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Real Estate Marketing: Commercial Real Estate (SAE), Champions Commercial Real Estate- SAE,100% CORRECT

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Real Estate Marketing: Commercial Real Estate (SAE), Champions Commercial Real Estate- SAE General Lien (also Statatory) - CORRECT ANSWER attaches to all the property of the debtor, not exempt from... forced sale (Example: a judgment or IRS lien) Diplomacy - CORRECT ANSWER the ability to handle clients and situations in a sensitive and effective way - is critical in commercial real estate, and a lack of it can expose you immediately as a beginner. DTPA - CORRECT ANSWER The Deceptive Trade Practices Act (DTPA) is a Texas law that was passed in 1973. It allows an aggrieved consumer to sue a seller of goods for damages. The act by the seller of the goods has to be deceptive or unfair for the consumer to successfully sue for monetary damages. CCIM - CORRECT ANSWER The CCIM Institute was established in 1954 to give commercial real estate practitioners an opportunity to further their business practices through education and networking opportunities. The institute administers the Certified Commercial Investment Member (CCIM) designation. "Gold Standard" ICSC - CORRECT ANSWER International Council of Shopping Centers - The purpose of The International Council of Shopping Centers (ICSC) is to advance the shopping center industry and to promote its role in the commercial distribution of consumer goods and services. comprehensive database - CORRECT ANSWER This will be one of the greatest assets of your business. Pick a geographical region to farm, and assemble a database of properties and property owners. Canons of Professional Ethics and Conduct - CORRECT ANSWER FIDELITY INTEGRITY COMPETENCY CONSUMER INFORMATION DISCRIMINATORY PRACTICES caveat emptor - CORRECT ANSWER are two Latin words that most people have heard at some point - "let the buyer beware." All real estate transactions in Texas are done "as is." IREM - CORRECT ANSWER Institute of Real Estate Management is an international community of real estate managers dedicated to ethical business practices, maximizing the value of investment real estate, and promoting superior management through education and information sharing. IREM membership includes more than 18,000 individuals and 550 corporate members. BOMA - CORRECT ANSWER Building Owners and Managers Association is a federation of 93 BOMA U.S. associations, BOMA Canada, and 13 BOMA international affiliates. BOMA International's members are building owners, managers, developers, leasing professionals, corporate facility managers, asset managers, and the providers of the products and services needed to operate commercial properties. Intermediary brokerage - CORRECT ANSWER All commercial brokers practice intermediary because it is in their best interests to do so. As the intermediary, the broker can sell one of his own listings to a buyer. This is the reason that many properties are never listed on the market as "for sale." It is more beneficial to keep the commission in-house, so others are not vying for a part of the commission. fair housing - CORRECT ANSWER laws exist at the federal, state and local levels to ensure that all citizens have unob- structed access to housing. Residential agents must always adhere to all fair housing laws and cannot discriminate or refuse to sell or rent property based upon a buyer's race, color, national origin, religion, sex, familial status or handicap. SIOR - CORRECT ANSWER Society of Industrial and Office Realtors is a professional organization begun in 1939, with over 3,000 members worldwide that offers the SIOR Designation, a symbol of knowledge, production, and ethics in the real estate industry. NARPM - CORRECT ANSWER Most single-family homes used as rentals are managed by the owner/ landlord. However, a growing portfolio of homes, homes scattered over a large area, and other factors may make professional management desirable. The National Association of Residen- tial Property Managers is an organization of managers of single-family and small multifamily properties. For more information, visit Commercial real estate is often defined as any real estate that is _____________. - CORRECT ANSWER Not residential in nature Which of the following is a good reason for joining a big-name international commercial real estate firm? - CORRECT ANSWER Good mentorship program Which statement regarding commercial real estate is FALSE? - CORRECT ANSWER Pocket listings are rare and can be viewed as unethical supply and demand - CORRECT ANSWER are perhaps the primary determinants of real estate values. When the demand for real estate is high