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29 Cards in this Set
- Front
- Back
CONTINGENCY FEE |
AN INCENTIVE BONUS PAID UPON SUCCESSFULLY COMPLETING OR HITTING CERTAIN BENCHMARKS, OR RECEIVED AS COMPENSATION ON THE OCCURRENCE OF AN EVENT |
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CERTIFIED CID MANAGER |
A NON REQUIRED PROFESSIONAL DESIGNATION CERTIFYING AN INDIVIDUAL HAS MET LEGISLATED EDUCATIONAL REQUIREMENTS SPECIFIC TO MANAGING COMMON INTEREST DEVELOPMENTS |
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TRUST ACCOUNT |
AN ACCOUNT SEPARATE AND APART AND PHYSICALLY SEGREGATED FROM A BROKER ZONE FUNDS, IN WHICH THE BROKER IS REQUIRED BY LAW TO DEPOSIT ALL FUNDS RECEIVED FOR CLIENTS |
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PRUDENT INVESTOR STANDARD |
A PROPERTY MANAGEMENT STANDARD REFLECTING ON THE EXPECTATIONS OF A WELL-INFORMED INVESTOR FOR EFFICIENT AND EFFECTIVE MANAGEMENT OF RENTAL INCOME AND EXPENSES |
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PROPERTY PROFILE |
A REPORT FROM A TITLE COMPANY PROVIDING INFORMATION ABOUT A PROPERTIES OWNERSHIP, ENCUMBRANCES, USE RESTRICTIONS AND COMPARABLE SALES DATA |
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GOODWILL |
THE INTANGIBLE IMAGE OR OPINION HELD ABOUT A PROPERTY WHICH AFFECTS ITS EARNING POWER |
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TRUST FUNDS |
ITEMS WHICH HAVE OR EVIDENCE MONETARY VALUE HELD BY BROKER FOR A CLIENT WHEN ACTING REAL ESTATE TRANSACTION |
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START-UP FEE |
A FLAT, ONE TIME FEE CHARGED BY A PROPERTY MANAGER FOR THE TIME AND EFFORT TAKEN TO BECOME SUFFICIENTLY FAMILIAR WITH THE OPERATIONS OF THE PROPERTY TO COMMENCE MANAGEMENT |
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RENTAL MARKET |
THE MARKET ENVIRONMENT IN WHICH LANDLORD SEEK TENANTS AND TENANCY LANDLORDS FOR THE OCCUPANCY OF PROPERTY. THE RENTAL MARKET SETS THE AMOUNT OF RENT A PROPERTY WILL COMMAND ON ANY GIVEN DAY |
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CREDIT APPLICATION |
A DOCUMENT PREPARED BY PROSPECTIVE TENANT WHICH INCLUDES A PROVISION AUTHORIZING THE INVESTIGATION AND RECEIPT OF INFORMATION ON THE APPLICANTS CREDIT WORTHINESS |
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ADDENDUM |
AN ATTACHMENT TO A CONTRACT RENTAL OR LEASE AGREEMENT FOR INCORPORATING ANY PROVISION AGREED TO BUT NOT INCLUDED IN THE BOILERPLATE PROVISIONS OF THE AGREEMENT |
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WATERBED ADDENDUM |
AN ADDENDUM TO RENTAL OR LEASE AGREEMENT SETTING THE ADDITIONAL SECURITY DEPOSIT AND INSURANCE COVERAGE THE TENANT WILL PROVIDE THE LANDLORD TO KEEP A WATERBED ON THE PREMISES |
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REVERSIONARY INTEREST |
THE FUTURE INTEREST A PERSON RETAINS ON THE GRAND OF PROPERTY WHICH REVERTS TO THE PERSON ON THE OCCURRENCE OF AN EVENT |
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REASONABLE CERTAINTY |
THE DEGREE OF CERTAINTY EXPECTED FROM A REASONABLE PERSON |
