FINC 3250 Final Exam Tomlinson Questions and Answers 2024

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FINC 3250 Final Exam Tomlinson Questions and Answers 2024 1. Why do you need a property manager?: property managers are needed to find tenants, set rent, and manage your property 2. What are the powers of a property manager: set rents, negotiate leases, make settlements with tenants, collect rent, pay bills, supervise property personnel 3. how do property manager's get paid: take a percentage of gross property income 4. what are the duties of the property manager: administration, marketing/adver- tising, tenant selection, lease negotiation, move-in/out inspection, property mainte- nance, rent collection, security deposits 5. pay bills, generate reports, keep records: administration 6. a clear strategy focused on the type of tenant sought for the property and the property features that will be highlighted to attract those tenants; utilizing the appropriate advertising venue: marketing (advertising) 7. - covers a host of possible topics, mostly aimed at preventing problems in the future - negotiate how much rent is, how long the lease is, etc: lease negotiation 8. the property manager must do this in order to charge the tenant for things they messed up during their tenancy, must be carefully documented: - Move-in/Move-out Inspection 9. - falls in to two categories: regular maintenance and extensive renovation- : property maintenance 10. maintenance personnel that handle routine things like stopped up toilets or deface walls: regular maintenance 11. improvements to the building, parking lot, landscape: extensive renovation 12. responsibility to evict tenants if they don't pay rent: rent collection 13. any money that is not used to fix things noted in the move-out inspection is returned to the tenant: security deposits 14. - essentially a property manager that works for a corporation - in charge of site selection, purchasing, selling, and management of that prop- erty if the corporation continues to still own that building after it closes: asset manager 15. asset manager duty that involves managing an office building that a corporation uses but only uses part of it; also could include site selection decisions: management 16. asset manager duty that focuses on identifying properties that meet the firm's needs, could include site selection, likely includes negotiating leases or purchase agreements on behalf of the firm: acquisition

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