CHPA CORE MAIN QUESTIONS AND ANSWERS
SURE A+
✔✔Turn Clean - ✔✔The housekeeping procedure that is performed between
occupants.
✔✔Unit - ✔✔A unit is representative of the inventory managed by corporate housing
companies. Units can be defined as an apartment, condo, single-family home, or any
other residential style housing provided to a client.
✔✔Unit Inventory Management - ✔✔The process of managing unit inventory to
minimize vacancy loss.
✔✔Utility Allowance - ✔✔The maximum amount budgeted for utilities in a corporate
unit. A utility expense larger than the utility allowance may result in additional expense
for the client or occupant.
✔✔Utility Cap - ✔✔The amount of money a corporate housing provider is going to cover
per month of the clients' utilities. If that amount has been exceeded, the rest of the bill
will be added to the clients' invoices to be paid by them.
✔✔Vacancy Loss - ✔✔The period in which the corporate apartment is set up and no
rental income is recognized.
✔✔Vendors - ✔✔Companies that provide goods and services to corporate housing
providers.
✔✔Wholesaling - ✔✔The process of a corporate housing company renting a corporate
apartment from another corporate housing company.
✔✔Work Orders - ✔✔A request to the property to complete maintenance in the unit or
common area of the community. May also be called a maintenance request.
, ✔✔Yield Management - ✔✔Selling apartments in a way that maximizes total revenues.
Before selling a corporate apartment in advance, the corporate provider considers the
probability of being able to sell the room to other market segments (or customers) that
are willing to pay a higher rate.
✔✔ Additional Living Expense (ALE) Coverage - ✔✔A type of insurance included within
homeowners' policies. ALE coverage reimburses the insured for the cost of maintaining
a comparable standard of living following a covered loss that exceeds the insured's
normal expenses prior to the loss. For example, additional living expense insurance
would cover an insured's motel bill while fire damage to the home is being repaired, the
home is replaced, or until the insured moves to a permanent residence. ALE coverage
is subject to a limit equal to 30 percent of the dwelling limit under forms HO-2, HO-3,
and HO-5. For form HO-8, ALE is 10 percent of the dwelling limit. Under the tenant's
policy (HO-4), ALE is 30 percent of the personal property limit, while under the
condominium unit owners policy (HO-6), the limit of ALE is 50 percent of the personal
property limit. Also, see Fair Rental Value.
✔✔Affiliate/Alliance Partner - ✔✔An Affiliate/Alliance Partner is another corporate
housing company that corporate housing companies engage with to rent apartments
from to fulfill needs, and vice versa. These partnerships are ongoing and often are
continued through a service level agreement (SLA). Normally all of an Affiliate/Alliance
Partner's inventory is fully furnished and includes utilities.
✔✔Apartment Set-Up - ✔✔The process includes all of the steps required to transform a
vacant unit to a corporate apartment including securing the unit with a lease, setting up
utilities, delivery of furniture and housewares.
✔✔Available Unit - ✔✔A unit that is leased from a landlord is considered available if it is
on lease during the dates being reported.
✔✔Average Daily Rate (ADR) - ✔✔The average daily rate is calculated by dividing the
total month's rental revenue by the total number of occupied unit nights for the month.
✔✔Baby Boomers - ✔✔The term used to define individuals born between the years
1946-1964.
✔✔Backfill - ✔✔An apartment that is currently on a long-term lease, as a core unit, that
is occupied and will be filled by a new client/guest upon move out of existing
client/guest. This will continue during the entire length of the lease.
✔✔Benefit Period - ✔✔The specified duration of time in which the client agrees to cover
charges of goods and/or services provided by a supplier.
✔✔Bi-Monthly Service Rotation - ✔✔A service that occurs on a routine basis every
other month.
SURE A+
✔✔Turn Clean - ✔✔The housekeeping procedure that is performed between
occupants.
✔✔Unit - ✔✔A unit is representative of the inventory managed by corporate housing
companies. Units can be defined as an apartment, condo, single-family home, or any
other residential style housing provided to a client.
✔✔Unit Inventory Management - ✔✔The process of managing unit inventory to
minimize vacancy loss.
✔✔Utility Allowance - ✔✔The maximum amount budgeted for utilities in a corporate
unit. A utility expense larger than the utility allowance may result in additional expense
for the client or occupant.
✔✔Utility Cap - ✔✔The amount of money a corporate housing provider is going to cover
per month of the clients' utilities. If that amount has been exceeded, the rest of the bill
will be added to the clients' invoices to be paid by them.
✔✔Vacancy Loss - ✔✔The period in which the corporate apartment is set up and no
rental income is recognized.
✔✔Vendors - ✔✔Companies that provide goods and services to corporate housing
providers.
✔✔Wholesaling - ✔✔The process of a corporate housing company renting a corporate
apartment from another corporate housing company.
✔✔Work Orders - ✔✔A request to the property to complete maintenance in the unit or
common area of the community. May also be called a maintenance request.
, ✔✔Yield Management - ✔✔Selling apartments in a way that maximizes total revenues.
Before selling a corporate apartment in advance, the corporate provider considers the
probability of being able to sell the room to other market segments (or customers) that
are willing to pay a higher rate.
✔✔ Additional Living Expense (ALE) Coverage - ✔✔A type of insurance included within
homeowners' policies. ALE coverage reimburses the insured for the cost of maintaining
a comparable standard of living following a covered loss that exceeds the insured's
normal expenses prior to the loss. For example, additional living expense insurance
would cover an insured's motel bill while fire damage to the home is being repaired, the
home is replaced, or until the insured moves to a permanent residence. ALE coverage
is subject to a limit equal to 30 percent of the dwelling limit under forms HO-2, HO-3,
and HO-5. For form HO-8, ALE is 10 percent of the dwelling limit. Under the tenant's
policy (HO-4), ALE is 30 percent of the personal property limit, while under the
condominium unit owners policy (HO-6), the limit of ALE is 50 percent of the personal
property limit. Also, see Fair Rental Value.
✔✔Affiliate/Alliance Partner - ✔✔An Affiliate/Alliance Partner is another corporate
housing company that corporate housing companies engage with to rent apartments
from to fulfill needs, and vice versa. These partnerships are ongoing and often are
continued through a service level agreement (SLA). Normally all of an Affiliate/Alliance
Partner's inventory is fully furnished and includes utilities.
✔✔Apartment Set-Up - ✔✔The process includes all of the steps required to transform a
vacant unit to a corporate apartment including securing the unit with a lease, setting up
utilities, delivery of furniture and housewares.
✔✔Available Unit - ✔✔A unit that is leased from a landlord is considered available if it is
on lease during the dates being reported.
✔✔Average Daily Rate (ADR) - ✔✔The average daily rate is calculated by dividing the
total month's rental revenue by the total number of occupied unit nights for the month.
✔✔Baby Boomers - ✔✔The term used to define individuals born between the years
1946-1964.
✔✔Backfill - ✔✔An apartment that is currently on a long-term lease, as a core unit, that
is occupied and will be filled by a new client/guest upon move out of existing
client/guest. This will continue during the entire length of the lease.
✔✔Benefit Period - ✔✔The specified duration of time in which the client agrees to cover
charges of goods and/or services provided by a supplier.
✔✔Bi-Monthly Service Rotation - ✔✔A service that occurs on a routine basis every
other month.
