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Flashcards

CAM Definitions Part 1

Bridgette Murphey Certified Apartment Manager CAM Inglês 200 flashcards

Flashcards do conjunto (200)

  1. 1Abandonto intentionally and permanently give up, surrender, leave and desert or relinquish all interest or ownership in property, a home or other premises, or a right of way. The word is often used in situations to determine whether a resident has left his/her apartment and the property inside and does not intend to come back.
  2. 2Absolutea chemical substance that is not mixed: pure. A single dose of or exposure to a substance
  3. 3Acceptanceis voluntarily receiving something that is offered. This is a required component of a legal contract.
  4. 4Accessiblethe public and common use areas of an apartment community, which can be used by “individuals with physical disabilities.” A requirement for apartments constructed for first occupancy after March 13, 1991.
  5. 5Accessible Routea continuous and unobstructed path through corridors, floors, ramps, elevators, parking access aisles, curb ramps, walks, etc. which can be used be a person with a severe disability using a wheelchair and that is also safe for use by persons with other disabilities. A requirement for apartments constructed after March 13, 1991.
  6. 6Accommodationrefers to changes in rules, services, practices or policies that allow persons with disabilities equal enjoyment of housing but do not change the nature of the program.
  7. 7Accrual Basis Accountingaccounting method that records income and expenses in the fiscal period they are earned or incurred regardless of when they are actually received or paid.
  8. 8Actionincludes recoupment, counterclaim, set-off, suit in equity and any other proceedings in which rights are determined.
  9. 9Administrative Complaintcomplaint that is usually referred to as a “fair housing complaint”. It is a written statement filed with HUD, DOJ or a state enforcement agency alleging that a fair housing violation has occurred.
  10. 10Administrative Law Judgefederal judge who hears evidence in an administrative hearing and determines if discrimination occurred, and, if so, decides what penalties, fines or damages must be awarded to the person against whom the discrimination occurred.
  11. 11Administratorexercises independent judgment and discretion and manages and oversees management policies and general business operations.
  12. 12Advertisingthe non-personal promotion of the product, service or company in mass media that is openly paid for and/or sponsored by you.
  13. 13Advertising Strategiesbegin with describing and identifying the target audience. The next step is to set up specific objectives and decide on the advertising budget.
  14. 14Adwarea form of spyware that collects information about the user in order to display advertisements in the Web browser based on the information it collects from the user's browsing patterns.
  15. 15Affirmative Actiona plan or program created to increase opportunities for minorities, women, disabled/handicapped individuals, veterans and other protected classes.
  16. 16Agenta person who is authorized to act for another (the agent's principal) through employment, by contract or apparent authority. The importance is that the agent can bind the principal by contract or create liability while in the scope of the agency.
  17. 17Aggrieved Partya party entitled to resort to a remedy
  18. 18Aggrieved Personperson who claims to have been injured by a discriminatory housing practice or believes he/she will be injured by a discriminatory housing practice that is about to occur.
  19. 19Agreementthe bargain of the parties in fact as found in their language or by implication from other circumstances including course of dealing or usage of trade or course performance.
  20. 20Amenitiesspecific items offered at the community in addition to the space. i.e.: pool, tennis courts, recreation room etc.
  21. 21Amortizationthe process of retiring a debt or recovering capital investment, typically through scheduled, systematic repayment of the principal.
  22. 22Analysisresearching and evaluating a situation prior to making recommendations
  23. 23Arbitrationa non-judicial process in which disputing parties agree to bind themselves to whatever decision the arbitrator determines as a fair solution.
  24. 24Asbestosa mineral fiber than can pollute air or water and cause cancer or asbestosis when inhaled. The U.S. Environmental Protection Agency (EPA) has banned or severely restricted its use in manufacturing and construction.
  25. 25Assignmenta written transfer of the rights of use and occupancy of a property held by another legal entity, or to be used for the benefit of creditors, e.g., assignments of mortgages, sales contracts and/or leases.
  26. 26Assisted Housinghousing for which the government provides assistance to facilitate occupancy, construction or financing.
