisions, and security deposit regulations.