Glossary of Terms

Management Rights Glossary of Terms

 

Common terms in management rights
 

Management Rights: the business of operating accommodation property on behalf of owners.
 

On-site Manager: property managers who live in the building they operate.
 

RUM: Resident Unit Manager
 

MLR: Management and Letting Rights
 

Australian Resident Accommodation Managers Association (ARAMA): a membership-based, not-for-profit, peak industry body representing the interests of people who are involved in management rights. ARAMA members operate management rights or are associated with the management rights industry.
 

Body Corporate: “A body corporate is a legal entity which is created when land is subdivided and registered under the Land Title Act 1994 to establish a community titles scheme. All of the owners in a community titles scheme are automatically members of the body corporate when they buy their lot,” according to the Queensland Government.
 

Queensland Community Titles Scheme: The QLD government website defines the scheme as allowing “you to privately own an area of land or part of a building, as well as share common property and facilities with other owners and occupiers”. A community titles scheme refers to a complex of at least two lots and therefore may include: duplex, residential unit block, townhouse complex, high rise accommodation building, shopping complex, business park.
 

BCCM: The Office of the Commissioner for Body Corporate and Community Management (BCCM) is the place to find information about body corporate legislation in Queensland. It is not a source of legal advice, but it exists to help people better understand the Body Corporate and Community Management Act 1997 (BCCM Act). The Office can also help facilitate dispute resolution through conciliation or adjudication. You can find regular columns from the commissioner, detailing relevant issues, in Resort News magazine and here on accomproperties.com.au.
 

Body Corporate and Community Management Act 1997 –  Queensland: according to the Act itself, it’s purpose is “providing for the establishment and administration of community titles schemes, and … the primary object of this Act is to provide for flexible and contemporary communally based arrangements for the use of freehold land, having regard to the secondary objects”.
 

Common Property: land that may be part of the managed site but is not included in the Community Titles Scheme.
 

Body Corporate Manager (QLD): defined in the BCCM Act as a person who “is engaged by the body corporate (other than as an employee of the body corporate) to supply administrative services to the body corporate, whether or not the person is also engaged to carry out the functions of a committee, and the executive members of a committee, for a body corporate”.
 

Strata Community Association (SCA): the peak industry body for Body Corporate and Community Title Management in Australia and New Zealand. Membership includes body corporate managers, support staff, committee members and suppliers of products and services to the industry. You can find regular columns from SCA president, Simon Barnard in Resort News magazine and here on accomproperties.com.au.
 

By-Laws: these are rules that cover a wide variety of issues common in management rights, from noise and smoking to pets and parking. They vary from scheme to scheme, and dictate what managers, owners and the body corporate can and can’t do. Want a copy? Most can be found on the Community Management Statement.
 

Community Management Statement: this is particular to the scheme relevant to each body corporate and outlines by-laws, regulation module, lot entitlement schedules and any possible scheme development plans or proposals.

7 Acre Caravan Park and a Very High Occupancy.
Very busy  22 room Motel Leasehold
Acacia Terraces - 1P6057
Strategic Location Christchurch Central
An Excellent Freehold Going Concern Motel - 1450MF
Another $70,000 Price Reduction - ID 9134
near Bribie  Island
Acquire a premier Main Beach OTP | Resort Brokers ID : OTP008349
High profit management rights- Short Term Accom in Fortitude Valley -  $521K net | Resort Brokers ID : MR008356
BRAND NEW HIGH QUALITY MIXED USE MANAGEMENT RIGHTS OVERLOOKING KIRRA BEACH | Resort Brokers ID : MRB008362
Seeking a dedicated and proactive Building Manager (contractor)
Enviable Lifestyle with a Reliable Cashflow
Freehold Business in Lambton for $3.25M, Developers Dream - 125HF
Large & Profitable in Napier
Lake Boga Pub - 1P6058
Exceptional FHGC Caravan Park for Sale in Historic Charters Towers - 1056CPF
EASY Business and LARGE Remuneration with 3% annual increase!
TWO SIDE-BY-SIDE PERMANENTS NETTING $583K FOR 4.8X MULTIPLIER | Resort Brokers ID : MR008354