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CAM Terms Flashcards

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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
What determines cap rates?
The market and quality of the property; can be as low as 5% and as high as 12%
26
Marketing mix
Controllable variables blended to produce the desired market response
27
Marketing vs advertising
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)
28
Marketing plan
Detailed, written account and timetable of the objectives and methods to be used to achieve the property's marketing goals
29
Market analysis
Formal approach using data to make rational marketing decisions
30
Effective rent
Rent per month reduced by the monthly value of any leasing concessions
31
What is a market?
Current and potential residents who want to and are qualified to live in the apartment community
32
Target market
Specified group within a market, classified according to characteristics (location, demographics, economics, price, social, etc.)
33
Marketing objectives
Identifies a specific goal and defines its successful achievement
34
Marketing strategy
Outlines steps needed to achieve marketing objectives
35
Promotional marketing
Form of communication that is used to inform and persuade people about a product or service
36
Basic objectives of promotion
AIDA (Attention, interest, desire, action)
37
Advertising campaign
Program of coordinated ads and promotional activities intended to accomplish objectives
38
Turnover ration
total number of move-outs for a given period divided by the total apartment units
39
Three steps of the bidding process
Scope and specifications, bidding, awarding the contract
40
scope
Work to be performed under a contract or subcontract to complete a project. Must contain a detailed job specification
41
Job specifications (contractor)
Descriptions of specific materials, equipment, and construction methods to be used on a project
42
How often should you inspect the property?
At least once a month
43
Leadership in Energy and Environmental Design (LEED)
Most widely used green building rating system
44
* National Green Building Standard (NGBS)
Only green building rating system for homes and apartments approved by the ANSI
45
What are the three property assets to protect through risk management?
People, property, community goodwill
46
Three types of financial risk
Fraud, theft, embezzlement
47
Lockout/Tagout
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
Safety Data Sheet (SDS)
Document that describes the health and physical hazards associated with a particular chemical or material
49
What are the written requirements for the PPE standard?
Standard does not require a written program, but does require a written assessment and documentation of exposures
50
Loss control
Doing everything you can to mitigate the impact of the loss once it occurs
51
Three things that are covered by General Liability
Bodily injury, property damage, personal injuries
52
Loss prevention
Being proactive in preventing losses
53
Keating Memorandum
Help you determine what a reasonable occupancy standard is for the property
54
What type of housing does Section 504 of the Rehabilitation Act cover?
Federally Funded Properties
55
What does the FCRA regulate?
Checking a prospective resident's (or employment applicant's) credit history Also applies to prospective employees
56
What is the Fair and Accurate Credit Transaction Act (FACTA)?
An act that broadens the FCRA by extending the allowable types of consumer reports and providing descriptions of adverse actions.
57
When a prospective resident's application is approved, what element of contract is being fulfilled?
Offer
58
A lease is drawn up to meet which element of contract?
Acceptance Acceptance is complete when a lease is signed by all parties
59
What is consideration?
Something of value is exchanged for something of value from another party
60
Does an application of 17 years of age who has been legally emancipated have the capacity to sign a lease agreement?
Yes
61
FCC ruling on satellite dishes and TV antennas
Apartment residents may not be unreasonably restricted from installing an individual satellite dish or antenna
62
Negligence
An unreasonable response to a forseeable risk
63
Megan's Law
A law requiring authorities to notify communities of the whereabouts of convicted sex offenders
64
Virginia Graeme Baker Pool & Spa Safety Act (VGBSA) requirement
All public pools and spas MUST use anti-entrapment devices
65
Performance security
A form of security deposit that ensures the successful bidder will perform according to all contract requirements
66
Lien waiver
Signed and notarized document that waives all claims against the property or the management company
67
What releases one party from liability for claims asserted by another party?
General Waiver of Release
68
Fair Labor Standards Act (FLSA)
Federal law that sets standards for minimum wage, OT, recordkeeping, and child labor
69
Title VII of the Civil Rights Act of 1964, as Amended
Prohibits discriminatory practices because of race, color, religion, sex, or national origin during any employment decision
70
Age Discrimination in Employment Act (ADEA)
Law prohibits employment discrimination due to the employee or applicant being 40 years or older
71
Occupational Safety and Health Act (OSHA)
Regulates workplace safety and health
72
Uniformed Services Employment and Reemployment Rights Act of 1994 (USERRA)
Prohibits employment discrimination because of an employee's or applicant's past, current, or future military obligations
73
Employment Polygraph Protection Act
Prohibits employers from requiring applicants to submit to polygraph examinations. Can be used in certain cases such as theft, embezzlement
74
Family and Medical Leave Act (FMLA)
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
Conditional employment offers are contingent upon:
Satisfactory references and results of tests and background checks
76
When disciplining staff, how can you give employees the opportunity to improve?
The progressive discipline process
77
When a prospective resident applies, you must provide notification within __ hours of the application date.
72 hours
78

CAM Terms (1 decks)

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