If you're about to enter the rental market, or if you are looking to buy an investment property for rental returns, it's time to brush up on some terminology.

Body corporate
The term used in the Strata Titles Act to describe the body representing the unit owners. The registered proprietors of the units are the only members of the body corporate, which controls and administers the use of common property.

Tenant/lessee
The person who receives the right to occupy and use a property under the terms of a lease..

Landlord/lessor
The owner of a property who transfers the right to occupy and use the property to another by way of a lease agreement.

Management agreement
A written contract recording the agreement between the owner and manager of real estate concerning the duties, responsibilities and liabilities of the owner and the manager in the management of that real estate.

Bond
A rental bond is money paid by the tenant which acts as security that the tenant will follow the terms of the agreement. Normally all the money is refunded if the property is vacated in good condition.

Managing agent
A real estate agent authorised to manage the business affairs in connection with the property of another.

Management fee
The fee charged by the property manager to the landlord for the service of managing a property or properties. This service typically includes collecting rent and paying property expenses.

Property management
The management of a property on behalf of the owner. For example, the leasing of space, collection of rents, selection of tenants and the overall maintaining and managing of real estate properties for clients

Notice of termination
Notice given by the landlord or tenant that they want to end the tenancy agreement and vacate the property.

Rent
A payment made periodically by a lessee to a lessor for the use of premises.

Rent roll
A group of rental properties managed by a real estate agent. It includes names of tenants and the amount they pay.

Right of entry
A Where a landlord may inspect the premises, provided reasonable notice is given to the tenant .

Trust account
A legislatively required bank account where money, such as rent, is held by an agent for or on behalf of another person.

RTA
The Residential Tenancies Authority administers the Residential Tenancies and Rooming Accommodation Act 2008. The RTA assists tenants, lessors and agents
by holding and refunding bond money and offering free information to those involved in the rental process. The RTA also has a dispute resolution service.