responsible for things such as soliciting tenants to lease the property, collecting rents and security deposits, accounting for funds, altering or constructing new space for tenants, monitoring insurance coverage, ordering repairs, and maintaining the property.
primary or overriding responsibility is to protect the property owner's investment and maximize the owner's return on that investment.
include fixed expenses such as taxes and insurance, and variable costs such as utilities, payroll and reserves for repairs, replacement and maintenance
Operating expenses DO NOT INCLUDE mortgage payments/debt reduction, depreciation and capital improvements/ expenditures.
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Terms in this set (13)
AIMS Test
The Real Estate Industry has developed a code of professional standards and ethics as a guideline in serving the real estate needs of consumers.
The Professional Code for Real Estates Emerged From:
1. Federal
and state legislation
2. State Real Estate Licensing Regulations
3. Industry Self-Regulation through Trade Assoc. and Institutes.
Federal Legislations Focus:
Federal Legislation focuses primarily on anti-discrimination laws & fair trade practices. State laws and licensing regulations focus on agency and disclosure requirements and regulating certain brokerage practices within the state jurisdiction. Real Estate trade groups focus on professional standards of conduct in every facet of the business.
Fair Housing Laws or Equal Opportunity Housing Laws
Federal and State Government have enacted laws prohibiting discrimination in the national housing market. The aim of these Fair Housing Laws or Equal Opportunity Housing Laws, is to give all people in the country an equal opportunity to live wherever they wish, providing they can afford to do so, without impediments of discrimination in the purchase, sale, rental or financing of property.
State Fair Housing Laws
While states have enacted fair housing laws that general reflect the provisions of national laws, each state mat have slight modifications of national law.
Fair Housing & Local Zoning Test
The Fair Housing Act Prohibits a broad range of practices that discriminate against individuals on the basis of race, color, religion, sex, national origin, familiar status, and disability.
Act applies to municipalities and other local government entities and prohibits them from making zoning or land use decisions or implementing land use policies that exclude or otherwise discriminate against protected persons, including individuals with disabilities.
Civil Rights Act of 1866 Test
The original fair housing statue, the Civil Rights Act of 1866, prohibits discrimination in housing based on race. The prohibition relates to selling, renting, inheriting, and conveying real estate
Executive Order 11063
While the Civil Rights Act of 1866 prohibited discrimination, it was only marginally enforced. In 1962, the president issued Executive Order 11063 to Prevent Discrimination in Residential Properties Financed by FHA or VA loans.
Civil Rights Act of 1968 (Title VIII - Fair Housing Act)
Title VIII of the Civil Rights Act of 1968, Known today as the Fair Housing Act, prohibits discrimination in housing based on Race, Color, Religion, or National Origin
The Office of Fair Housing & Equal Opportunity (OFHEO) administers and enforces Title VIII under the supervision of the Dept of Housing and Urban Development (HUD)
Discriminatory Misrepresentation
An agent may not conceal available properties, represent that they are not for sale or rent, or change the sale terms for the purpose of discriminating.
Discriminatory Advertising
An agent may not advertise residential properties in such a way as to restrict their availability to any prospective buyer or tenant.
Providing unequal service
An agent may not alter the nature or quality of brokerage service to any party based on race, color, sex, national origin, or religion.
Steering Test
Steering is the practice of directly or indirectly channeling customers toward or away from homes and neighborhoods.
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