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Flashcards - Overview of Property Management

Flashcards - Overview of Property Management
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depreciation
Depreciation refers to two aspects of the same concept: * The decrease in value of assets * The allocation of the cost of assets to periods in which the assets are used A method of reallocating the cost of a tangible asset over its useful life span of it being in motion
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commercial lease
A lease is a contractual arrangement calling for the lessee to pay the lessor for use of an asset
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commercial lease
A lease is a contractual arrangement calling for the lessee to pay the lessor for use of an asset
depreciation
Depreciation refers to two aspects of the same concept: * The decrease in value of assets * The allocation of the cost of assets to periods in which the assets are used A method of reallocating the cost of a tangible asset over its useful life span of it being in motion
gross lease
In a gross lease, the tenant pays a flat rental amount, and the landlord pays for all property charges regularly incurred by the ownership
property manager
A property manager or estate manager is a person or firm charged with operating a real estate property for a fee, when the owner is unable to personally attend to such details, or is not interested in doing so
statute of frauds
The statute of frauds refers to the requirement that certain kinds of contracts be memorialized in a writing, signed by the party to be charged, with sufficient content to evidence the contract

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