Property managment
Topics: Renting, Real estate, Leasehold estate, Landlord, Lease, Rental agreement / Pages: 14 (4077 words) / Published: Oct 19th, 2014

Identify legal and ethical requirements of property management to complete agency work
Assignment 2

STUDENT NAME Daniel Skrzypek  OTEN NUMBER n855096
Please read the “Guide to completing and submitting assignments” before you begin this assignment.
What you need to do
To successfully complete this assignment you must answer the following questions to demonstrate your knowledge. The assignment will be granted a result of “Competent” if the learning outcomes are achieved or “not yet competent” if not. If a result of “Not Yet Competent” is achieved you will be given the opportunity to resubmit your assignment.
Your Task
This task is designed for you to demonstrate your understanding of the core legal and ethical requirements associated with property management. This includes awareness of the legislation dealing with the leasing and management of property, the role and responsibility of agency personnel in property management, the recording of property management transactions and the completion of property management documentation.
Part 1 – Knowledge assessment

Question and answer

Q. 1
List five (5) duties of a property manager describing each in detail.

1. Marketing and Financial - The real estate property management company, in consultation with the owner, will prepare detailed budgets for the day to day operations of the property. This function involves aspects of all the other functional areas, as it allocates funds for their performance. Not only will the income from rents need to be estimated, a reasonable estimate of expenses for the other three functional areas will need to be made. Costs for tenant services, repairs and maintenance, and administration will need to be closely approximated :
- Properties that fall into obsolescence will experience lower rents and a less attractive return on investment as the property ages.
- A long-term budget for capital improvements should be

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