Property Management
What is a 'property condition assessment' (PCA) in commercial real estate?
AA government-mandated inspection
BA systematic evaluation of a commercial property's physical condition, typically performed during due diligence before purchase✓ Correct
CA tenant's complaint report
DAn annual fire inspection
Explanation
A Property Condition Assessment (PCA) is a professional evaluation of a commercial property's physical condition — structural systems, mechanical/electrical/plumbing, roof, site — conducted during due diligence to identify deferred maintenance, capital needs, and risks.
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Key Terms to Know
Contingency
A condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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