  27. 27Back Support Belta flexible support belt designed to minimize muscle strain for lifting and other upper body movement tasks.
  28. 28Balance Sheetan itemized listing of the total assets, total liabilities and net worth of an entity.
  29. 29Balloon Mortgagemortgage that is not fully amortized at maturity and requires a lump sum payment of the outstanding balance.
  30. 30Bannerslarge colorful vinyl graphics and/or words strategically placed throughout the community to promote and advertise particulars.
  31. 31BenefitsThere are two (2) different types of benefits:
    • Benefits are an advantage of a feature, as perceived by the customer.
    • Benefits are the additional incentives that are offered by employers to attract and retain employees. Benefits may include paid vacation, paid sick leave, and medical insurance.
  32. 32Bidding Processa process that allows vendors a fair opportunity to bid on services or purchases exceeding a predetermined dollar amount. Method of securing vendors of a product or service by establishing and distributing bidder responsibilities and qualification.
  33. 33Bi-weeklyrefers to occurring once every two weeks. Most commonly refers to a payroll cycle. There are 26 paydays in a biweekly payroll year.
  34. 34Blockbustingattempting to persuade a person into selling or renting a dwelling in a neighborhood containing people of a particular race, color, nationality, disability, familial status, sex or religion.
  35. 35Brainstorminga meeting for the purpose of developing creative and inspiring ideas.
  36. 36Breach of Contractthe failure to perform any term of a contract, written or oral, without a legitimate legal excuse. This may include not completing a job, not paying in full or on time, failure to deliver all the goods, substituting inferior or significantly different goods, not providing a bond when required, being late without excuse, or any act which shows the party will not complete the work ("anticipatory breach"). Breach of contract is one of the most common causes of lawsuits for damages and/or court-ordered "specific performance" of the contract.
  37. 37Browserefers to navigating through web sites on the Internet.
  38. 38BrowserShort for Web browser; a software application used to navigate through web sites on the Internet. The two most popular browsers are Google Chrome and Microsoft Internet Explorer.
  39. 39Building Entrance on Accessible Routeaccessible entrance to a building that is connected by an accessible route to public transportation stops, accessible parking and passenger loading zones, or to public streets or sidewalks.
  40. 40Capitalization Rate (Cap Rate)a rate used to convert income into value by dividing the property’s net operating income by its purchase price.
  41. 41Carbon Monoxidea colorless, odorless, poisonous gas formed when carbon in fuels is not burned completely.
  42. 42Cash Basis Accountingan accounting method that records income and expenses when they are actually received or paid.
  43. 43Cash Flowthe amount remaining after all the sources of income are collected and all property operating expenses, including capital expenditures, and if applicable, replacement reserves and debt service are paid. The formula is NOI less Capital Expenditures and Debt Service.
  44. 44Cash-on-cash Returnan investment performance measurement that compares the cash received in each period against the original cash invested. It can be further separated into before-tax and after-tax returns.
  45. 45Ceilingthe maximum allowable human exposure limit for an airborne substance: not to be exceeded even momentarily.
  46. 46Certificationthe documentation of specific qualifications. It is generally used to certify specialized training and expertise.
  47. 47Civil Actiona lawsuit filed in federal or state court. It can be either a private civil action filed by the complaining party or an advocacy group, or it can be an agency civil action prosecuted by the HUD, DOJ, or a state enforcement agency. Attorneys and judges call this a complaint, but it is different from the administrative complaint filed with HUD or a state enforcement agency.
  48. 48Civil Rights Act of 1991the federal law that provides for monetary damages in cases of intentional employment discrimination.
  49. 49Combustibleterm used to classify certain liquids that will burn on the basis of flash points
  50. 50Common Use Areasrooms or areas that are made available for the residents of a building and their guests including hallways, lounges, lobbies, laundry rooms, refuse rooms, mailrooms, recreational areas, walks and breezeways.
  51. 51Communityrefers to any apartment community or real estate development and its surroundings.
