Exam Review Flashcards
What are the kind of funds?
- Unrestricted Fund; Can be spent in any way
- Restricted Fund; can only be spent for an specific purpose
- Endowment Fund; a fund for investment, only interests on it can be spent
- Operating Fund; is the fund that is used for the operating budget, expenses that happen at least once a year
-Contingency Reserve Funds; created for expenses that occur less frequently that once a year.
What is obsolescence?
Building components that are inadequate to modern standards, can be curable or incurable
What is a job analysis?
Is the process to determine a job description, required abilities and market wages for similar positions.
What a re the 7 elements of a marketing plan?
- Research
- Design of advertising materials
- Advertisement
- Contact with possible customers
- Follow up
- Suite showings
- Tenancy agreement negotiations.
Mention 5 ways for advertising;
- Social media
- Online Classifieds and Rental sites
- Newspaper
- On site signs
- Brochures
What is WHMIS?
Workplace Hazardous Materials Information System
What are controls?
Forms, systems and procedures needed to stay organized and are required for:
- Accounting
- Leasing
- Maintenance
- Personnel
- Tenant relationships
- Administration
- Taxation
- Security
- Warranties
Mention a control technique;
- Purchase order (sequential with details of the purchase)
- Inventory Control Sheet (tracks transactions and total inventory)
What happens in a hearing in terms of the strata corporation?
An owner can be heard before the strata corporation board.
What are the defenses for nuisance?
- Statutory Authority
- Trifling damage or of little consequence
How to stop a trespass occur?
Self help; After asking to leave and using no more force than necessary.
What are the goals/interest in having insurance?
- Risk management
- Coverage of full property Value required by law
- Renovation on time
What should a home owner have insurance for?
- Personal possessions
- Adequate deductible coverage
What is co-insurance clause?
this clause makes the owner pay a bigger deductible, if the owner do not insure for the full replacement value or a determined percentage close to the 100%.
What is the formula for Co-insurance?
Deductible = Insured value/Replacement value * Cost of repair
