REM 660 Study Guide - Midterm Guide: Property Management, Property Manager, Asset Management
22 Feb 2018
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Property: a piece of land plus natural or artificial improvements that are attached or have been added. Natural attachments include trees, valuable mineral deposits and oil, anything that would normally be considered part of the land. Property can be classified to residential and commercial: Residential: single family homes, semi attached homes (duplexes), four plex properties, townhomes, condominium units (each unit has a different ownership) Commercial: office, industrial (manufacturing and warehouse), retail, multifamily apartments (one person owns the whole thing and rents it to others), hotels and land. Commodities (gold, copper, crude oil, natural gas, corn etc. ) Asset: a resource with economic value that an individual, corporation or country owns or controls with the expectation that it will provide future benefits. Portfolio: a bundle of different types of assets. Accordingly, real estate management can be put into 3 categories: Management that affect the physical, financial or ownership structure of the property.