and the supply low, prices in the marketplace go up. campus-style - CORRECT ANSWER are so named due to their resemblance to university campuses. They are usually quite large, spread over several acres of land, allow for ample parking, and do not rely on foot traffic from the proximity to other retail businesses. Oil and energy companies, and healthcare providers, like dentists and general practitioners often lease space in campus style office parks. low-rise (less than 7 stories) - CORRECT ANSWER Low-rise buildings usually consist of 1 to 3 stories and are often located in residential areas as opposed to busy urban settings. There are fewer units available for residents, and amenities are scarce. Apartments in low-rise buildings typically rent for less per month than those in mid and high-rise properties. skyscraper - CORRECT ANSWER as anything above 40 floors. garden-style apartments - CORRECT ANSWER buildings are typically low-rise (1 to 3 floors) clusters of buildings spanning a large piece of property with access to the landscaped outdoor areas surrounding the structure (i.e. gardens). Often built around a courtyard, many of the ground-floor units feature patios, while units on the higher floors have access to private balconies. limited-purpose center - CORRECT ANSWER airport retail centers single-purpose industrial - CORRECT ANSWER (heavy industrial)- Designed and purpose-built for one specific type of industry or company, single-purpose industrial buildings can present a leasing headache for their owners as the only tenants will likely be a firm involved in the same industry like, chemical production (plants), and manufacturing of large, heavy products. return on investment (ROI) - CORRECT ANSWER is the primary factor motivating people to buy commercial real estate. Especially Real Estate Investment Trusts (REITs). The one reason that inves- tors give money to REITs is to make money. Investors are trusting that REITs will make a return on their money. Properties are purchased and held in anticipation of income, appreciation, or both. urban-style - CORRECT ANSWER are usually in busy, developed geographical regions, yet still outside of the central business district; land is at a premium, yet not as expensive as in a central business district. Clustered together, buildings range in height, usually topping out at 5 to 7 stories. These parks offer access to major freeways and shopping centers, as well as a shorter commute for employees who live in the suburbs. mid-rise - CORRECT ANSWER 7 to 25 stories A mid-rise is a multi-story property equipped with an elevator. This description is depen- dent upon the market in which the property is located. CAP RATE - CORRECT ANSWER The cap rate is a percentage found by dividing the property's net operating income (NOI) by its value or price. It allows investors to assess whether a property is a good investment or not. general-purpose center - CORRECT ANSWER Though they are most often used for storage purposes, general pur- pose industrial buildings are flexible spaces that can be adapted and configured for a variety of uses. Ideal for distribution centers, these buildings are comprised of large, open floor plans with flat, durable concrete floors and high ceilings, allowing for different configurations of high shelving racks for storage and picking. category killer - CORRECT ANSWER Power centers - Are very large in size, the average being over 400,000 sq.ft., and can easily be found over 1,000,000 sq.ft. These centers are built for big box stores also known as category killers, speculative land - CORRECT ANSWER Banks are often hesitant to finance land deals. A lender classifies raw land into two categories, speculative and non-speculative. If development of raw land is not planned within 12 to 24 months of financing, it is considered speculative, which means a higher-risk for the lender, making it an undesirable deal. Why is this? The primary source of repayment in commercial real estate is the cash flow of the property. office park - CORRECT ANSWER also called a business park. They range in size from low-rise (1 to 2 stories) to mid-rises, rarely over four or five stories; in the suburban market, mid-rises average around five stories. central business district (CBD) - CORRECT ANSWER of a city is located within its heart, home to banking, finance, and mega insurance companies, among other industries. Land is at a premium, parking is scarce and expensive, and rents are high in a CBD. However, location is key, and most CBDs are located close to public transportation and cultural hot spots like museums and concert and sporting venues. high-rise - CORRECT ANSWER More than 25 stories usually with 9 or more floors2 consisting of multiple