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ATTORNEY FEE PROVISION |
A PROVISION IN AN AGREEMENT PERMITTING THE PREVAILING PARTY TO A DISPUTE TO RECEIVE ATTORNEY FEES WHEN LITIGATION ARISES DUE TO THE AGREEMENT |
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HEIRS, ASSIGNS AND SUCCESSORS CLAUSE |
A CLAUSE IN A LEASE AGREEMENT WHICH BINDS THOSE WHO LATER TAKE THE POSITION OF LANDLORD OR TENANT TO THE EXISTING AGREEMENT |
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CHOICE OF LAW PROVISION |
A CLAUSE WHICH SETS THE STATE LAW APPLICABLE IN THE EVENT OF A DISPUTE |
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AD VALOREM TAXES |
REAL ESTATE TAX IS IMPOSED ON PROPERTY BASED ON ITS ASSESSED VALUE |
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GROSS LEASE |
A COMMERCIAL LEASE SPECIFYING THAT THE TENANT PAYS FOR THE UTILITIES AND JANITORIAL FEES, BUT UNLESS MODIFIED IS NOT REASONABLE FOR ANY OTHER CARE, MAINTENANCE OR CARRYING COSTS OF THE PROPERTY |
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FULL SERVICE GROSS LEASE |
A COMMERCIAL LEASE SPECIFYING THAT THE LANDLORD RETAINS THE RESPONSIBILITY FOR PAYMENT OF ALL COSTS OF CARE AND MAINTENANCE, UNLESS MODIFIED, INCLUDING THE TENANTS UTILITIES AND JANITORIAL SERVICES |
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NET LEASE |
A COMMERCIAL LEASE WHICH TRANSFERS TO THE TENANT THE OBLIGATION UNLESS MODIFIED, TO PAY ALL OF THE COSTS OF OWNERSHIP IN ADDITION TO UTILITIES AND JANITORIAL SERVICES |
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TRIPLE NET LEASE |
A COMMERCIAL LEASE WHICH PASSES THE RESPONSIBILITY FOR ALL COST OF MAINTENANCE OF THE PROPERTY TO THE TENANT |
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PURE NET LEASE |
A COMMERCIAL LEASE IN WICHITA ASSUMES ABSOLUTELY ALL THE OBLIGATIONS OF OWNERSHIP |
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NOTICE OF CHANGE IN RENTAL TERMS |
WRITTEN NOTICE SERVED ON THE TENANT NOTING CHANGES IN THE TERM OR CONDITIONS OF A MONTH-TO-MONTH RENTAL AGREEMENT |
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NOTICE OF INTENT TO VACATE |
ATTENDANCE NOTICE TO THE LANDLORD SIGNIFYING THEIR INTENT TO VACATE THE LEASED PROPERTY |
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SECURITY DEPOSIT |
A SOURCE OF FUNDS TO PAY TENANT OBLIGATIONS OWED THE LANDLORD ON THE TENANTS DEFAULT IN THE RENTAL OR LEASE AGREEMENT |
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JOINT PRE EXPIRATION INSPECTION |
AN INSPECTION CONDUCTED BY A RESIDENTIAL LANDLORD OR THE PROPERTY MANAGER TO ADVISE A TENANT OF THE REPAIRS THE TENANT NEEDS TO PERFORM TO AVOID DEDUCTIONS FROM THEIR SECURITY DEPOSIT |
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STATEMENT OF DEFICIENCIES |
A DOCUMENT OR RESIDENTIAL LANDLORD PRESENTS TO VACATING TENANT SPECIFYING ANY REPAIRS OR CLEANING TO BE COMPLETED BY THE TENANT TO AVOID DEDUCTIONS FROM THE SECURITY DEPOSIT |
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FINAL INSPECTION |
AN INSPECTION OF THE PREMISES CONDUCTED BY THE LANDLORDS WITHIN 21 DAYS AFTER A RESIDENTIAL TENANT VACATES THE PROPERTY |