Property Management Overview

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Questions and Answers

Match the type of property ownership with its characteristic:

Sole proprietorship = Most common form of business entity Business syndicate = Group of investors pooling capital Corporation = Ownership through stock shares Limited liability company (LLC) = Protects personal assets from business debts

Match the type of business with its feature:

Sole proprietorship = Unlimited liability Business syndicate = Common types include LLC and trusts Corporation = Dividends distributed to shareholders Limited partnership = Some partners have limited liability

Match the term with its definition:

Unlimited liability = Owner's personal liability for business debts Syndicator = Organizer of an investment syndicate Articles of incorporation = Document establishing a corporation Closely-held corporation = Company with few shareholders

Match the advantage or disadvantage with the property ownership type:

Sole proprietorship = Complete control over operations Business syndicate = Access to more expensive properties Corporation = Limited control and privacy LLC = Personal assets protected Signup and view all the answers

Match the following business types with their liability characteristics:

Sole proprietorship = Unlimited liability General partnership = Each partner responsible for debts Limited liability company (LLC) = Limited liability for members Corporation = Shareholder liability limited to investment Signup and view all the answers

Match the following terms with their definitions:

Special agent = An agent who has limited authority to do a specific thing or conduct a specific transaction Fiduciary = A person who stands in a special position of trust and confidence in relation to someone else Independent contractor = A person hired to perform a task and use his own judgment in completing it Trustee = A person who holds legal title to property on behalf of beneficiaries Signup and view all the answers

Match the following fiduciary duties with their descriptions:

Care and skill = Performing duties with competence and attention Loyalty = Putting the interests of the principal above one’s own Obedience = Following the lawful instructions of the principal Disclosure of material facts = Revealing important information that could affect the principal's decision Signup and view all the answers

Match the following terms with their corresponding roles:

Employee = A person hired to perform tasks under close supervision Fee manager = A property manager who usually works as an independent contractor Principal = The person who delegates authority to the agent Agent = A person authorized to act on behalf of the principal Signup and view all the answers

Match the following responsibilities with their applicable roles:

Property manager = To manage the financial and physical aspects of a client's property Trustee = To hold and manage property on behalf of beneficiaries Employer = To supervise and control the work of an employee Agent = To act within the scope of their authority as delegated by the principal Signup and view all the answers

Match the following types of agents with their characteristics:

General agent = Has broad authority to act on behalf of the principal Special agent = Has limited authority for specific tasks or transactions Universal agent = Has the authority to perform any acts on behalf of the principal Specific agent = Authorized only for particular tasks outlined by the principal Signup and view all the answers

Flashcards

Sole Proprietorship

A business entity solely owned by one person. It offers a simple and cost-effective way to set up a business.

Unlimited Liability

When a business owner is personally responsible for all the business's debts and obligations, even if it exceeds their personal assets.

Business Syndicate

A group of investors who combine their capital to invest in a property. They usually establish a business entity to hold the title.

Corporation

A business structure where ownership is divided into shares (stock) and individuals who purchase shares are called shareholders.