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Accredited Residential Manager – ARM Certification Exam 2023 – 2024 (Complete Solution)
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Accredited Residential Manager – ARM Certification Exam 2023 – 2024 (Complete Solution)
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Accredited Residential Manager – ARM Certification Exam2023 – 2024 (Complete Solution)
Emotional Intelligence - The ability to monitor one's own and others' feelings and
emotions, to discriminate among them and to use to use this information to guides
one's thinking and actions.
Job Analysis - Is the process of identifying essential Skills, Knowledge, and Abilities
required to perform a job; Forms the basis of all subsequent human resources
activity.
Behavioral - A type of question asked by an interviewer to determine a persons
disposition based on previous behavior in particular situations.
Orientation - Is the process of informing new employees what is expected of them on
the job as well as making them feel welcome and comfortable.
Avoiding/Avoidance - Is a style of conflict resolution in which a person withdraws
from the issue and/or side-steps the conflict.
Employee Handbook - Generally the most common format used to communicate
company policies, vision, and mission.
Job Description - Defines the job in terms the responsibilities, reporting structure,
and the Skills, Knowledge, and Abilities required to fulfill the duties of the position
as identified in the Job Analysis.
Recruiting - The process of identifying and attracting qualified job applicants.
Job Knowledge - A type of question asked by an interviewer to determine whether
the applicant has the necessary knowledge to perform the job.
Collaborative - Style of conflict resolution in which parties work together to solve the
problem, and have confidence in each other as partners.
Performance Feedback - An ongoing process in which the manager and employee
have constructive conversations related to performance.
Kinesthetic - A type of learner that learns best with a hands on approach and explore
the physical world; also called Tactile Learners.
Autocratic - A style of management in which decisions are imposed on subordinates;
also known as Theory X management,where managers believe people dislike work
and must be told what to do.
, Coaching - Is used to develop employees rather than address specific behaviors and
performance.
Equal Employment Opportunity Commission - EEOC
Rent Roll/Collections Report - A listing of all units showing the residents' name,
rental rate, and status of collections.
Delinquency Report - The report that tracks late payments of rent, updated monthly
and sent to owner in the reports.
Budget Variance - Is a difference in the amount forecast for an account in a budget,
and the actual amount spent or earned in the account.
Gross Potential Income (GPI) - Total income possible of a property if 100% occupied
and 100% of rent collected.
Loss to Lease - The amount of money "lost" due to rents being less than market rent.
Vacancy and Collection Loss - The amount of potential income not being acquired
due to vacancy or non-payment of leased space.
Effective Gross Income - EGI
Effective Gross Income (EGI) - Net rent revenue plus miscellaneous income minus
vacancy and collection loss; Income - other expenses = ?
Net Operating Income. - NOI
Net Operating Income (NOI) - Total Collections, less operating expenses, that goes to
lenders (in the form of Debt Service) and owners (in the form of Return On
Investment). EGI-OE=?
Annual Debt Service - ADS
Annual Debt Service (ADS) - Payments on principle or interest of mortgage/loans
each year.
Before-Tax Cash Flow - BTCF
Before-Tax Cash Flow (BTCF) - Illustrates the owner's income, after Operating
Expenses and Debt Service has been subtracted.
Accrual Based Accounting - A method of accounting where amounts of income and
expenses are entered when they occur rather than when the money moves.
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