  52. 52Compensatory Damagesthe financial penalties intended to offset losses
  53. 53Competentrefers to someone’s ability to act in the circumstances, including the ability to perform a job or occupation, or to reason or make decisions. In wills, trusts and contracts, sufficiently mentally able to understand and execute a document.
  54. 54Competitionany community the customer might lease from within a reasonable geographical location and price range
  55. 55Complaintused by attorneys to refer to a civil action filed in federal or state court. Starts the federal or state investigative process.
  56. 56Conciliationa method used by HUD to resolve fair housing complaints. Conciliation agreements are usually between the person who filed the fair housing complaint and he person accused of housing discrimination.
  57. 57Condominiuma multi-unit structure or property where people hold fee simple title to individual units and an undivided interest in common areas.
  58. 58Considerationthe payment of money. It must be of value (at least to the parties), and is exchanged for the performance or promise of performance by the other party (such performance itself is consideration).
  59. 59Constructive Criticismcritical or analytical comments that are made to encourage positive results.
  60. 60Constructive Evictionwhen the landlord allows the premises to become uninhabitable thus justifying the resident in abandoning the lease.
  61. 61Consumer Reportreport detailing the payment history of purchasers of goods and services.
  62. 62Contractan agreement with specific terms between two or more persons or entities in which there is a promise to do something in return for a valuable benefit known as consideration. Since the law of contracts is at the heart of most business dealings, it is one of the three or four most significant areas of legal concern and can involve variations on circumstances and complexities. The existence of a contract requires finding the following factual elements: a) an offer; b) an acceptance of that offer which results in a meeting of the minds; c) a promise to perform; d) a valuable consideration (which can be a promise or payment in some form); e) a time or event when performance must be made (meet commitments). Contracts can be either written or oral, but oral contracts are more difficult to prove and in most jurisdictions the time to sue on the contract is shorter.
  63. 63Contractoran individual or company providing materials and/or service.
    Also a separate business entity that provides specialized skills and or products that agrees to furnish materials or perform services at a specified price.
  64. 64Corporate Marketingmarketing to a corporation for employee referrals.
  65. 65Corrective Criticismcritical or analytical comments that are communicated to encourage remedial behavior or actions.
  66. 66Counselinga meeting intended to give advice or recommendations regarding problems, job performance, or behavior.
  67. 67Curb Appealwhat the customer sees outside the building. i.e. flowers, signage, amenities, etc. Also includes electronic curb appea
  68. 68Debt Servicethe periodic payment that covers the interest on and retirement of the outstanding principal on a mortgage loan.
  69. 69Deductiblean amount which a policyholder agrees to pay, per claim or per accident, toward the total amount of an insured loss.
  70. 70Defaultthe failure to make a payment when due or otherwise failing to perform an obligation under the lease.
  71. 71Defendanta person or institution against whom an action is brought in a court of law; the person being sued or accused. A defendant is any party, against whom action is brought in a court of law and is required to answer the complaint of a plaintiff in a civil lawsuit, or any party, who has been formally charged or accused of violating a criminal statute.
  72. 72Delinquentrefers to a status of not paid in full amount or on time.
  73. 73Depreciationan allowance made against the loss in value of an asset for a defined purpose and computed using a specified method.
  74. 74Disabilitya physical or mental impairment that substantially limits one or more major life activities of an individual. A person is disabled when there is existing record of impairment, a history of impairment or the person is otherwise regarded as having impairment.
  75. 75Disciplinary Actionaction or steps taken to correct deficiencies in job performance or behavior.
  76. 76Discriminationthe unequal treatment of persons, as a class, for a reason, which has nothing to do with legal rights or ability. Federal and state laws prohibit discrimination in employment, availability of housing, rates of pay, right to promotion, educational opportunity, civil rights, and use of facilities based on race, nationality, creed, color, age or sexual orientation.
  77. 77Disparate Impact Discriminationa practice that may seem neutral but results in unequal treatment for members of a protected class.
