Certified Apartment Manager
fully solved & verified for
accuracy fully solved & verified
for accuracy
What percentage of Americans live in rental housing? - answer
Over 1/3
When renters decide where to rent, what three primary factors of
location do they consider? - answer Proximity to work, school,
stores, etc.
Walkability
Proximity to public transportation
When renters decide to rent, what 2 primary factors of life
circumstance do they consider? - answer Flexibility and ability to
move easily.
Reluctance to maintain a house.
As a CAM, what do your knowledge, skills, and decisions directly
contribute to? - answer The financial success and value of a
property.
What term describes an investment to increasing in value? - answer
Growth
What other factors impact investments? - answer Risk: The
possibility of losing some of an initial investment
Income: The expected financial return from an investment
,Liquidity: the ease with which an asset can be converted to cash
When playing the role of an investor advocate, who is included? -
answer Owners
Investors
Lenders
When playing the role of a resident advocate, who is included? -
answer Residents
Prospects
Neighbors
Employees
What is the key to advocating for all groups? - answer Maintain
ethics and balance.
What types of affordable housing are available? - answer Section 8
Low Income Housing Tax Credit (LIHTC)
Workforce Housing
What types of senior housing are available to people over 55? -
answer Independent Living
Assisted Living
Full Service or Continuing Senior Care
In what type of housing do residents own a "share" of the property
and occupy a unit as if they were owners? - answer Co-op
What are the differences among mid, low, and high rise apartment
buildings? - answer A low rise has 4 stories or fewer
,A mid rise has 5-10 stories
A high rise has more than 10 stories
What is a corporate apartment? - answer A fully furnished
apartment equipped with all necessary amenities.
What information do you need in order to complete a financial
analysis on a property? - answer The Income Statement
When doing a financial analysis, why do you need to identify the
GPR first? - answer All other income & expenses are measured and
evaluated as a percentage of GPR.
What are the three primary types of income you will look
for/calculate? - answer Effective Gross Income (EGI)
Net Operating Income (NOI)
Cash Flow (CF)
What is a Chart of Accounts? - answer A list of accounts to which
revenue and expenses are posted and show up on the General
Ledger.
What is used to generate an Income Statement? - answer Entries in
the General Ledger
List some benefits of minimizing financial loss - answer Increases
the financial success of a property
Improves property performance
Makes your job easier
, What are the main types of financial loss you should work to
prevent? - answer Vacancy loss
Offline and nonrevenue units
Bad Debt (delinquency and collections)
Concessions and discounts
During the rent collection process, what things should you consider
before occupancy? - answer The screening process
Rent collection policy
Inclusion of the policy in the lease, orientation materials, etc.
During the rent collection process, what is the purpose of resident
communication efforts? - answer To facilitate the rent collection
process
Why would you want to create a buffer for rent collection? - answer
To help you remain on good terms with residents
To ensure timely and complete payments
What are some characteristics of Variable Expenses? - answer Vary
as conditions change
Many are associated with occupancy
What are Capital Expenses? - answer Costs for large improvements
that have an economic useful life beyond one year
Describe a Cost Benefit Analysis - answer Process of weighting a
potential expense against a potential benefit
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