dwelling units; high-rise apartment buildings are also sometimes referred to as multi dwelling units (MDUs). High-rise apartment buildings must be equipped with at least one working elevator due to their height; residents should not be expected to climb 12 stories to access their units. walk-ups - CORRECT ANSWER consist of a building, usually four to six-stories, without an elevator. Residents must walk up the stairs to access their apartments. Walk-ups are often older buildings specialized-purpose center - CORRECT ANSWER (power centers, lifestyle centers, factory outlets) general-purpose industrial - CORRECT ANSWER (warehouse)- Though they are most often used for storage purposes, general pur- pose industrial buildings are flexible spaces that can be adapted and configured for a variety of uses. Ideal for distribution centers, these buildings are comprised of large, open floor plans with flat, durable concrete floors and high ceilings, allowing for different configurations of high shelving racks for storage and picking. non-speculative land - CORRECT ANSWER If construction is planned within 12 to 24 months, the land is categorized as non-speculative and the bank will finance with a loan term of no more than 2 years to give the borrower time to finalize plans, specs, and budgets. The borrower can then approach the bank for construction needs. Class A multifamily - CORRECT ANSWER UNDER 5 years old. properties, will be new builds with granite counter tops, garden tubs, high- er-grade appliances, usually stainless steel, in each unit. The property will boast a luxurious club house with a resort-style pool and a well-equipped gym. Often, these properties will have high-walkability scores, close to shopping districts and entertainment. The apartment owner can charge premium rental rates for these properties. These high-quality properties tend to have a lower cap rate because investors are not going to realize high cash flow. Operating expenses are high as the properties have professional management companies and many amenities to maintain. Class B multifamily - CORRECT ANSWER 15 years old. properties will rent in the mid-range of the market and will be in desirable areas, but will not offer the amenities of a Class A property. Class C multifamily - CORRECT ANSWER 50 years oldunits are clean, but might not have central a/c, depending instead on window units to cool the apartments. Appliances are older, yet functional, and kitchens and bathrooms are merely utilitarian. Class C properties offer a higher cap rate than As or Bs, and many investors are interested in buying C-quality properties in B-quality locations, and then cleaning them up so that they can raise the rents. Class D multifamily - CORRECT ANSWER properties are typically in economically depressed areas and often suffer from a great deal of deferred maintenance. These properties normally have higher cap rates because of the high risk involved. These properties will require a sizable investment for rehabilitation to bring them up to a higher standard. _____________ affect(s) the supply of real estate in the United States. - CORRECT ANSWER a. Economics b. Land costs c. Taxation d. All of these affect the supply of real estate in the U.S. What is the primary motivating factor for purchasing commercial real estate? - CORRECT ANSWER Return on investment LEED - CORRECT ANSWER The "green" revolution. The U.S. Green Building Council has a building certification program called Leadership in Energy and Environmental Design (LEED). Once certified, a building must be managed and maintained to LEED specifications to retain its certification. Buildings with a LEED certification need management and maintenance personnel who understand the program. operating statement - CORRECT ANSWER gives the landlord a picture of the financial health of the property, and should be prepared on a monthly, quarterly and annual basis. Individual property manager - CORRECT ANSWER Individual property managers are not required to be licensed by the state as long as they manage one or more properties as an employee of the owner. Licensed property manager - CORRECT ANSWER These are licensed real estate agents who work for a property management firm, or for a licensed broker who offers property management services. There is no real estate license requirement in Texas to manage an office building as long as you do not show space or quote rents. Resident manager - CORRECT ANSWER Residential property managers often live on the property that they man- age and may be employed by an individual owner or by a property management firm. A residential property manager is a liaison, a buffer between the property owner(s) and He or she will need to create and