AHRM 2676 - EXAM 1 Review

AHRM 2676 - EXAM 1 Review - MULTIPLE CHOICE 1 goals of...

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MULTIPLE CHOICE 1. goals of ownership 2. Rent Level and Property Value: Using income capitalization and a cap rate, to find what every dollar of rent reduction reduces property value to Example: 8% cap rate $ 1.00 * 12 months = $ 12.00 $12.00 / .08 cap rate = $150.00 for every $1 of rent reduction, reduces property value by $150 3. Management Agreement: a. Serves as employment contract between owner and agent, establishes relationship b. Spells out agents rights, responsibilities and limitations c. Stipulates agent’s compensation d. Provides for termination of the agreement 4. Should rent increases be limited to once a year? a. No! 5. Head Rent a. Common with student housing 6. Escape clauses a. Not required b. Enforce the lease and charge termination fees 7. Implied Warranty of Habitability: a. Suitable maintenance of properties so that they are fit to live in b. Local housing codes determine degree of liability c. Maintain roofs, windows and walls d. Provide working water, heat, AC, electricity, plumbing and lighting e. Clean and safe common areas f.
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