Property Management
Glossary

Learn the lingo when it comes to property management right here!

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
A
Amenities

Features of the community that residents can use, like a pool, clubhouse, or fitness center.

Assessment

The monthly or yearly fee that all homeowners in the community are responsible for paying in order to maintain the common areas and amenities.

B
Board of Directors

A group of homeowners who are elected by the community to make decisions about the operation and management of the HOA.

Bylaws

The rules and regulations that govern the operation of the HOA.

C
Community Association Manager

A community association manager is a professional who is responsible for the daily operations of a community association. This includes overseeing the maintenance of the property, enforcing the rules and regulations of the association, and managing the finances of the association.

Covenants, Conditions, and Restrictions (CC&Rs)

The legally binding document that outlines the rules and regulations that all homeowners in the community must follow.

D
Declaration of covenants

The document that contains the covenants, conditions, and restrictions (CC&Rs). Refers to the rules and restrictions placed on a property by a developer, builder, or government agency that govern its use, development, and operation.

Dues

Another term for assessments.

F
Fine

A penalty that is imposed on a homeowner for violating one of the HOA's rules or regulations.

H
HOA

Homeowners Association is a group of people who live in a planned development or condominium that owns and maintains the common areas and enforces the rules of the community.

High Rise Condominiums

High rise condominiums are residential buildings that are typically taller than 12 stories and have various amenities for residents, such as a swimming pool, gym, and concierge.

L
Lease

A lease is a contract between a landlord and a tenant in which the tenant agrees to pay rent for the use of the landlord's property.

Lien

A legal claim against a property that is used to secure payment of a debt.

M
Maintenance

The definition of maintenance in HOAs is the process of keeping the common areas and amenities of the community in good repair and functioning properly. This includes tasks such as mowing the lawn, cleaning the pool, and painting the clubhouse.

P
Property Management

Management of real estate by a third party is the process of overseeing residential, commercial, or industrial properties on a daily basis. Maintenance, security, and upkeep of properties are generally handled by property managers on a day-to-day basis.

Proxy

A written authorization that gives another person the right to vote on behalf of a homeowner in HOA elections or meetings.

R
Rental Agreement

A rental agreement is a contract between a tenant and a landlord that outlines the terms of the tenancy.

T
Traditional Budgeting

Traditional budgeting is a method of budgeting that uses the previous year’s budget as a reference point for the next year’s budget.

Z
Zero Based Budgeting

Zero based budgeting is a method of budgeting that uses zero as the starting point of the budget and projects the budget of the property based on estimated data. Each item within the budget is analyzed and considered through decision-making by the board of directors.