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CAM > Industry Essentials > Flashcards

Industry Essentials Flashcards

1
Q

How many americans live in rental housing?

A

1/3 and increasing

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2
Q

2 categories of renters

A

By choice and by circumstance

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3
Q

Renters decide to rent for a variety of reasons. What are the most most common?

A

Location, housing cost, size, life circumstance

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4
Q

What is a CAM’s role?

A

Maximize value, collect rent, make purchasing decisions, process invoices, pay bills.

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5
Q

The use of funds to earn a profit is…

A

An investment

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6
Q

What are the lifecycles of multifamily housing?

A

Growth, stability, decline, revitalization/rehabilitation

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7
Q

Who are the an advocate for?

A

Investors and residents

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8
Q

What bridges the advocacy for investors and residents

A

Ethics

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9
Q

What are different housing types?

A

Multifamily, income amount, type of resident, type of ownership, duration of use

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10
Q

Property classification of low cap high unit prices

A

Class A

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11
Q

As an investor advocate, what are your primary goals?

A

Meet financial goals and add value

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12
Q

What are the 4 main financial functions of a CAM

A

Analyze income, minimize financial loss, manage expenses, monitor budgets

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13
Q

What is GPR?

A

Gross Potential Rent-Rent collected if 100% occupied at market rent

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14
Q

What is GPI?

A

Gross Potential Income-rent on occupied units at existing rent and vacant units at market rent

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15
Q

What is an income statement?

A

Revenue and expenses over a period of time. Compares financial activity against budget.

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16
Q

What is VAC?

A

Total value of rent loss from vacant units, concessions, collection losses, and non-revenue units.

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17
Q

GPI-VAC will give you what?

A

TRR-Total Rental Revenue

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18
Q

How do you get operating expense ratio?

A

Operating expense (OE) / (EGI) effective gross income

19
Q

What is a group of accounts that support the major financial statements.

A

General Ledger

20
Q

What are sub-accounts (or ledgers) or chart of accounts?

A

Assigned names or numbers that provide details of financial activities that occurred

21
Q

What are types of financial loss?

A

Vacancy loss, offline units, concessions, bad debt

22
Q

How can you manage expenses?

A

Control expenses, make expenditures judiciously, manage preventive maintenance programs to minimize future expenses and Identify, plan, & implement capital improvement programs

23
Q

What are expenses types?

A

Fixed, variable, capital, debt services including replacement reserve

24
Q

What are examples of fixed expenses?

A

Insurance, taxes, depreciation

25
Q

What are examples of variable expenses?

A

Utilities, admin, recurring repairs, payroll, marketing, landscaping

26
Q

Large improvements that have an economic life of more than one year are..

A

Capital expenses

27
Q

What is a replacement reserve?

A

Money set aside for anticipated future expenditures

28
Q

Mortgage or loans payments

A

Debt services

29
Q

What is a cost benefit analysis?

A

Weighing potential expenses against potential benefit

30
Q

What are the 3 types of budgets?

A

Lease-up, rehab/renovation, operating

31
Q

How do you annualize data?

A

Estimate from date over a year

32
Q

What is extrapolation?

A

A prediction

33
Q

What is marketing?

A

Integrated and coordinated activities that encourage people to initially rent or continue renting

34
Q

What are the 5 P’s of the marketing mix?

A

Product, place, promotion, people, price

35
Q

What is a marketing plan?

A

It is a detailed, written account and timetable of the objectives and methods to be used to achieve the property’s marketing goals

36
Q

When is a marketing plan created?

A

Critical need, repositioning, problem solving, sustaining

37
Q

What is supply and demand?

A

When demand is low and supply is high, rents must be competitive. If demand is high and supply is low, higher prices can be obtained.

38
Q

What is the difference between net and market rent?

A

Net rent is the result of subtracting any programs that reduce the market rent.

39
Q

Calculate effective rent: 150 units = 120,550

A

120,550/150 = 803.67

40
Q

What is SMART?

A

Specific, measurable, attainable, relevant, timely

41
Q

What are types of promotion?

A

Advertising, public relations, sales promotion, internal marketing, relationship selling

42
Q

What is AIDA?

A

Attention, interest, desire, action

43
Q

What is a SWOT analysis?

A

Identifying strengths, weaknesses, opportunities and threats.

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