BC Rental Property Management key terms

A licensed individual who, for compensation, manages residential rental units on behalf of an owner, including collecting rent, handling maintenance, and administering tenancy agreements under provincial law.

A written contract between an owner and a managing broker that sets out the manager's authority, fees, duties, reporting obligations, and the term of the management relationship.

The legal obligation of a manager to act in the owner's best interest, placing the owner's interests above the manager's own and avoiding undisclosed conflicts or personal gain.

The licensed individual responsible for the licensed activities of a brokerage, including supervising property managers, maintaining trust records, and ensuring compliance with the licensing statute and rules.

A schedule listing each rental unit, its tenant, rent amount, lease dates, deposits held, and current balance status, used to monitor income and occupancy for an owner.

A forward-looking financial plan estimating a property's rental income and expenses such as maintenance, utilities, taxes, and management fees over a set period.

Money set aside from rental income to cover anticipated major repairs or replacements, such as roofing or appliance renewal, rather than routine day-to-day operating costs.

Scheduled, proactive servicing of a property and its systems to prevent breakdowns and preserve value, such as seasonal inspections, filter changes, and equipment servicing.

A written authorization directing a tradesperson or staff member to perform a specific repair or service, recording the unit, the problem, the approved scope, and the cost.

The provincial statute that governs residential landlord-tenant relationships, setting out rights and duties for tenancy agreements, rent, deposits, notices, and dispute resolution.

The provincial government office that administers residential tenancy law, provides information, receives dispute applications, and issues decisions enforceable as orders.

A written or oral contract between a landlord and tenant granting the right to occupy a rental unit in exchange for rent, and stating the terms required by statute.

A tenancy with a stated start and end date, which ends on the stated date unless the parties agree to renew or the agreement provides for continuation under statutory rules.

A tenancy that renews automatically at set intervals, such as month to month, with no fixed end date, continuing until properly ended by notice.

Money a landlord may collect at the start of a tenancy, capped by statute, held to cover unpaid rent or damage beyond reasonable wear and tear, and returnable with an accounting.

A written record, signed by landlord and tenant, describing the unit's condition at move-in and move-out, used to support or challenge deposit deductions.

Normal deterioration of a rental unit from ordinary use over time, such as faded paint or minor carpet wear, which a landlord cannot charge against a tenant's deposit.

A formal written notice by which a landlord or tenant terminates a tenancy, which must state the statutory ground, the effective date, and be served in a permitted manner.

Delivery of a notice or document to a party using a method permitted by statute, such as personal delivery, posting, or mail, with deemed receipt dates affecting deadlines.

The statutory process in which an arbitrator hears a landlord-tenant dispute and issues a binding decision, replacing court action for most residential tenancy matters.

A written notice a landlord must give a tenant before raising rent, stating the new amount and effective date and complying with statutory timing and frequency limits.

A contract granting a tenant the right to possess a rental unit for a defined term in exchange for rent, setting out rent, term, obligations, and permitted use.

The lawful process of evaluating applicants using consistent criteria such as income, references, and rental history to select a tenant without prohibited discrimination.

Provincial law prohibiting discrimination in renting based on protected characteristics such as race, sex, religion, disability, or family status, which limits screening criteria.

A landlord's duty to adjust rules, services, or premises to meet a tenant's protected needs, such as allowing a service animal or modifying a unit, unless undue hardship results.

The percentage of rental units in a market or building that are unoccupied, used to gauge demand, set rents, and decide on marketing effort or concessions.

A written strategy for advertising vacant units, identifying target tenants, choosing listing channels, setting rents, and measuring results against occupancy goals.

A bank account designated for client money, such as rents and security deposits, kept separate from the brokerage's own funds and used only for the client's purposes.

The periodic process of comparing trust account records to the bank statement and individual client ledgers to confirm that funds held match amounts owed to clients.

A record for each owner or tenant showing all trust money received, disbursed, and held on their behalf, with a running balance supporting the trust reconciliation.

Compensation a manager or brokerage earns for services under the management agreement, often a percentage of collected rent or a flat fee per unit.

A situation where a manager's personal or financial interest could improperly influence decisions made for an owner, requiring disclosure and often written consent.

The duty to protect an owner's and tenant's private information, such as financial records and personal details, from unauthorized access or disclosure.

The requirement to keep transaction records, tenancy documents, and trust records for a set period, organized and available for audit or inspection.

Acting for both parties in a transaction with their informed written consent, a situation that raises conflict concerns and is restricted or prohibited in some circumstances.