A general term that covers the tenant`s rights contained in the lease and gives the tenant the right to move into the property. Fixed expenses: An expense item that is independent of rental income, but is still part of the property`s operating budget (e.g. Whether you have a tenant or not, you have to pay property taxes every year). Homeowner insurance: An insurance policy that protects the landlord against financial losses associated with their rental property, such as theft and fire. Typically, the policy lists a variety of optional cover items. For example, rental guarantee insurance and legal protection. For example, property managers in Florida must have real estate agent licenses to operate in their states. This is because some of their responsibilities are considered real estate activities. Holding a real estate broker`s license allows property managers to list rental properties in the Multiple Listing Service (MLS) and market properties using standard real estate marketing methods. Possessing a real estate broker`s license also allows the property management company to attach a real estate board locker to the door of a property so that other authorized agents can show the property. Utilities: Services provided to people living on property, including electricity, garbage, gas, sewage and water.

Tenancy agreement: A written or verbal agreement between a landlord (landlord) and a tenant (tenant) that transfers to the tenant the right to exclusive possession and use of the landlord`s property for a specified period of time and for a specified consideration (rent). Under state law, leases must be in writing for a certain period of time (usually one year) to be enforceable. A rental structure where the landlord and tenant are responsible for covering the cost of the property. Leasing agent: A licensed real estate agent who rents properties and is authorized to sign on behalf of the landlord. Investment property: A building that is not owner-occupied and is usually rented to a tenant to generate income. Survey: A drawing or map that shows the exact legal boundaries of a property, the location of improvements, easements, rights of way, encroachments and other physical features. Condominium: A real estate project where each owner is entitled to a unit in a multi-unit residential building, an undivided interest in the common elements of the project and sometimes the exclusive use of certain limited common elements. Consists of an undivided interest in real property, which is the common area, coupled with a separate interest in space, called a unit, the boundaries of which are described in the condominium plan.

Deed: The legal document that transfers ownership of a property. Absentee landlords also use property management services. Some property management companies cater to individual owners who rent a single property, such as a holiday home. The legal possession of a certain type of property by a person. Eviction: A legal proceeding initiated by a landlord to recover ownership of real estate from the tenant. Deposit: Payment made by a tenant to the landlord as security in the event that the property is damaged. Charge: Anything that affects or limits the simple title of a property, such as mortgages, leases, easements, deeds or restrictions. Bad debts Amounts of money owed to the property (usually unpaid rent or damages attributed to a previous occupant) that have been classified as „uncollectible“. Often, these amounts are determined once a year at the end of the fiscal year. Number of units in a property, multiplied by the number of days in a month, gives the total number of unit days for that month. Useful for determining vacancy rates or vacancies. Personal property: Any property that is not real property or is not permanently attached to land or structure.

Capital: (1) Money used to generate income, either as an investment in a business or as an object of income. (2) Money or property that includes property owned or used by a person or entity. (3) The accumulated assets of a person or entity. (4) The net assets of an enterprise, represented by the excess of its assets over its liabilities. Turnover rate The percentage ratio of the number of dwellings prepared for relocation (i.e., surveys) to the total number of units in a property. Eminent Domain: The right of a government to take possession of private property for public use in exchange for fair compensation for the owner. Eminent Domain is the basis for sentencing proceedings. Fair market price or fair market value, also known as open market valuation, is an informed opinion of what a property could be sold for. Property taxes: A tax based on the value of the property and paid by the owner to the local government. A person or company that grants the lease for a property and who may also be the landowner (owner of the property). A document in which the grantor guarantees that it has clear title to an asset.

Certificate of Occupancy CO The date on which a property is declared when construction is sufficiently advanced to allow human settlement. Often the PIS put into service dates for real estate tax credits. Fiscal Year The twelve-month period during which the property`s financial records are kept. It doesn`t have to be the same as a calendar year. Property Manager: A person who manages real estate for another person or business for a fee. Duties include collecting association fees, maintaining the property by independent contractors, and ensuring adequate accountability to the corporation`s board of directors. Property View: A scheduled appointment that allows potential tenants to take a walking tour of the property.