    Example: If job applicants are recruited primarily through word-of-mouth and the workforce consists entirely of white males, there may be disparate impact discrimination as it is unlikely that few people other than white males will hear about job openings.
  78. 78Disparate Treatmentovertly treating someone differently because of race, color, sex, religion, national origin, familial status or disability.
  79. 79Domain Namea name that identifies a particular web site or computer. For example, naahq.org is the domain name for the National Apartment Association’s Internet web site.
  80. 80E-marketingmarketing by using tools on the Internet such as bulletin boards, Web sites, social media, Internet Listing Services and e-mail.
  81. 81Effective Gross Income (EGI)the anticipated total revenue from all operations after vacancy, concession, non-revenue units and collection losses and including other income.
  82. 82Embezzlementthe act of fraudulently appropriating money to one’s own use.
  83. 83Employment Eligibilitythe documentation that identifies individuals as authorized to work within the U.S.
  84. 84Employment-at-willemployment that is not for a specified term and may be terminated at any time, with or without cause, either by the employee or the company
  85. 85Equal Pay Act of 1963 (EPA)the federal law that protects men and women who perform substantially equal work in the same establishment from sex-based wage discrimination.
  86. 86Errors and Omissions Insuranceprofessional liability insurance policy that provides protection against loss incurred because of some negligent act, error, or omission by the insured.
  87. 87Evictiona generic word for the act of expelling (kicking out) someone from real property either by legal action (suit for unlawful detainer), a claim of superior (actual) title to the property, or actions that prevent the resident from continuing in possession (constructive eviction).
  88. 88Executivehas the primary duty of managing the business or part of it, regularly directs the work of at least two employees; has the authority to hire, fire, and promote; and exercises discretion.
  89. 89Exempt Employeecertain, mostly salaried employment positions, such as executives, administrators, professionals, or outside salespeople, that are exempt from overtime requirements.
  90. 90Exit Interviewan interview conducted after employment separation to derive information about the work experience of the departing employee.
  91. 91Exposurecontact with a chemical by swallowing, by breathing or by direct contact (such as through the skin or eyes). Exposure may be either short term (acute) or long term (chronic). Exposure also often refers to the leased exposure at a community (percentage of units available to lease)
  92. 92Extrapolationestimating future information using a continuation of known data.
  93. 93Fair Housing Logosymbol or picture of a house with an “equal sign” (=) in the middle and the words “Equal Housing Opportunity” written under it.
  94. 94Fair Housing Posteran approved HUD poster that must be displayed in all corporate, leasing or management offices. The poster states, “We do Business in Accordance with the Fair Housing Act” and “It is illegal to discriminate against any person because of race, color, religion, sex, handicap, familial status or national origin”.
  95. 95Fair Labor Standards Act (FLSA)the federal law that establishes minimum wage, overtime pay, record keeping, and child labor standards.
  96. 96Familial Statusone or more individuals under the age of 18 who live with a parent, legal custodian or any adult who has the written permission of the parent or legal custodian to care for their child. Also includes pregnant women or individuals securing the custody of children under 18.
  97. 97Faulta wrongful act, omission or breach.
  98. 98Featuresphysical descriptions or the attributes of a product or service
  99. 99Firm Limit Contracta one-time contract for a fixed quantity of goods or services with prescribed delivery schedules.
  100. 100Fixed Expensesoperating expenses that do not vary with occupancy. Taxes and insurance are examples.
  101. 101Flagsplaced in various locations to attract the attention of customers driving by or to promote an image created through other means.
  102. 102Flammable Liquiddefined by NFPA and DOT as a liquid with a flash point below 100° F (37.8° C)
  103. 103Flash Pointthe temperature at which a liquid well give off enough flammable vapor to ignite. There are several test methods to determine the flash point and flash points for the same material may vary depending on the method in which the material is used, so a test method should always be listed with the flash point.
  104. 104Flexible Leave Timea type of leave permitted under the Family Medical Leave Act that allows for reduced work hours or days on a flexible schedule.
  105. 105Flyerscreative, eye-catching promotional items used in direct mail to generate interest to call or visit a particular apartment community.