maintain a relationship with the residents (multi- family and apartment managers call their tenants "residents") VAMA stands for voluntary affirmative marketing agreement - CORRECT ANSWER A VAMA is a contract that is negotiated between HUD and national associations that represent the housing industry. Examples of these would be REALTORS®, home builders, apartment managers, appraisers, and real estate license commissions. Fair Housing Act - CORRECT ANSWER 1968 Act exempts owner-occupied buildings with no more than four units, single-family housing sold or rented without the use of a broker, and housing operated by organizations and private clubs that limit occu- pancy to members. The Americans With Disabilities Act (ADA) - CORRECT ANSWER The ADA prohibits discrimination against those with disabilities by denying them the full and equal enjoyment of goods, facilities, accommodations, services and privileges. Texas Property Code - CORRECT ANSWER arranges Texas Statute Law into a logical order, making it more accessi- ble and understandable. Each statute is formatted and numbered, enabling easy citation of the law. There are fifteen titles included in the property code. Most important to property managers and landlords is Title 8, Landlord and Tenant, Chapters 91-93. U.S. Green Building Council - CORRECT ANSWER founded in 1993, is a private 501(c)3, member- ship-based non-profit organization that promotes sustainability in the way that buildings are designed, built, and operated. USGBC was instrumental in the founding of the World Green Build- ing Council (WGBC) in 1999. The USGBC is a consensus-based organization of members from a wide range of vocations including architects, engineers, developers, builders, REALTORS®, and property managers just to name a few. is a voluntary rating and certificate system geared toward increasing the environmental and health performance of structures and neighborhoods.LEED® boasts the most widely used green rating system worldwide. It may come as a surprise that Texas is ranked Number 10 in the U.S. for LEED®-Certified green buildings, with 211 projects in the state as of January 2017 that meet council's targets for energy savings. Gulf Coast Region -563 LEED®-Certified projects. Houston occupies the top position as the EPA's Green Power Partnership - CORRECT ANSWER LEED SURFACE RIGHTS - CORRECT ANSWER The owner of surface rights has the ability to develop (improve) the surface, and to use resources extracted from or near the surface including stone, gravel, water, and limestone. Subsurface rights - CORRECT ANSWER include the rights to oil, gas and other minerals, and are commonly conveyed through a lease, mineral deed or by reservation. Air rights - CORRECT ANSWER extend above the surface without limitation. As an estate in land or interest in land, air rights can be leased, sold or mortgaged. Walkways and buildings that extend over public streets involve the lease or conveyance of air rights. Outdoor advertising leases and cell tower leases also involve air rights by prohibiting any activity that would block the view of the billboard or transmis- sions from the cell tower. Land Men - CORRECT ANSWER Their job is to research ownership of all the mineral estate. In order to do this they may pull all the deeds on a property all the way back to the sovereignty to determine ownership of the minerals. They may also research old or present lease agreements on the land to determine ownership. Riparian rights - CORRECT ANSWER are the rights that an owner has to use water from a river or a stream on or next to a property. Littoral rights are the rights to use water from a lake, ocean or sea on or next to property. The water may be used for domestic purposes and may not be contaminated. The flow of the water may not be interrupted. POLICE POWER - CORRECT ANSWER Police power is the right of the government to regulate and control the way land is used. The most common example of police power is zoning. EMINENT DOMAIN - CORRECT ANSWER Eminent domain is the right of the government to take private land for public use. The action of taking the land is called condemnation. Land must be taken for the good of all. TAXATION - CORRECT ANSWER Taxation is the right the government retains to tax real property. When the king first gave indi- viduals the right to own land, it was because land was the major source of wealth to everyone due to the agrarian-based economy of the time. Those who had land had wealth. In addition, land, as opposed to other types of assets cannot be hidden. Property taxes are ad valorem taxes. That is, they are according to value. The greater the value of the property, the higher the taxes. ESCHEAT - CORRECT ANSWER If a person dies intestate (without a will) and without heirs, the government will take title to his real property under the right of escheat. If property is abandoned, escheat will also be the solution. The government does not want land to be unowned. (Note: Single, without children does not mean without heirs.) ENCUMBRANCES - CORRECT ANSWER A claim, lien, charge, or liability attached to and binding real property is an encumbrance Specific lien - CORRECT ANSWER attaches to one or more specific or named properties (Example: a mortgage) Environmental Site Assessment (ESA) - CORRECT ANSWER n ESA is an assessment that is carried out by a qualified environmental professional to determine whether or not a property has been contaminated by any previous or current activities that occur(red) on or near the property. Certain industrial or retail facilities on or near the property could have caused contamination of the property. For example, a gas station with underground storage tanks could have contaminated the soil or groundwater, pre- senting an environmental risk. CERCLA - CORRECT ANSWER The Comprehensive Environmental Response, Compensation, and Liability Act 1980 was designed to clean up sites contaminated with hazardous substances, pollutants or contaminants. CERCLA SAFE HARBOR - CORRECT ANSWER Homeowners are generally exempt under the Act, under the following conditions: • They were unaware of the presence of pollutants when purchasing the property • They are not classified as a responsible party • They cooperate with the EPA or other agency in the cleanup of the property Wetlands - CORRECT ANSWER United States Army Corps of Engineers (USACE) as responsible for the regulation of U.S. wetlands. The Texas Railroad Commission controls all drilling for oil and gas in the state and reg- ulates all drilling activity in the state. - CORRECT ANSWER Oil and Gas Drilling HOW TO MEASURE OFFICE SPACE - CORRECT ANSWER The suite measures 26' × 40', 1040 sq. ft. of usable square feet. Jay will be charged for 1196 rentable sq.ft. What was the add-on factor used? Step 1: Divide the rentable square feet by the usable square feet. 1196 sq. ft. / 1040 sq. ft. = 1.15 Step 2: Subtract 1. 1.15 - 1 = 0.15 Answer: The add-on factor is 15% Common Area Maintenance (CAM) - CORRECT ANSWER Common areas benefit every tenant in the building and can include (among other things) bathrooms, corridors, lobbies, janitor closets, mechanical rooms, elevators, stairwells etc. These are shared expenses, and each tenant in the building is responsible for paying fees associated with the upkeep of the common areas. The landlord is collecting rent for these common areas. Gross lease - CORRECT ANSWER a lease of property where the landlord pays charges regularly incurred in ownership, such as taxes, insurance, utilities, and repairs. The tenant pays only rent. The gross lease is perhaps the simplest of all leases. This type of lease is riskier for the landlord because of the possibility of rising costs during the lease term. Net lease - CORRECT ANSWER A net lease is one in which, in addition to rent, the tenant pays expenses such as taxes, insurance and maintenance. A net lease shifts the risk of cost increases from the landlord to the tenant. Net leases are often characterized as net (N), double net (NN) and triple net (NNN). triple net lease (NNN) - CORRECT ANSWER is one in which the tenant is responsible for rent and all fixed and variable expenses related to a property (property taxes, property insurance, maintenance). In most cases, the landlord is still responsible for structural repairs. Office park - CORRECT ANSWER Office parks will typically offer a gross rental agreement. Some will have a "stop- gap" payment which is one extra payment per year that the landlord charges to offset his costs of running the building. Shopping centers - CORRECT ANSWER Most often will be percentage rent based on tenant sales. The landlord gets credit for you being there. OlderClassCstripcenters - CORRECT ANSWER Inthepast,mostretailleasesweregrossleases.Landlordsmoved to triple-net and percentage rent because of the economy, namely inflation. There are some older strip centers that still may offer gross leases to their tenants due to the economic condi- tions of the area. index lease - CORRECT ANSWER assigns an adjustment number to the lease, often tied to the Consumer Price Index (CPI), that allows for the rent to increase or decrease, usually from year to year. The parties to the lease agreement negotiate the amount and frequency of the adjustment. The CPI, also referred to as the cost of living index, is a measurement used to compare the average cost of certain goods that consumers buy, including real estate. I Contract Rent - CORRECT ANSWER The rental