Certified Apartment Manager (CAM) with questions
and answers
What percentage of Americans lives in rental housing? - CORRECT ANSWERS-Over 1/3
When renters decide where to rent, what three primary factors of location do they consider? - CORRECT
ANSWERS-Proximity to work, schools, stores, etc.
walkability
proximity to public transportation
When renters decide to rent, what 2 primary factors of life circumstances do they consider? - CORRECT
ANSWERS-Flexibility & ability to move easily
Reluctance to maintain a house
As a CAM, what do your knowledge, skills, and decisions directly contribute to? - CORRECT ANSWERS-
The financial success and value of a property.
What term describes an investment to increasing in value? - CORRECT ANSWERS-Growth
What other factors impact investments? - CORRECT ANSWERS-Risk
income
liquidity
The possibility of losing some of an initial investment. - CORRECT ANSWERS-Risk
The expected financial return from an investment. - CORRECT ANSWERS-Income
The ease with which an asset can be converted to cash. - CORRECT ANSWERS-Liquidity
,When playing the role of an investor advocate, who is included? - CORRECT ANSWERS-Owners
investors
lenders
When playing the role of an resident advocate, who is included? - CORRECT ANSWERS-Residents
Prospects
Neighbors
Employees
What is the key to advocating for all groups? - CORRECT ANSWERS-Maintain ethics and balance
What types of affordable housing are available? - CORRECT ANSWERS-Section 8
Low Income Housing Tax Credit
Workforce Housing
What types of senior housing are available to people over 55? - CORRECT ANSWERS-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? - CORRECT ANSWERS-Co-op
What are the differences among mid, low, and high rise apartment buildings? - CORRECT ANSWERS-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? - CORRECT ANSWERS-A fully furnished apartment equipped with all
necessary amenities.
4 stories or fewer - CORRECT ANSWERS-A low rise
Has 5-10 stories - CORRECT ANSWERS-A mid rise
More than 10 stories - CORRECT ANSWERS-A high rise
What information do you need in order to complete an financial analysis on a property? - CORRECT
ANSWERS-The income statement
When doing a financial analysis, why do you need to identify the GPR first? - CORRECT ANSWERS-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? - CORRECT ANSWERS-Effective
Gross Income (EGI)
Net Operating Income (NOI)
Cash Flow (CF)
What is a chart of accounts? - CORRECT ANSWERS-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? - CORRECT ANSWERS-Entries in the general ledger
, List some benefits of minimizing financial loss. - CORRECT ANSWERS-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? - CORRECT ANSWERS-1. Vacancy
Loss
2. Offline and nonrevenue units
3. Bad Debt
4. Concessions & discounts
During the rent collection process, what things should you consider before occupancy? - CORRECT
ANSWERS-1. the screening process
2. Rent collection policy
3. inclusion of the policy in the lease, orientation materials, etc
During the rent collection process, what is the purpose of resident communication efforts? - CORRECT
ANSWERS-To facilitate the rent collection process
Why would you want to create a buffer for rent collection? - CORRECT ANSWERS-To help you remain on
good terms with the residents.
To ensure timely and complete payments.
What are some of the characteristics of Variable Expenses? - CORRECT ANSWERS-Vary as conditions
change
Many are associated with occupancy
and answers
What percentage of Americans lives in rental housing? - CORRECT ANSWERS-Over 1/3
When renters decide where to rent, what three primary factors of location do they consider? - CORRECT
ANSWERS-Proximity to work, schools, stores, etc.
walkability
proximity to public transportation
When renters decide to rent, what 2 primary factors of life circumstances do they consider? - CORRECT
ANSWERS-Flexibility & ability to move easily
Reluctance to maintain a house
As a CAM, what do your knowledge, skills, and decisions directly contribute to? - CORRECT ANSWERS-
The financial success and value of a property.
What term describes an investment to increasing in value? - CORRECT ANSWERS-Growth
What other factors impact investments? - CORRECT ANSWERS-Risk
income
liquidity
The possibility of losing some of an initial investment. - CORRECT ANSWERS-Risk
The expected financial return from an investment. - CORRECT ANSWERS-Income
The ease with which an asset can be converted to cash. - CORRECT ANSWERS-Liquidity
,When playing the role of an investor advocate, who is included? - CORRECT ANSWERS-Owners
investors
lenders
When playing the role of an resident advocate, who is included? - CORRECT ANSWERS-Residents
Prospects
Neighbors
Employees
What is the key to advocating for all groups? - CORRECT ANSWERS-Maintain ethics and balance
What types of affordable housing are available? - CORRECT ANSWERS-Section 8
Low Income Housing Tax Credit
Workforce Housing
What types of senior housing are available to people over 55? - CORRECT ANSWERS-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? - CORRECT ANSWERS-Co-op
What are the differences among mid, low, and high rise apartment buildings? - CORRECT ANSWERS-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? - CORRECT ANSWERS-A fully furnished apartment equipped with all
necessary amenities.
4 stories or fewer - CORRECT ANSWERS-A low rise
Has 5-10 stories - CORRECT ANSWERS-A mid rise
More than 10 stories - CORRECT ANSWERS-A high rise
What information do you need in order to complete an financial analysis on a property? - CORRECT
ANSWERS-The income statement
When doing a financial analysis, why do you need to identify the GPR first? - CORRECT ANSWERS-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? - CORRECT ANSWERS-Effective
Gross Income (EGI)
Net Operating Income (NOI)
Cash Flow (CF)
What is a chart of accounts? - CORRECT ANSWERS-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? - CORRECT ANSWERS-Entries in the general ledger
, List some benefits of minimizing financial loss. - CORRECT ANSWERS-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? - CORRECT ANSWERS-1. Vacancy
Loss
2. Offline and nonrevenue units
3. Bad Debt
4. Concessions & discounts
During the rent collection process, what things should you consider before occupancy? - CORRECT
ANSWERS-1. the screening process
2. Rent collection policy
3. inclusion of the policy in the lease, orientation materials, etc
During the rent collection process, what is the purpose of resident communication efforts? - CORRECT
ANSWERS-To facilitate the rent collection process
Why would you want to create a buffer for rent collection? - CORRECT ANSWERS-To help you remain on
good terms with the residents.
To ensure timely and complete payments.
What are some of the characteristics of Variable Expenses? - CORRECT ANSWERS-Vary as conditions
change
Many are associated with occupancy
