ACCREDITED RESIDENTIAL MANAGER – ARM CERTIFICATION EXAM 2023 – 2024 QUESTIONS AND ANSWERS WELL EXPLAINED AND 100% VERIFIED AS CORRECT LATEST UPDATE 2024 GRADED A+

ACCRE DITED RESIDENTIAL MANAGER – ARM CERTIFICATION EXAM 2023 – 2024 QUESTIONS AND ANSWERS WELL EXPLAINED AND 100% VERIFIED AS CORRECT LATEST UPDATE 2024 GRADED A+ 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. Chart of Accounts Classification or arrangement of account items by type of Income or Expense, as well as by accounts receivable and accounts payable and by assets and liabilities. Asset An economic resource expected to produce benefits or increase value of property. Liability Is a Debt or obligation that decreases the property Value. Budget An itemized projection of income and expenses over a specific period for a specific property. Income Revenues from rent, fees, and other sources.