income stipulated by the parties in a lease is known as Statute of Frauds - CORRECT ANSWER a lease for a period of more than one year must be in writing to comply with the procuring cause of sale - CORRECT ANSWER is the individual who, through a series of uninterrupted activities or actions, brought about the completion of a contract. The rule is that the broker must perform within the time specified in the contract. exclusive agency - CORRECT ANSWER this listing, the seller agrees to list the property with only one broker during the listing term, with the provision that the seller can sell the property independently, without paying a commission. Listing Agreement - CORRECT ANSWER The _____________ is an employment contract between a seller or landlord and the broker. Metes and bounds - CORRECT ANSWER Most commercial properties will be described using The Real Estate Investors Association (REIA) - CORRECT ANSWER is a national non-profit trade association that holds investor conferences and events, and could be a good place to network among investors. DUST - CORRECT ANSWER Demand, Utility, Scarcity, Transferaility Buffer Zone - CORRECT ANSWER an area of land separating one land use from another Variance - CORRECT ANSWER permission to violate the rules Police Power - CORRECT ANSWER the right of the government to regulate and control the way land is used Downsizing - CORRECT ANSWER Changing the zoning of a property to lower the value use Zoning - CORRECT ANSWER the most common example of police power Texas Property Code - CORRECT ANSWER arranges Texas Statute Law into a logical order, making it more accessible and understandable Security Deposit - CORRECT ANSWER is any advance of money, other than a rental application deposit of an advance payment of rent that is intended primarily to secure performance under a lease of commercial property Variances - CORRECT ANSWER are often requested prior to the construction to avoid violation of the rules Title 8 Landlord & Tenant - CORRECT ANSWER The most important chapter of the Texas Property Code for property managers and landlords Noncormfing use of land - CORRECT ANSWER a change in zoning can cause? Manufactured Homes - CORRECT ANSWER are built in a factory and are built to a nation-wide building code Trust Account - CORRECT ANSWER account managed by one party for the benefit of another in a banking institution authorized to do business in Texas Safe Harbor Policy - CORRECT ANSWER determines whether or not an advertisement is clear and conspicuous Advertisement - CORRECT ANSWER a written or oral statement or communication by or on behalf of a license holder or service provider Trust Money - CORRECT ANSWER clients' money Trust Account - CORRECT ANSWER an account managed by one party for the benefit of another in a banking instistution authorized to do business in Texas Sales Agent - CORRECT ANSWER Should not maintain a trust account Open Carry and Concealed Carry Signage - CORRECT ANSWER must appear in contrasting colors with block letters at least one inch in height 30.06 - CORRECT ANSWER establishments that will permit open carry on their premises, but prohibit concealed carry 30.07 - CORRECT ANSWER Prohibits open carry on he premises Deceptive Trade Practices Act (DTPA) - CORRECT ANSWER allows an aggrieved consumer to sue a seller of goods for damages Goods - CORRECT ANSWER Tangible chattels Services - CORRECT ANSWER means work, labor or repair of goods. Brokerage is an example Consumer - CORRECT ANSWER an individual, corporation, partnership, or government source who seeks to acquire Producing Cause - CORRECT ANSWER requires proof that the act or omission was a significance factor in bringing about the injury Force Majeure - CORRECT ANSWER Circumstances beyond the tenant of landlord's control that could affect performance of the contract Term - CORRECT ANSWER beginning and ending date Demised premises - CORRECT ANSWER spaces transferred from the landlord to the tenant by the lease CAM - CORRECT ANSWER includes hallway, lawn and elevator maintenance Indemnify - CORRECT ANSWER Defend Gross Lease - CORRECT ANSWER a lease of property where the landlord pays charges regularly incurred in ownership, such as taxes Net Lease - CORRECT ANSWER in addition to rent, the tenant pays expenses such as taxes Single Net Lease (N) - CORRECT ANSWER tenant pays rent and property taxes Double Net Lease (NN) - CORRECT ANSWER tenant pays rent, property taxes, and property insurance Triple Net Lease (NNN) - CORRECT ANSWER tenant pays rent, property taxes, property insurance, and maintenance Feasibility Period - CORRECT ANSWER Also known as due diligence period UCC Search - CORRECT ANSWER filed with the county clerk by an equipment leasing company