Which of the following would not be defined in a property management agreement

The main purpose of hiring a property manager or management company is to protect your real estate investment and passive income. Investors hire property managers to manage their rental properties for a variety of reasons, from wanting a local professional to handle a property to a desire to take a more hands off approach with their properties.

But what does a property management company or manager do when tending to the properties they oversee? Let’s go over a few common responsibilities typically held by property managers.

1.     Follows Landlord-Tenant Laws And Regulations

As an investor, especially if you own multiple properties in several different states or areas, it can be difficult to keep track of all the different landlord-tenant laws and regulations. A property manager can help avoid potential legal headaches by taking care of these regulations for you. Typically experts in the areas that they work, property managers are often better equipped to deal with local laws and regulations.

As an example, in some states there are specific requirements on how much a tenant can be charged as a security deposit. A property manager that knows the area might be better equipped to make sure tenants are charged the correct amount rather than the property owner accidentally asking for a deposit beyond the legal limit and creating a potential legal issue because they weren’t aware of the local laws.

2.     Acts As A Local Presence For Out-Of-Town Owners

As the expert on-site, property managers also act as a local presence for out-of-town owners. If a property owner has lived in Texas their entire life, they may not be equipped to deal with the intricacies of managing property somewhere they’re unfamiliar with, like California or New York. A property manager can take care of those details for them – along with other things that come up, like maintenance and other operational issues that would be difficult to handle remotely.

3.     Handles Maintenance Requests

A property manager or property management company also handles maintenance requests and other in-person upkeep. A landlord that is slow to respond to maintenance issues can cause tenant frustration – which is why it’s useful to have a manager onsite to address tenant concerns quickly.

Maintenance requests could be anything from broken appliances to unwanted pests or wildlife in a tenant’s home, so having someone on-site to take care of these issues as they arise is vital. A lack of landlord support with issues in rental properties can cause tenants to take their business elsewhere when their lease is up, so it’s important to have a strong local presence to take care of tenant needs.

4.     Shows And Leases Vacant Units

Working with a property manager can also help owners eliminate the potential financial loss of having an empty unit sitting around for an extended period of time. Rather than trying to market your property remotely to potential tenants, you can rely on a property manager to attract new tenants and potentially renew existing leases.

Tenants may also be uneasy about or unwilling to move into a property without seeing it first - and showing off properties may not be an option if the owner lives out of state. Working with a property manager allows owners to have someone present on the property to fix problems and show off the full potential of spaces to potential tenants.

5.     Collects And Deposits Rent

Property managers also collect and deposit rent as a part of their duties for the properties they oversee. Some property managers and property management companies will collect rent using online sites or payment apps to help get money to the property owner quicker.

Property managers may also handle delinquent payments, collections and evictions. Working with a property manager ensures that these tasks that might be difficult for investors to handle from afar are dealt with efficiently to save owners money and time.

As used in this part-

Cannibalize means to remove parts from Government property for use or for installation on other Government property.

Contractor-acquired property means property acquired, fabricated, or otherwise provided by the contractor for performing a contract and to which the Government has title.

Contractor inventory means-

           (1) Any property acquired by and in the possession of a contractor or subcontractor under a contract for which title is vested in the Government and which exceeds the amounts needed to complete full performance under the entire contract;

           (2) Any property that the Government is obligated or has the option to take over under any type of contract, e.g., as a result either of any changes in the specifications or plans thereunder or of the termination of the contract (or subcontract thereunder), before completion of the work, for the convenience or at the option of the Government; and

           (3) Government-furnished property that exceeds the amounts needed to complete full performance under the entire contract.

Contractor’s managerial personnel means the contractor’s directors, officers, managers, superintendents, or equivalent representatives who have supervision or direction of-

           (1) All or substantially all of the contractor’s business;

           (2) All or substantially all of the contractor’s operation at any one plant or separate location; or

           (3) A separate and complete major industrial operation.

Demilitarization means rendering a product unusable for, and not restorable to, the purpose for which it was designed or is customarily used.

Discrepancies incident to shipment means any differences (e.g., count or condition) between the items documented to have been shipped and items actually received.

Equipment means a tangible item that is functionally complete for its intended purpose, durable, nonexpendable, and needed for the performance of a contract. Equipment is not intended for sale, and does not ordinarily lose its identity or become a component part of another article when put into use. Equipment does not include material, real property, special test equipment or special tooling.

Government-furnished property means property in the possession of, or directly acquired by, the Government and subsequently furnished to the contractor for performance of a contract. Government-furnished property includes, but is not limited to, spares and property furnished for repair, maintenance, overhaul, or modification. Government-furnished property also includes contractor-acquired property if the contractor-acquired property is a deliverable under a cost contract when accepted by the Government for continued use under the contract.

Government property means all property owned or leased by the Government. Government property includes both Government-furnished property and contractor-acquired property. Government property includes material, equipment, special tooling, special test equipment, and real property. Government property does not include intellectual property and software.

Loss of Government property means unintended, unforeseen or accidental loss, damage, or destruction of Government property that reduces the Government’s expected economic benefits of the property. Loss of Government property does not include occurrences such as purposeful destructive testing, obsolescence, normal wear and tear, or manufacturing defects. Loss of Government property includes, but is not limited to-

           (1) Items that cannot be found after a reasonable search;

           (2) Theft;

           (3) Damage resulting in unexpected harm to property requiring repair to restore the item to usable condition; or

           (4) Destruction resulting from incidents that render the item useless for its intended purpose or beyond economical repair.

Material means property that may be consumed or expended during the performance of a contract, component parts of a higher assembly, or items that lose their individual identity through incorporation into an end-item. Material does not include equipment, special tooling, special test equipment or real property.

Nonseverable means property that cannot be removed after construction or installation without substantial loss of value or damage to the installed property or to the premises where installed.

Precious metals means silver, gold, platinum, palladium, iridium, osmium, rhodium, and ruthenium.

Production scrap means unusable material resulting from production, engineering, operations and maintenance, repair, and research and development contract activities. Production scrap may have value when re-melted or reprocessed, e.g., textile and metal clippings, borings, and faulty castings and forgings.

Property means all tangible property, both real and personal.

Property Administrator means an authorized representative of the contracting officer appointed in accordance with agency procedures, responsible for administering the contract requirements and obligations relating to Government property in the possession of a contractor.

Property records means the records created and maintained by the contractor in support of its stewardship responsibilities for the management of Government property.

Provide means to furnish, as in Government-furnished property, or to acquire, as in contractor-acquired property.

Real property See Federal Management Regulation 102-71.20 (41 CFR 102-71.20).

Sensitive property means property potentially dangerous to the public safety or security if stolen, lost, or misplaced, or that shall be subject to exceptional physical security, protection, control, and accountability. Examples include weapons, ammunition, explosives, controlled substances, radioactive materials, hazardous materials or wastes, or precious metals.

Unit acquisition cost means-

           (1) For Government-furnished property, the dollar value assigned by the Government and identified in the contract; and

           (2) For contractor-acquired property, the cost derived from the contractor’s records that reflect consistently applied generally accepted accounting principles.

Which of these items would not be considered a variable expense quizlet?

Can a real estate agent be a property manager in California?