About This Chapter
Leasing & Property Management - Chapter Summary
Master topics related to leasing and property management, such as lease inclusions and disclosure issues pertaining to a landlord's legal rights. There's also a lesson that covers the responsibilities of tenants and landlords in residential rental properties. After completing the chapter, you should feel confident and ready to:
- Discuss the responsibilities of a property manager
- Recall liabilities of a property owner
- List different types of commercial and residential leases
- Describe provisions found in commercial leases
- Provide a definition for warranty of habitability
- Detail the rights of tenants when leasing a property
- Explain how lease rates are established
Our mobile-friendly learning platform offers flexibility because you can study from anywhere. Each lesson is accompanied by a brief quiz to assess how much you know about leasing and property management. You can also print the quiz in worksheet form to use as a study guide.
1. Property Management: Overview & Role
A professional or a business that deal with the day to day responsibility of real estate is called a property manager. In this lesson, we will explore the role of a property manager in real estate.
2. The Role of Property Management in Real Estate
In this lesson, you'll learn about the role of property management in real estate and the obligations, duties, and liabilities of both the property manager and the owner. You'll also learn how to calculate a property management fee.
3. Types of Leases in Real Estate
A contract between a landlord and a tenant is a lease. In this lesson, you'll learn about different types of leases in typical real estate transactions including residential leases and commercial leases. A short quiz follows.
4. Residential & Commercial Lease Provisions
Real estate leases outline the rights and responsibilities of landlords and tenants in both residential and commercial rental properties. In this lesson, you'll learn about common provisions that are found in residential and commercial leases.
5. Landlord Rights & Responsibilities
In this lesson, we will explore a landlord's legal rights and responsibilities in regard to their rental properties and tenants. We will discuss warranty of habitability, disclosure issues and lease inclusions.
6. Tenant Rights & Responsibilities
Tenants enjoy a number of rights and responsibilities when they lease a property. Let's look at some of these common entitlements and obligations to see what tenants can legally expect when working with their landlords.
7. Property Management: Setting Rents & Lease Rates
Property managers weight several factors when deciding on the right rent to charge for a leased apartment. Some factors include market value, competition, and cost of paying off the mortgage.
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Other chapters within the Michigan Real Estate Broker Exam: Study Guide & Practice course
- Property & Land Characteristics
- Air, Mineral & Water Rights in Real Estate
- Liens & Encumbrances in Real Estate
- Types of Property Ownership
- Real Estate Land Use Controls & Regulations
- Property Valuation & Appraisal
- Basic Real Estate Financing Terms & Concepts
- Types of Real Estate Loans
- Lending & Underwriting Processes
- Agency Relationships & Agreements
- Disclosures of Property Conditions
- Real Estate Sales Contracts
- Real Estate Title Transfers
- Real Estate Practices
- Common Real Estate Calculations
- Michigan Licensing & Statutory Requirements
- Michigan Real Estate Laws
- Michigan Real Estate Broker Exam Flashcards