  106. 106Forcible Evictionwhen the landlord does not go through a legal eviction of a resident but takes steps, which keep the resident from continuing to live in the premises. This could include changing the locks, turning off the drinking water, blocking the driveway, or nailing the door shut. The landlord’s actions violate the resident’s rights.
  107. 107Fraudthe intentional use of deceit, a trick or some dishonest means to deprive another of his/her/its money, property or a legal right.
  108. 108General Liability Insurancecoverage that pertains, for the most part, to claims arising out of the insured's liability for injuries or damage caused by ownership of property, manufacturing operations, contracting operations, sale or distribution of products, and the operation of machinery, as well as professional services.
  109. 109Good Faithhonesty in conduct or transaction.
  110. 110Ground Fault Circuit Interrupter (GFCI)a fast-acting circuit breaker that monitors the current going in and out of an electrical device. By sensing small imbalances in the circuit caused by current leakage to the ground, it shuts off electricity in a fraction of a second. Most circuits around sources of water – kitchens, bathrooms, near swimming pools – use GFCIs.
  111. 111Guarantora person or entity that agrees to be responsible for another's debt or performance under a contract if the other fails to pay or perform.
  112. 112Habitablea residence that is safe and can be occupied in reasonable comfort. Fit for human habitation
  113. 113Handicapdefined by the Fair Housing Act is:
    • a physical or mental impairment which substantially limits one or more of a person’s major life activities
    • a record of having such impairment, or
    • being regarded as having such an impairment
  114. 114Harassmentunwelcome actions, written or spoken words, jokes, or comments based on an individual’s sex, race, ethnicity age, religion, or any other legally protected characteristic/category.
  115. 115Hazard Communication Planthe company’s written policy for working with and handling hazardous materials. It is required by OSHA.
  116. 116Hazard Communication Standardsan OSHA regulation that requires chemical manufacturers, suppliers, and importers to assess the hazards of the chemicals that they make, supply or import, and to inform employers, customers, and workers of these hazards through SDS sheets.
  117. 117Hazard Evaluationa component of risk evaluation that involves gathering and evaluating data on the types of health injury or disease that may be produced by a chemical and on the conditions of exposure under which such health effects are produced.
  118. 118Hazard Identificationdetermining if a chemical can cause adverse health effects in humans and what those effects might be.
  119. 119Home Pagethe main page of a Web site.
  120. 120Honorrefers to pay or accept to pay.
  121. 121HUDAcronym for the U. S. Department of Housing and Urban Development, a cabinet-level federal agency responsible for fair housing compliance and government assisted housing programs including Section 8.
  122. 122Incompatiblematerials which cause dangerous reactions from direct contact with one another
  123. 123Insolventwhen a person has either ceased to pay his debts in the ordinary course of business or cannot pay his debts as they become due or is insolvent within the meaning of federal bankruptcy law.
  124. 124Insubordinationnot submitting to authority.
  125. 125Internal Rate of Returnreturn on capital that is generated or is capable of being generated within an investment over time. IRR is primarily used when trying to decide which investment to make among several choices.
  126. 126Irritantsubstance which, by contact in sufficient concentration for a sufficient period of time, will cause an inflammatory response or reaction of the eye, skin or respiratory system.
  127. 127Keating Memoranduman HUD internal memo used as a guide in conducting an investigation of cases involving discrimination against families with children. HUD is required by Congress to use the memo when reviewing an occupancy restriction and states that an apartment community may have an occupancy standard of two persons per bedroom.
  128. 128Landlorda person who owns real property and rents or leases it to another, called a "resident."
  129. 129Landlord and Tenantthe name for the area of law concerning renting and leasing property and the rights of both the owner and the renter or lessee.
  130. 130Leada very toxic element, causing a variety of effects at low dose levels. It may be present in soil, water, solvents and paint.
