property management
preserve and improve the value of real property
Property managers are brokers or agents working under a broker’s license who manage properties for owners who hire them. The property manager’s goal is the highest and best use of a property. Resident managers who are given reduced rent or other compensation to live in a unit of a 15 or more unit residential apartment complex do not have to be licensed, but usually work under the direction of a licensed broker who is the property manager. Property managers may manage large residential complexes or retail and commercial properties. Their duties include leasing and maintaining the properties. The property manager’s goal is to find and maintain the highest and best use of a property. Related Words: highest and best use, resident manager
Multiple Choice Question
property management
A preserve and improve the value of real property
B airspace, surface, water and mineral rights
C loan on a property with the property as security
D using up the value of a property
Correct Answer: a
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This word appears in the book Vocab-U-Bee California CA Real Estate License Exam Top Pass Words
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