Property Management
Preventive maintenance in property management refers to:
AResponding to tenant repair requests after they are filed
BScheduled, routine upkeep to prevent larger, more costly repairs✓ Correct
CMajor renovation projects to update building systems
DEmergency repairs performed after a casualty event
Explanation
Preventive maintenance involves regular, scheduled inspection and servicing of building systems (HVAC, plumbing, roofing) to prevent breakdowns and extend useful life, reducing overall operating costs.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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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