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CAM Terms > CAM Terms > Flashcards

CAM Terms Flashcards

1
Q

What percentage of Americans live in rental housing?

A

1/3

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2
Q

When playing the role of an investor advocate, who is included?

A

Owner, investors, lenders

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3
Q

When playing the role of a resident advocate, who is involved?

A

Residents, employees, neighbors, prospects

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4
Q

What types of affordable housing are available?

A

Section 8, Low income housing tax credit, workforce housing

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5
Q

Affordable housing

A

Decent, safe housing made affordable for individuals who generally earn less than 60% of the Area Median Income

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6
Q

Project based section 8

A

Provides rental subisidies for eligible residents residing in newly constructed, rehabilitated, and existing rental cooperative apartment projects. Project-based means it is for the units of a particular mortgaged property

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7
Q

Low Income Housing Tax Credit (LIHTC)

A

Dollar-for-dollar tax credit for affordable housing investiments. Provides incentives for private investors to develop affordable housing for low-income Americans

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8
Q

Workforce housing

A

Affordable housing for households whose incomes are not sufficient to obtain quality housing that is reasonably close to where they work

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9
Q

Co-Op Housing

A

Cooperative housing. Association or corporation owns a group of apartments and the common areas. Residents own a share in the co-op which entitles them to occupy an apartment as if they were owners

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10
Q

Low-rise building

A

No more than 4 stories

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11
Q
A
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12
Q

Mid rise building

A

Enclosed buildings that have five to ten stories with elevators

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13
Q

High rise

A

Enclosed buildings that have more than ten floors

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14
Q

Corporate apartment

A

Fully furnished and equipped with all necessary resident amenities

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15
Q

What information do you need in order to complete a financial analysis on a property?

A

The Income Statment

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16
Q

When doing a financial analysis, why do you need GPR first?

A

All calculations are derived from GPR. All other income and expenses are measured and evaluated as a percentage of GPR

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17
Q

What is a chart of accounts?

A

A list of accounts to which revenue and expenses are posted and show up on the General Ledger

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18
Q

Fixed-rate mortgage

A

Longer-term loans of 20 to 30 years and carry a fixed interest rate

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19
Q

Variable rate

A

Interest rate is adjusted periodically based on a financial index. Also called Adjustable Rate Mortgage

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20
Q

Balloon Loan

A

Fixed-rate mortgage for a set number of years (5, 7, or 10 usually) and then the rest of the loan must be paid in full in one payment

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21
Q

Bullet loan

A

Interest payments and the loan principal are paid off in one lump sum at a specified time

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22
Q

Escrow account

A

Trust account set up by the lender in which the borrower must make payments. Generally used to ensure that property taxes and insurance bills are paid

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23
Q

Capital expenses

A

Costs for large improvements that have an economic useful life beyond one year

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24
Q

Steps to budget development process

A

Identify goals, gather information, assign numerical values

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25
Q

What determines cap rates?

A

The market and quality of the property; can be as low as 5% and as high as 12%

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26
Q

Marketing mix

A

Controllable variables blended to produce the desired market response

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27
Q

Marketing vs advertising

A

Marketing involves understanding customer needs and developing strategies to meet them. Advertising is a paid promotional activity that focuses on driving immediate actions and sales (non-personal)

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28
Q

Marketing plan

A

Detailed, written account and timetable of the objectives and methods to be used to achieve the property’s marketing goals

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29
Q

Market analysis

A

Formal approach using data to make rational marketing decisions

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30
Q

Effective rent

A

Rent per month reduced by the monthly value of any leasing concessions

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31
Q

What is a market?

A

Current and potential residents who want to and are qualified to live in the apartment community

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32
Q

Target market

A

Specified group within a market, classified according to characteristics (location, demographics, economics, price, social, etc.)

33
Q

Marketing objectives

A

Identifies a specific goal and defines its successful achievement

34
Q

Marketing strategy

A

Outlines steps needed to achieve marketing objectives

35
Q

Promotional marketing

A

Form of communication that is used to inform and persuade people about a product or service

36
Q

Basic objectives of promotion

A

AIDA (Attention, interest, desire, action)

37
Q

Advertising campaign

A

Program of coordinated ads and promotional activities intended to accomplish objectives

38
Q

Turnover ration

A

total number of move-outs for a given period divided by the total apartment units

39
Q

Three steps of the bidding process

A

Scope and specifications, bidding, awarding the contract

40
Q

scope

A

Work to be performed under a contract or subcontract to complete a project. Must contain a detailed job specification

41
Q

Job specifications (contractor)

A

Descriptions of specific materials, equipment, and construction methods to be used on a project

42
Q

How often should you inspect the property?