  131. 131Leasea written agreement in which the owner of property (either real estate or some object like an automobile) allows use of the property for a specified period of time (term) for specific periodic payments (rent), and other terms and conditions. Leases of real property describe the premises (often by address); penalties for late payments, termination upon default of payment or breach of any significant conditions; increases in rent based on cost of living or some other standard; inclusion or exclusion of property taxes and insurance in rent; limitations on use (for a residence for the family only, no pets); charges for staying on beyond the term (holding over); any right to renew the lease for another period; and/or a requirement for payment of attorneys' fees and costs in case of the need to enforce the lease (including eviction). A lease is distinguished from a mere renting of the premises on a month-to-month basis and cannot exceed a year unless agreed to in writing.
  132. 132Leavean approved prolonged absence from work or duty that may be with or without pay.
  133. 133Legal Dutythe responsibility to others to act according to the law. Proving the duty (such as not to be negligent, to keep premises safe) and then showing that the duty was breached are required elements of any lawsuit for damages due to negligence or intentional injuries.
  134. 134Lesseethe person renting property having the right to use or occupy the property under the written lease from the owner (lessor). He/she is the resident, or tenant, and the lessor is the landlord.
  135. 135Lessorthe owner of real property who rents it to a lessee pursuant to a written lease. Thus, he/she is the landlord and the lessee is the resident.
  136. 136Liabilityany legally enforceable debt or obligation, including probable future financial obligations. Legal responsibility
  137. 137Lien Waivera signed and notarized document that waives or surrenders all claims against the engaging company or apartment community from the contractor, its employees, its subcontractors and its material suppliers.
  138. 138Liquiditythe ease with which an asset can be converted to cash.
  139. 139Lockout/Tagoutan OSHA standard that describes a state of zero energy, when the source of energy or power has been locked and tagged, so that there is no possibility of injury due to an unexpected release of energy.
  140. 140Loss Controlany conscious action (or decision not to act) intended to reduce the frequency, severity, or unpredictability of accidental losses.
  141. 141Loss Preventionany measure that reduces the probability or frequency of a particular loss but does not eliminate completely all possibility of that loss.
  142. 142Major Life Activitesincludes but are not limited to, caring for one’s self, performing manual tasks, walking, seeing, hearing, speaking, breathing, learning and working.
  143. 143Market Rentrental income that a property would most probably command in existing market conditions. Often used interchangeably with street rent and scheduled rent. The basis for apartments is unit type and size.
  144. 144Market Researcha cost effective way to find out what people believe, want, think and need. It is often information that you would not be able to receive from any other source
  145. 145Marketingintegrated and coordinated activities of research, product, price, promotion, distribution, and resident relations, among others, which are focused both inside and outside the community. The purpose is to encourage recipients of marketing efforts to purchase the product or service.
  146. 146Marketing Budgetsbudget determination; creative strategy and advertising and are closely interrelated. They all will determine the amount of money that can be used in the marketing process.
  147. 147Marketing Plana detailed, written account and timetable of the objectives and methods to be used to achieve the company marketing goals. Marketing plans are developed, implemented, evaluated and adjusted regularly to keep the strategy on target.
  148. 148Safety Data Sheet (SDS)an information sheet required by OSHA and prepared by the manufacturer of a chemical or product to describe its hazard information, physical and chemical characteristics and special precautions that may need to be taken with its use.
  149. 149Mediationthe act of mediating between two parties in an attempt to reach resolution.
  150. 150Melting Pointthe temperature at which a solid substance changes to a liquid state. For mixtures, the melting range may be given.
  151. 151Merit Systema system that recognizes and rewards employees according to job performance
  152. 152Modelsfurnished and decorated apartment homes
  153. 153Month-to-monthrefers to a tenancy in which the resident pays monthly rent and the tenancy can be terminated by either party at any time on thirty days notice. A month-to-month tenancy may or may not have a written lease.
  154. 154NAANational Apartment Association
  155. 155NAAEINational Apartment Association Education Institute
  156. 156National Originsomeone’s ethnic or ancestral background
  157. 157Net Operating Incomethe actual or anticipated total revenue that remains after all operating expenses, but before mortgage debt service and capital expenditures (or replacement reserve payments) are deducted.
