Accredited Residential Manager – ARM Certification Exam -with 100% verified solutions 2024, Exams of Advanced Education

Download Accredited Residential Manager – ARM Certification Exam -with 100% verified solutions 2024 and more Exams Advanced Education in PDF only on Docsity! Accredited Residential Manager – ARM Certification Exam -with 100% verified solutions 2024-2025-tutor verified 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 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. Expenses Disbursements and expenditures for maintenance, utilities, taxes, payroll, advertising, etc. Capitalization The formula used to estimate the value of a property with the rate of return and the annual net operating income. Cap Rate The percentage of the properties value that is made each year; Property Value / 100 = X, Annual net operating income / X = ? Operating Expenses Normal, Day to day expenses of running a property. Capital Improvements Structural Improvement or betterment to a property that increases its productive life or value. Operating Budget A one-year detailed plan for managing a property. Cash Flow Budget A projection of the cash position in a business, monthly or other. Zero Based Budgeting Method of budgeting that avoids using past budget figures to determine current figures, All expenses in the new period will need to be justified. Variable costs Costs that change with usage. Statement of Cash Flow Annual statement that lists income and expense for the property. Economic Vacancies Space on the property that has been leased, but not producing rent. Risk Management The process of controlling and reducing risk to minimal/acceptable levels. Repairs Fixing something that is broken. Corrective Maintenance After-the-fact Maintenance in which a problem needs to be repaired or corrected. Service Requests Residents' Requests for maintenance and other types of service typically made by phone, in person, online, in writing, or by email. Maintenance Keeping in an existing shape. Risk Audit Approached as an in-depth inspection, or as an analysis method for determining insurance coverage. Emergency Maintenance Unscheduled maintenance that must be performed immediately to prevent further property damage or to protect the health and safety of residents. Liability Insurance Coverage that offers protection against claims that allege that a property owner's negligence or inappropriate action resulted in a bodily injury or property damage to another party. Par Stock Inventory levels which are restored each time an order is placed. Preventative Maintenance Proactive Maintenance approach that requires planning and prioritizing maintenance activities Energy Audit A systematic approach to measuring, recording, and evaluating the operational performance of a building or building system with the intention of improving performance and conserving energy. Maintenance Policy and Procedure Manual The Collection of all the forms and procedures regarding maintenance activities, and it describes every maintenance activity that could, should, or would happen at a property. Reasonable Accomodation Changes to policies and procedures that may be required to enable disabled persons to enjoy a property. Guest Cards Records all the prospect information you need to lease to that prospect. Regional Analysis Determines economic and demographic information. Per Capita income Income per person/household. Landlord's Market When supply is less than demand, so rents increase. Benefit Selling Emphasizing the "pros' of the property to convince the prospect to consider thee qualities of the property rather than its limitations. Countering Objections A selling tactic that responds to negative comments that prospects make when showing a property by pointing to the positive qualities of the property. Reasonable Modification Physical changes to a property that allow a disabled person to enjoy a property. Comparison Grid Analysis Compares the rents and features of local competitors to the subject property. Revenue Management Relies upon real-time modeling and the forecasting of demand behavior in the market to calculate the best pricing policy for optimizing profits. Current Liabilities Liabilities due within the coming year. Short Term/Current Assets Assets that are expected to be converted into cash or used up within the year. Long-term Liability Liabilities that are paid off over an extended period of time. Pro-forma Budget Used to estimate the revenues and expenses of a new acquisition or future project under normal, stable market conditions. Capital Expenditure Spending on Capital assets such as future renovations, that add to a properties' value or prolong its useful life. Reasons to defer maintenance Not enough time, unsuitable conditions, lack of parts/materials, property is being sold as-is. Absorbtion The space that is "absorbed" by residents from the available (not-leased) space. Kirkpatrick model of training Reaction: What the participants thought and felt about the training, Learning: The resulting increase in knowledge, skills, or capability, Behavior: How did the program influence their behavior on the job?, Results: What were the effects on the business or environment? Subrogation The substitution of one person or group by another in respect of a debt or insurance claim, accompanied by the transfer of any associated rights and duties. Loan-to-value LTV (%) Loan-To-Value Ratio (LTV) Value / 100 = X, Loan / X = ? Specifications The section of a contract that provides a detailed description of how the work is to be done. Scope of Work The general summery of the work to be done. Punch list developed by the property manager with the contractor Indemnity Security or protection against a loss or other financial burden Positive Discipline A disciplinary method that allows employees to monitor their own behavior and take responsibility for their actions. Progressive Discipline A series of interventions which gives an opportunity for the employee to correct their behavior before being dismissed; coaching, follow-up meeting, then termination. Working Capital Total current assets minus total current liabilities. Fair and Accurate Credit Transactions Act of 2003 FACTA Fair and Accurate Credit Transactions Act of 2003 This amendment to the Fair Credit Reporting Act improves the accuracy of credit reports, protects against identity theft, and gives consumers a right to one free credit report from the reporting agencies once a year. To keep residents reasonably informed. What is the legal responsibility of a property Manager in the event of criminal activity in the area? Section 504 of the Rehabilitation Act of 1973 Requires that federally funded housing programs to be readily available to persons with a qualified disability. Employment-At-Will A legal concept that gives employers and employees the right to terminate employment without cause or notice. Acceptance The part of the rental process where the lease is signed. FLSA Fair Labor Standards Act of 2009 Fair Labor Standards Act of 2009 The federal act that establishes minimum wage, overtime wages, and youth employment standards. $609 Average rent per unit ? 683 Average square foot of a unit ? Internal marketing Focuses on leveraging the value of employees by providing support as well as keeping them trained and informed . Marketing Plan A tool used to detail the objectives and methods that a company will use to achieve a community's marketing goals. SWOT Analysis An analysis of the Strenghths, Weaknesses, Opportunities, and Threats that affect the success of a business. S.M.A.R.T Goals Are Specific, Measurable, Attainable, realistic, and Timely. Online Locator Website Most cost effective method of lease generation Resident Referral Least cost effective method of lease generation The 5 P's of marketing Price, Promotion, Product, People, and Placement. Relationship Selling The sales technique that focuses on the interactions between the buyer and the salesperson rather than the price and details of the product. The concept is that by creating a professional relationship with an individual, that person will renew or back. Market Current and potential residents who want to live in an apartment community and are qualified to live here. Retrofitting Is adding new energy-saving equipment, to replace less efficient equipment. To select the best contractor for the work. What is the primary purpose of the bidding process when contracting work? Payback Period