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CAM > Industrry Essentials > Flashcards

Industrry Essentials Flashcards

1
Q

4 reasons people decide to move

A

Location
Housing costs
Size
Life circumstance

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2
Q

Investment

A

Use of funds to earn a profit

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3
Q

Growth

A

Improvements are made to a property in demand increases

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4
Q

Stability

A

Property undergoes little change, and is operating optimally

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5
Q

Decline

A

Property requires increasing amount of upkeep to retain original utility, and demand decreases

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6
Q

Revitalization

A

Property is renovated an increase demand is stimulated

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7
Q

Owner

A

A person or company that purchased an apartment property. Owner is responsible for paying the mortgage taxes and cost to maintain the property.

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8
Q

Investor

A

A person or company that allocates money to an investment with the expectation of a future financial return

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9
Q

Lender

A

A person or company that lends money with the expectation of repayment, plus interest and fees

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10
Q

Employee

A

Someone who works directly for, and is paid by the business under an agreement of employment

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11
Q

Vendor

A

A separate business entity offering a product or service. Requires a vendor agreement

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12
Q

Contractor

A

A separate business entity hired to perform specific services or work. Requires a contract.

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13
Q

Resident

A

An inhabitant of an apartment community who resides on the property and pays rent

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14
Q

Prospect

A

A potential resident someone who has shown an interest in renting an apartment on the property

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15
Q

Neighbors

A

People living or working in the area surrounding the apartment property

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16
Q

Ethics questions to ask

A
  1. Is it illegal?
  2. Who is affected by your decision and how?
  3. What are the long-term consequences of your decision?
  4. How will your decision make you feel?
  5. Have you examine all the alternatives?
17
Q

What type of housing is general multi family housing?

A

Conventional market rate

18
Q

What type of housing is income amount housing

A

Section 8 and tax credit

19
Q

What types of residents are there?

A

Senior
Student
Military

20
Q

What types of ownership are there?

A

Condos
Co-ops
Renter single-family

21
Q

What types of uses are there?

A

Mixed use
Extended stay rental

22
Q

What is a duplex?

A

Buildings that have two apartment units usually side-by-side units, but sometimes on two different floors each unit has its own entrance

23
Q

What is a triplex

A

Buildings that have three apartment units, divisions, or floors. Each unit has its own entrance. There may be one main entrance into the building.

24
Q

What is garden style?

A

Buildings no more than three stories with multiple apartments per story each unit has its own building entrance off an open breezeway or shares an entrance via a stairwell and interior hallway only occupies one level do not have elevators

25
Q

What is a townhouse?

A

Buildings are generally multi story structures with units attached to each other side by side

26
Q

What is low rise?

A

Enclosed buildings that typically have no more than four stories

27
Q

What is a mid rise?

A

Enclosed buildings that have 5 to 10 stories

28
Q

What is a high-rise?

A

Enclosed buildings that have 5 to 10 stories with more than 10 floors

29
Q

What is a class “A” property?

A

Typically owned by institutional investors
Lowest cap rates in highest unit prices
Most appreciation potential and strong, cash flow

30
Q

What is a class B property?

A

Typically owned by high net, worth individuals, institutional investors, or investment groups
Slightly higher cap rates and good cash flow

31
Q

What is a class C property?

A

Typically owned by private investors or private investment groups
Higher cap rates, and good cash flow
Lower appreciation potential

32
Q

What is a class D property?

A

Typically in challenging neighborhoods
Highest cap rates
Management intensive
Little appreciation potential

33
Q

What is a corporate apartment?

A

A fully furnished apartment, equipped with all necessary amenities

CAM (5 decks)

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