  158. 158Net Worththe difference between total assets and total liabilities. In real estate, this represents the owner’s equity
  159. 159Networka group of two or more computers linked together. There are many types of computer networks, including:
    • Local-area networks (LANs): The computers are physically connected to each other by cables and are therefore usually located within the same building.
    • Wide-area networks (WANs): The computers are connected by telephone lines or radio waves and are usually at a distant location from each other.
  160. 160Non-exemptthe payroll status of hourly workers who are paid an hourly wage for hours worked, plus overtime.
  161. 161Notice to Quitnotice given by a landlord (owner) to a resident to leave the premises (quit) either by a certain date or to pay overdue rent or correct some other default (having pets, having caused damage, too many roommates, using the property for illegal purposes, etc.) within a short time (usually three days). A notice to quit must contain certain information, such as: names of the persons to leave, whether their tenancy is by written or oral agreement, an amount of any financial delinquency and the period it covers, and to whom they should surrender the premises. If the resident is month-to-month, a notice to quit without reference to default usually requires no reason. Although state laws vary, generally the notice must be served personally on the resident or posted in a prominent place like the front door with a copy sent by certified mail. Such notice and failure of the resident to quit (leave) is a requirement to bring a lawsuit for unlawful detainer (often referred to as "eviction").
  162. 162Occupancy Standardsrestrictions limiting how many people may live in an apartment. Guidelines state the number of people that may occupy each bedroom; usually two persons per bedroom; or per square feet.
  163. 163Occupational Safety and Health Act (OSHA)the 1970 law that addresses health and job safety in the workplace. It created the Occupational Safety and Health Administration (also OSHA) at the same time that the EPA was created. The OSHA law requires the new agency to promulgate standards such that "no employee will suffer material impairment of health or functional capacity even if ... [exposed] ... for the period of his working life." The OSHA law covers all industrial operations, including apartment operations.
  164. 164Occupational Safety and Health Administration (OSHA)the federal agency (with the state authority OSHA) that oversees worker health and job safety, including hazardous materials in the workplace. This agency is not associated with hazardous waste except as it affects worker health and safety.
  165. 165Operating Expensesall expenditures made in the course of operating an apartment community with the exception of debt service and capital expenditures (or replacement reserve payments). Fixed expenses include real estate taxes and insurance. Variable expenses, often associated with occupancy, include utilities, contract services, administrative expense, management fee, payroll, and maintenance and repairs
  166. 166Overtimethe time worked in excess of 40 hours in a workweek or, in some states, overtime is time worked over 8 hours in a workday. Overtime is paid at 1 ½ times the regular hourly wage.
  167. 167Owner's Equitythe owner’s claim against the assets of a business.
  168. 168Pathoginsdisease-producing organisms carried in the blood (blood-borne).
  169. 169Perceptionthe impression most commonly held by the target market about the property, service or company. Perceptions may not necessarily reflect reality.
  170. 170Personal protective equipment (PPE)all equipment such as back support belts, hard-hats, protective goggles, etc., that might be made available (and sometimes required) for employee use when performing certain tasks.
  171. 171Policya guideline that ensures that the company operates by written management practices and legal structure.
  172. 172Policy Holderperson who pays a premium to an insurance company in exchange for the insurance protection provided by a policy of insurance.
  173. 173Principalcan be defined in two (2) ways:
    • A capital sum that is invested; a payment that represents partial or full repayment of the capital loaned or invested, as distinguished from the payment of interest.
    • An individual or entity that designates another as agent.
  174. 174Procedurethe accepted methods of administering policies.
  175. 175Programmed Inspectionsinspections that are targeted at high hazard industries, occupations, health substances or other industries identified by OSHA’s current inspection procedures.
  176. 176Promotionthe part of the marketing mix, which relates to creating awareness, effecting perception and consummating the sale of the product or service; includes personal and non-personal
  177. 177Propertyanything that is owned by a person or entity. Property is divided into two types: "real property," which is any interest in land, real estate, or the improvements on it, and "personal property" (sometimes called personalty) which is everything else.
