Industrry Essentials Flashcards
(33 cards)
4 reasons people decide to move
Location
Housing costs
Size
Life circumstance
Investment
Use of funds to earn a profit
Growth
Improvements are made to a property in demand increases
Stability
Property undergoes little change, and is operating optimally
Decline
Property requires increasing amount of upkeep to retain original utility, and demand decreases
Revitalization
Property is renovated an increase demand is stimulated
Owner
A person or company that purchased an apartment property. Owner is responsible for paying the mortgage taxes and cost to maintain the property.
Investor
A person or company that allocates money to an investment with the expectation of a future financial return
Lender
A person or company that lends money with the expectation of repayment, plus interest and fees
Employee
Someone who works directly for, and is paid by the business under an agreement of employment
Vendor
A separate business entity offering a product or service. Requires a vendor agreement
Contractor
A separate business entity hired to perform specific services or work. Requires a contract.
Resident
An inhabitant of an apartment community who resides on the property and pays rent
Prospect
A potential resident someone who has shown an interest in renting an apartment on the property
Neighbors
People living or working in the area surrounding the apartment property
Ethics questions to ask
- Is it illegal?
- Who is affected by your decision and how?
- What are the long-term consequences of your decision?
- How will your decision make you feel?
- Have you examine all the alternatives?
What type of housing is general multi family housing?
Conventional market rate
What type of housing is income amount housing
Section 8 and tax credit
What types of residents are there?
Senior
Student
Military
What types of ownership are there?
Condos
Co-ops
Renter single-family
What types of uses are there?
Mixed use
Extended stay rental
What is a duplex?
Buildings that have two apartment units usually side-by-side units, but sometimes on two different floors each unit has its own entrance
What is a triplex
Buildings that have three apartment units, divisions, or floors. Each unit has its own entrance. There may be one main entrance into the building.
What is garden style?
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