A

At least once a month

43
Q

Leadership in Energy and Environmental Design (LEED)

A

Most widely used green building rating system

44
Q
  • National Green Building Standard (NGBS)
A

Only green building rating system for homes and apartments approved by the ANSI

45
Q

What are the three property assets to protect through risk management?

A

People, property, community goodwill

46
Q

Three types of financial risk

A

Fraud, theft, embezzlement

47
Q

Lockout/Tagout

A

Practices and procedures necessary to disable machinery or equipment to prevent the release of hazardous energy (electrical, mechanical, hydraulic, pneumatic, thermal, chemical, etc.) while employees perform servicing and maintenance activities

48
Q

Safety Data Sheet (SDS)

A

Document that describes the health and physical hazards associated with a particular chemical or material

49
Q

What are the written requirements for the PPE standard?

A

Standard does not require a written program, but does require a written assessment and documentation of exposures

50
Q

Loss control

A

Doing everything you can to mitigate the impact of the loss once it occurs

51
Q

Three things that are covered by General Liability

A

Bodily injury, property damage, personal injuries

52
Q

Loss prevention

A

Being proactive in preventing losses

53
Q

Keating Memorandum

A

Help you determine what a reasonable occupancy standard is for the property

54
Q

What type of housing does Section 504 of the Rehabilitation Act cover?

A

Federally Funded Properties

55
Q

What does the FCRA regulate?

A

Checking a prospective resident’s (or employment applicant’s) credit history
Also applies to prospective employees

56
Q

What is the Fair and Accurate Credit Transaction Act (FACTA)?

A

An act that broadens the FCRA by extending the allowable types of consumer reports and providing descriptions of adverse actions.

57
Q

When a prospective resident’s application is approved, what element of contract is being fulfilled?

A

Offer

58
Q

A lease is drawn up to meet which element of contract?

A

Acceptance
Acceptance is complete when a lease is signed by all parties

59
Q

What is consideration?

A

Something of value is exchanged for something of value from another party

60
Q

Does an application of 17 years of age who has been legally emancipated have the capacity to sign a lease agreement?

A

Yes

61
Q

FCC ruling on satellite dishes and TV antennas

A

Apartment residents may not be unreasonably restricted from installing an individual satellite dish or antenna

62
Q

Negligence

A

An unreasonable response to a forseeable risk

63
Q

Megan’s Law

A

A law requiring authorities to notify communities of the whereabouts of convicted sex offenders

64
Q

Virginia Graeme Baker Pool & Spa Safety Act (VGBSA) requirement

A

All public pools and spas MUST use anti-entrapment devices

65
Q

Performance security

A

A form of security deposit that ensures the successful bidder will perform according to all contract requirements

66
Q

Lien waiver

A

Signed and notarized document that waives all claims against the property or the management company

67
Q

What releases one party from liability for claims asserted by another party?

A

General Waiver of Release

68
Q

Fair Labor Standards Act (FLSA)

A

Federal law that sets standards for minimum wage, OT, recordkeeping, and child labor

69
Q

Title VII of the Civil Rights Act of 1964, as Amended

A

Prohibits discriminatory practices because of race, color, religion, sex, or national origin during any employment decision

70
Q

Age Discrimination in Employment Act (ADEA)

A

Law prohibits employment discrimination due to the employee or applicant being 40 years or older

71
Q

Occupational Safety and Health Act (OSHA)

A

Regulates workplace safety and health

72
Q

Uniformed Services Employment and Reemployment Rights Act of 1994 (USERRA)

A

Prohibits employment discrimination because of an employee’s or applicant’s past, current, or future military obligations

73
Q

Employment Polygraph Protection Act

A

Prohibits employers from requiring applicants to submit to polygraph examinations. Can be used in certain cases such as theft, embezzlement

74
Q

Family and Medical Leave Act (FMLA)

A

Leave may be taken due to birth of child, placement of child with employee due to adoption, care for an immediate family member with a serious health condition. Max for all reasons combined in a 12 month period is 12 weeks

75
Q

Conditional employment offers are contingent upon:

A

Satisfactory references and results of tests and background checks

76
Q

When disciplining staff, how can you give employees the opportunity to improve?

A

The progressive discipline process

77
Q

When a prospective resident applies, you must provide notification within __ hours of the application date.

A

72 hours

78
Q
A

CAM Terms (1 decks)

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