  178. 178Property Damagean injury to real or personal property through another's negligence, willful destruction or by some act of nature. The amount of recovery for property damage may be established by evidence of replacement value, cost of repairs, loss of use until repaired or replaced or, in the case of heirlooms or very personal items, by subjective testimony as to sentimental value.
  179. 179Protected Classesindividuals protected against discrimination on the basis of race, color, religion, sexual orientation, handicap, familial status or national origin.
  180. 180Public Relationsthe non-personal promotion of the product, service or company in mass media that is not openly paid for and/or sponsored by you.
  181. 181Punitive Damagesfinancial penalties intended to inflict punishment
  182. 182Radonradioactive gas that is a natural byproduct of the decay of uranium which is found ion nearly all types of soil and water. It becomes dangerous when in concentration.
  183. 183Reactivitydescription of the tendency of a substance to undergo chemical reaction with the release of energy. Undesirable effects – such as pressure build up, temperature increase, formation of noxious, toxic or corrosive byproduct – may occur because of the reactivity of a substance to heating, burning, direct contact with another material or other conditions in use or storage.
  184. 184Real Estate Investment Trust (REIT)a corporation or trust that combines the capital of many investors to own and manage or provide financing for all forms of real estate.
  185. 185Reasonable Accommodationa request from a disabled visitor, applicant or resident to change a management rule or policy in order to use or enjoy the apartment community.
  186. 186Reasonable Modificationrequest from a disabled visitor, applicant or resident to make a physical change to the apartment home or to the community that will allow them to use the premises fully.
  187. 187Remedyany remedial right to which an aggrieved party is entitled with or without resort to tribunal.
  188. 188Renewalkeeping an existing arrangement in force for an additional period of time, such as a lease or any other contract. Renewal usually requires writing or some action, which evidences the new term.
  189. 189Rentthe amount paid by the renter and received by the owner. Rent may be specified in a written lease, but also may be based on an oral agreement for either a short period or on a month-to-month basis when it may be terminated on a month's notice
  190. 190Rental Valuethe amount, which would be paid for rental of similar property in the same condition in the same area. Evidence of rental value becomes important in lawsuits in which loss of use of real property or equipment is an issue, and the rental value is the "measure of damages."
  191. 191Replacement Reservesan allowance that provides for the periodic replacement of building components or equipment that wear out. Some loan agreements require monthly payments to fund such a reserve. This is particularly true for Federally assisted housing.
  192. 192Representativeincludes an agent, an officer of a corporation or association, a trustee, executor or administrator of an estate, or any other person empowered to act for another.
  193. 193Residenta person who occupies real property owned by another based upon an agreement between the person and the landlord/owner, almost always for rental payments
  194. 194Retainage Feea specified dollar amount (usually 10%) that is held by the engaging company for a specified time period (usually 30 days) after the job is completed to guarantee completion of the work and defect-free workmanship
  195. 195Retaliationto return punishment in kind or like for like. In employment it is unlawful to fire, discipline, or refuse to promote an employee who has opposed or complained about discrimination or unlawful acts.
  196. 196Return on Investmentthe ratio of the net operating income to the total investment (equity) in an apartment community over a given period of time. It is a financial performance measurement. It does not take into account the time value of money, but helps the owner/investor measure management performance at the property.
  197. 197Riskthe possibility of injury, loss, disease or death.
  198. 198Risk Controlany conscious action (or decision not to act) intended to reduce the frequency, severity, or unpredictability of accidental losses
  199. 199Risk Managementthe process of deciding how to reduce or eliminate the adverse effects of a financial loss by identifying potential loss sources, measuring possible loss impact, and implementing necessary controls to minimize losses when they happen.
  200. 200Salarypayment made to an employee not on the basis of hours worked, but instead by the pay period. Salaried employees are usually (but not always) considered to be exempt from overtime.

Informações

Descrição
Definition flashcards
Criado por
Bridgette Murphey · nov 2020
Atualizado
27 nov 2020
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113
Tags
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