notifying the public that there is a prior lease/lein on the equipment and that it cannot be seized by a landlord Percentage Lease - CORRECT ANSWER a lease in which all or part of the rental is based on the gross receipts of the tenant's business LEED - CORRECT ANSWER a building certification program for properties that are "green" Preventative Maintenance - CORRECT ANSWER servicing a property and its equipment in order to prevent mechanical failure and keep property values high BOMA - CORRECT ANSWER An organization that advocates on the part of the building owners and managers Deferred Maintenance - CORRECT ANSWER deterioration of a property due to delayed maintenance Mitigation - CORRECT ANSWER methods used to lower levels of radon in buildings EMF's (electromagnetic fields) - CORRECT ANSWER Energy Fields given off by power lines Asbestos - CORRECT ANSWER material previously used to insulate pipes in chimneys and roofs Radon - CORRECT ANSWER odorless, colorless, gas that is naturally produced by the decay of radioactive materials in rocks underground ESA (Environmental Site Assessments) - CORRECT ANSWER assessment carried out by a qualified environmental professional to determine whether or not a property has been contaminated by any previous or current activities Leverage - CORRECT ANSWER Using borrowed money to make money Capital Gain - CORRECT ANSWER A return on property when it is sold for profit Real Estate Investment Syndicate - CORRECT ANSWER a method of raising funds for the purchase of real estate Appreciation - CORRECT ANSWER the passive increase in the value of a parcel due to market forces Gross Scheduled Income - CORRECT ANSWER potential income of a property in the amount of rent that would be collected in a year GRM - CORRECT ANSWER Price/ Rent CAM Fees - CORRECT ANSWER charges for the maintenance of communal areas of an office building Add-on Factor - CORRECT ANSWER rentable sq. ft. divided by usable sq. ft Volume - CORRECT ANSWER LXWXH Area of a Rectangle - CORRECT ANSWER L X W Exclusive Agency listing - CORRECT ANSWER states that you are the exclusive listing agent and agency. However, the owner reserves the right to sell the property himself to people whom you have not had negotiations with and the owner will owe no commission to the firm or agent open listing - CORRECT ANSWER no protection at all. In writing and sets the price and terms, but states that it is cancelable Verbal listing - CORRECT ANSWER also known as pocket listing Listing Property Manager - CORRECT ANSWER this person is a licensed real estate agent employed by a real estate firm that manages property or an individual broker who manages property for a fee. People working under the direct supervision of a licensed property manage do not need to be licensed Individual Property Manager - CORRECT ANSWER this person manages a single property for an owner and may or may not be real estate licensee . This is usually a salary position that could include free rent Resident Manager - CORRECT ANSWER lives on the premises and may be employed by the owner or a property management firm Licensed Property Manager - CORRECT ANSWER must act in fiduciary capacity as the agent Advantages of investing in single family homes - CORRECT ANSWER High Leverage Rapid Appreciation Large Resale Ease of Management Disadvantages of investing in single family homes - CORRECT ANSWER Lack of Cash Flow Potential Higher Vacancy Rates Rent Control Potential Management Issues Maintenance Tenant Issues when selling "B" area - CORRECT ANSWER Example Pawn Shops Retail Shopping Centers - CORRECT ANSWER currently depreciated over a 39 year period Phase 1 Environmental Report - CORRECT ANSWER this is a record check of the local building department, health department, or other government agency to see if there has been any cease and desist order made or any demand to clean up a hydrocarbon spill Phase 2 Environmental Report - CORRECT ANSWER This is an on-site inspection of the business using hydrocarbons and the surrounding area to see if any visible spills or storage tank leakage has taken place Phase 3 Environmental Report - CORRECT ANSWER This report requires boring test hold and obtaining soil samples at various spots around the affected property to see if any of the samples contain traces of hydrocarbon Three Types of Mini-storage Construction - CORRECT ANSWER Concrete block wall with sloped tar, gravel roofs, and metal doors all metal construction wood fame/stucco with a hip roof Land Brokerage - CORRECT ANSWER One of the highest litigation rates against brokers of any type of commercial brokerage Includes selling subdivided lots in existing subdivisions [Show More]

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