Property Ownership/Management

Important Concepts in Property Ownership/Management

Financial reports are documents that show the financial performance of a certain entity over a certain period of time. Specifically, a financial report documents the financial activities as well as performance of an entity over a given tie duration, typically every year or on quarterly basis (Oliver, 2021). Financial reports are, in most instances, prepared by company accountants. However, in a small entity, the manager or owner may also prepare financial reports.

Property ownership and management is governed by various laws that include the Fair Housing Act and the Fair Credit Reporting Act. It is worth noting that both laws apply to both residential and commercial property as they affect all property managers and landlords in the US (Miller, 2020). Under the Fair Housing Act, property owners and/or managers are prohibited from discriminating against tenants on the basis of religion, race, sex, disability, and color among others (Miller, 2020). This means that landlords and property managers must desist from excluding certain persons as they market their rental/leasehold properties. In other words, the Fair Housing Act implies that renting or leasing of property must be conducted as a public affair, with no discrimination as to who is and who is not eligible.

On the other hand, the Fair Credit Reporting Act stipulates how a landlord is authorized to use the credit history of individuals when screening prospective tenants (Miller, 2020). What this means is that in renting or leasing of property, landlords and property managers cannot run credit reports without first seeking permission from the applicant/tenant. Similarly, if the landlord or property manager refuses to allow the tenant to occupy the property, he/she must let the tenant know whether their credit report is the reason why their application was denied.

All property, whether commercial or residential, is prone to many hazards that may cause serious injuries or even death. One such hazard is poisoning, established to the second top cause of death in the U.S. (Safety Resource Center, 2018). In whichever type of property, poisoning results from poor disposal of harmful substances such as pesticides and paints.


Miller, K. (2020). Top 10 landlord-tenant laws to remember.

Oliver, L. (2021). What is financial reporting? Definition, types and importance.

Safety Resource Center. (2018). Safety at home: 10 common safety hazards around the house.

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