Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Certified Apartment Manager > Industry Essentials > Flashcards

Industry Essentials Flashcards

1
Q

Investment

A

the use of funds to earn a profit

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Value

A

the estimated monetary worth.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Life Cycle of Real Estate

A
  1. Growth 2. Stability 3. Decline 4. Revitalization
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Growth

A

Improvements are made to a property & demand increases

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Stability

A

Property undergoes little change and is operating optimally

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Decline

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Revitalization

A

Property is renovated & increased demand is stimulated.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Investment Goals

A
  1. Specific rate of return
  2. Regular cash flow
  3. Tax benefits
  4. Investment diversification
  5. Quick profit from repositioning (flipping)
  6. Increased value over time
  7. Pride of ownership
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Advantages of investing in apartments

A
  1. Produce regular cash flow
  2. Value increase
  3. Tab benefits
  4. Can be purchased with leverage
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Disadvantages of investment in apartments

A
  1. Lack of liquidity
  2. Need to actively manage
  3. Risk
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Stakeholder

A

Individuals who have a vested interest in the success of the property.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Stakeholders - Owner

A

A person or company that purchased an apartment property. The owner is responsible for paying the mortgage, taxes & costs to maintain the property.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Stakeholder - Investor

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Stakeholder - Lender

A

A person or company that lends money with the expectation of repayment, plus interest & taxes.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Stakeholder - Employee

A

Someone who works directly for & is paid by the business under an agreement of employment.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Stakeholder - Employee

A

Someone who works directly for & is paid by the business under an agreement of employment.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Stakeholder - Vendor

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Stakeholder - Contractor

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Stakeholder - Resident

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Stakeholder - Prospect

A

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

21
Q

Stakeholder - Neighbors

A

People living or working in the area surrounding the apartment property.

22
Q

Advocacy Roles

A
  1. Investor Advocate
  2. Resident Advocate
23
Q

Investor Advocate

A
  1. Increase value
  2. Meet financial goals by generating/collecting income & controlling expenses
  3. Manage employees
  4. Follow regulations & laws
  5. Maintain ethics
24
Q

Resident Advocate

A
  1. Provides welcoming environment
  2. Communicate
  3. Build relationships
  4. Solicit & respond to feedback
  5. Provide activities & programs
25
Q

5 questions to track your ethics

A
  1. Is it legal?
  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 examined all the alternatives?
26
Q

Housing Types - 5 Categories

A
  1. General Multi-family Housing
  2. Income Amount
  3. Type of Resident
  4. Type of Ownership
  5. Type/Duration of Use
27
Q

General Multi-family Housing

A

Conventional Market-Rate

28
Q

Conventional Market-Rate

A

Multi-family housing that has no rent restrictions or subsidies provided by governmental or regulatory agency.

29
Q

Income Amount House Types

A
  • Affordable Housing
  • Affordable Housing - Project Based Section 8
  • Affordable Housing - Low Income Housing Tax Credit
  • Workforce Housing
30
Q

Type of Resident

A
  • Senior Housing
  • Senior Housing: Independent Living
  • Senior Housing: Assisted Living
  • Senior Housing: Full Service or Continuing Care Retirement Communities
  • Purpose-Built Student Housing
  • Military Housing
31
Q

Type of Ownership

A
  • Condominium
  • Co-Op
32
Q

Type & Duration of Use

A
  • Mixed-Use
  • Extended Stay Rentals
33
Q

Housing Types
- Income Amount
- Affordable Housing

A

Decent, safe housing made affordable for individuals who generally earn less than 60% of the AMI typically benefit from federal, state or private subsidies.

34
Q

Housing Types
- Income Amount
- Affordable Housing: Project-Based Section 8

A

Provides rental subsidies for eligible residents in residing in newly constructed, rehabilitated & existing rental & coop apartment projects subsidized by HUD.

35
Q

Housing Types
- Income Amount
-Affordable Housing: Low-Income Housing Tax Credit

A
  • Program for the development of affordable rental housing for low-income households
  • $-for-$ tax credit for affordable housing investments
  • Provides incentives for private investors to develop affordable housing
  • Currently accounts for approx. 90% of affordable rental housing created in the U.S.
36
Q

Housing Types
- Income Amount
- Workforce Housing

A

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

37
Q

Housing Types
- Type of Resident
- Senior Housing

A

Housing operated specifically for persons over the age of 55.

38
Q

Housing Types
- Type of Resident
- Senior Housing: Independent Living

A
  • Also referred to as retirement communities
  • Includes some support services
  • Residents are expected to be able to care for themselves
39
Q

Housing Types
- Type of Resident
- Senior Housing: Full-Service or Continuing Care Retirement Communities

A

Senior housing that includes independent living, assisted living, & nursing home care in one location.

40
Q

Housing Types
- Type of Resident
- Purpose-Built Student Housing

A
  • Apartment communities targeted specifically for college students
  • Lease “by the bed”
41
Q

Housing Types
- Type of Resident
- Military Housing

A

Military members receive a Basic Allowance for Housing to cover housing costs so they can choose to live in private sector or privatized military housing.

42
Q

Housing Types
- Type of Ownership
- Condominium

A
  • A form of ownership of an apartment in building; units are individually owned.
  • Owners receive a deed to the unit, including the right to sell, mortgage, etc.
  • Includes joint ownership of any common grounds, hallways, lobbies, etc.
43
Q

Housing Types
- Type of Ownership
- Co-Op

A
  • Ownership structure in which an association or corporation owns a group of apartments & the common areas for use by all the residents.
  • Residents own a share in the co-op which entities them to occupy an apartment as if they were owners.
  • Residents vote for members of the BOD to manage the co-op.
44
Q

Housing Types
- Type of Duration of Use
- Mixed-use

A

Single buildings or groups of buildings that combine multiple uses including residential, commercial, industrial, cultural or institutional.

45
Q

Housing Types
- Type of Duration of Use
- Extended Stay Rentals

A
  • Offer apartment-style accommodations that typically not available in standard hotels
  • Typically have suites with kitchens and laundry facilities
46
Q

Apartment Building Types

A
  1. Duplex
  2. Triplex
  3. Garden Style
  4. Townhouse
  5. Low-Rise
  6. Mid-Rise
  7. High-rise
47
Q

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
48
Q

Triplex

A
  • Buildings that have 3 apartment units, divisions or floors
  • Each unit has its own entrance
  • There may be one main entrance into the building
49
Q

Garden Style

A

Certified Apartment Manager (6 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions