27632659
Description
Flashcards by Bridgette Murphey, updated more than 1 year ago
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Created by Bridgette Murphey
almost 4 years ago
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| Question | Answer |
| Abandon | to 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. |
| Absolute | a chemical substance that is not mixed: pure. A single dose of or exposure to a substance |
| Acceptance | is voluntarily receiving something that is offered. This is a required component of a legal contract. |
| Accessible | the 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. |
| Accessible Route | a 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. |
| Accommodation | refers 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. |
| Accrual Basis Accounting | accounting method that records income and expenses in the fiscal period they are earned or incurred regardless of when they are actually received or paid. |
| Action | includes recoupment, counterclaim, set-off, suit in equity and any other proceedings in which rights are determined. |
| Administrative Complaint | complaint 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. |
| Administrative Law Judge | federal 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. |
| Administrator | exercises independent judgment and discretion and manages and oversees management policies and general business operations. |
| Advertising | the non-personal promotion of the product, service or company in mass media that is openly paid for and/or sponsored by you. |
| Advertising Strategies | begin with describing and identifying the target audience. The next step is to set up specific objectives and decide on the advertising budget. |
| Adware | a 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. |
| Affirmative Action | a plan or program created to increase opportunities for minorities, women, disabled/handicapped individuals, veterans and other protected classes. |
| Agent | a 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. |
| Aggrieved Party | a party entitled to resort to a remedy |
| Aggrieved Person | person 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. |
| Agreement | the 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. |
| Amenities | specific items offered at the community in addition to the space. i.e.: pool, tennis courts, recreation room etc. |
| Amortization | the process of retiring a debt or recovering capital investment, typically through scheduled, systematic repayment of the principal. |
| Analysis | researching and evaluating a situation prior to making recommendations |
| Arbitration | a non-judicial process in which disputing parties agree to bind themselves to whatever decision the arbitrator determines as a fair solution. |
| Asbestos | a 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. |
| Assignment | a 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. |
| Assisted Housing | housing for which the government provides assistance to facilitate occupancy, construction or financing. |
| Back Support Belt | a flexible support belt designed to minimize muscle strain for lifting and other upper body movement tasks. |
| Balance Sheet | an itemized listing of the total assets, total liabilities and net worth of an entity. |
| Balloon Mortgage | mortgage that is not fully amortized at maturity and requires a lump sum payment of the outstanding balance. |
| Banners | large colorful vinyl graphics and/or words strategically placed throughout the community to promote and advertise particulars. |
| Benefits | There 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. |
| Bidding Process | a 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. |
| Bi-weekly | refers to occurring once every two weeks. Most commonly refers to a payroll cycle. There are 26 paydays in a biweekly payroll year. |
| Blockbusting | attempting 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. |
| Brainstorming | a meeting for the purpose of developing creative and inspiring ideas. |
| Breach of Contract | the 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. |
| Browse | refers to navigating through web sites on the Internet. |
| Browser | Short 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. |
| Building Entrance on Accessible Route | accessible 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. |
| Capitalization Rate (Cap Rate) | a rate used to convert income into value by dividing the property’s net operating income by its purchase price. |
| Carbon Monoxide | a colorless, odorless, poisonous gas formed when carbon in fuels is not burned completely. |
| Cash Basis Accounting | an accounting method that records income and expenses when they are actually received or paid. |
| Cash Flow | the 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. |
| Cash-on-cash Return | an 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. |
| Ceiling | the maximum allowable human exposure limit for an airborne substance: not to be exceeded even momentarily. |
| Certification | the documentation of specific qualifications. It is generally used to certify specialized training and expertise. |
| Civil Action | a 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. |
| Civil Rights Act of 1991 | the federal law that provides for monetary damages in cases of intentional employment discrimination. |
| Combustible | term used to classify certain liquids that will burn on the basis of flash points |
| Common Use Areas | rooms 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. |
| Community | refers to any apartment community or real estate development and its surroundings. |
| Compensatory Damages | the financial penalties intended to offset losses |
| Competent | refers 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. |
| Competition | any community the customer might lease from within a reasonable geographical location and price range |
| Complaint | used by attorneys to refer to a civil action filed in federal or state court. Starts the federal or state investigative process. |
| Conciliation | a 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. |
| Condominium | a multi-unit structure or property where people hold fee simple title to individual units and an undivided interest in common areas. |
| Consideration | the 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). |
| Constructive Criticism | critical or analytical comments that are made to encourage positive results. |
| Constructive Eviction | when the landlord allows the premises to become uninhabitable thus justifying the resident in abandoning the lease. |
| Consumer Report | report detailing the payment history of purchasers of goods and services. |
| Contract | an 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. |
| Contractor | an 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. |
| Corporate Marketing | marketing to a corporation for employee referrals. |
| Corrective Criticism | critical or analytical comments that are communicated to encourage remedial behavior or actions. |
| Counseling | a meeting intended to give advice or recommendations regarding problems, job performance, or behavior. |
| Curb Appeal | what the customer sees outside the building. i.e. flowers, signage, amenities, etc. Also includes electronic curb appea |
| Debt Service | the periodic payment that covers the interest on and retirement of the outstanding principal on a mortgage loan. |
| Deductible | an amount which a policyholder agrees to pay, per claim or per accident, toward the total amount of an insured loss. |
| Default | the failure to make a payment when due or otherwise failing to perform an obligation under the lease. |
| Defendant | a 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. |
| Delinquent | refers to a status of not paid in full amount or on time. |
| Depreciation | an allowance made against the loss in value of an asset for a defined purpose and computed using a specified method. |
| Disability | a 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. |
| Disciplinary Action | action or steps taken to correct deficiencies in job performance or behavior. |
| Discrimination | the 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. |
| Disparate Impact Discrimination | a 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. |
| Disparate Treatment | overtly treating someone differently because of race, color, sex, religion, national origin, familial status or disability. |
| Domain Name | a 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. |
| E-marketing | marketing by using tools on the Internet such as bulletin boards, Web sites, social media, Internet Listing Services and e-mail. |
| Effective Gross Income (EGI) | the anticipated total revenue from all operations after vacancy, concession, non-revenue units and collection losses and including other income. |
| Embezzlement | the act of fraudulently appropriating money to one’s own use. |
| Employment Eligibility | the documentation that identifies individuals as authorized to work within the U.S. |
| Employment-at-will | employment 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 |
| Equal 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. |
| Errors and Omissions Insurance | professional liability insurance policy that provides protection against loss incurred because of some negligent act, error, or omission by the insured. |
| Eviction | a 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). |
| Executive | has 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. |
| Exempt Employee | certain, mostly salaried employment positions, such as executives, administrators, professionals, or outside salespeople, that are exempt from overtime requirements. |
| Exit Interview | an interview conducted after employment separation to derive information about the work experience of the departing employee. |
| Exposure | contact 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) |
| Extrapolation | estimating future information using a continuation of known data. |
| Fair Housing Logo | symbol or picture of a house with an “equal sign” (=) in the middle and the words “Equal Housing Opportunity” written under it. |
| Fair Housing Poster | an 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”. |
| Fair Labor Standards Act (FLSA) | the federal law that establishes minimum wage, overtime pay, record keeping, and child labor standards. |
| Familial Status | one 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. |
| Fault | a wrongful act, omission or breach. |
| Features | physical descriptions or the attributes of a product or service |
| Firm Limit Contract | a one-time contract for a fixed quantity of goods or services with prescribed delivery schedules. |
| Fixed Expenses | operating expenses that do not vary with occupancy. Taxes and insurance are examples. |
| Flags | placed in various locations to attract the attention of customers driving by or to promote an image created through other means. |
| Flammable Liquid | defined by NFPA and DOT as a liquid with a flash point below 100° F (37.8° C) |
| Flash Point | the 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. |
| Flexible Leave Time | a type of leave permitted under the Family Medical Leave Act that allows for reduced work hours or days on a flexible schedule. |
| Flyers | creative, eye-catching promotional items used in direct mail to generate interest to call or visit a particular apartment community. |
| Forcible Eviction | when 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. |
| Fraud | the intentional use of deceit, a trick or some dishonest means to deprive another of his/her/its money, property or a legal right. |
| General Liability Insurance | coverage 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. |
| Good Faith | honesty in conduct or transaction. |
| Ground 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. |
| Guarantor | a 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. |
| Habitable | a residence that is safe and can be occupied in reasonable comfort. Fit for human habitation |
| Handicap | defined 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 |
| Harassment | unwelcome 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. |
| Hazard Communication Plan | the company’s written policy for working with and handling hazardous materials. It is required by OSHA. |
| Hazard Communication Standards | an 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. |
| Hazard Evaluation | a 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. |
| Hazard Identification | determining if a chemical can cause adverse health effects in humans and what those effects might be. |
| Home Page | the main page of a Web site. |
| Honor | refers to pay or accept to pay. |
| HUD | Acronym 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. |
| Incompatible | materials which cause dangerous reactions from direct contact with one another |
| Insolvent | when 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. |
| Insubordination | not submitting to authority. |
| Internal Rate of Return | return 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. |
| Irritant | substance 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. |
| Keating Memorandum | an 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. |
| Landlord | a person who owns real property and rents or leases it to another, called a "resident." |
| Landlord and Tenant | the name for the area of law concerning renting and leasing property and the rights of both the owner and the renter or lessee. |
| Lead | a very toxic element, causing a variety of effects at low dose levels. It may be present in soil, water, solvents and paint. |
| Lease | a 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. |
| Leave | an approved prolonged absence from work or duty that may be with or without pay. |
| Legal Duty | the 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. |
| Lessee | the 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. |
| Lessor | the 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. |
| Liability | any legally enforceable debt or obligation, including probable future financial obligations. Legal responsibility |
| Lien Waiver | a 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. |
| Liquidity | the ease with which an asset can be converted to cash. |
| Lockout/Tagout | an 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. |
| Loss Control | any conscious action (or decision not to act) intended to reduce the frequency, severity, or unpredictability of accidental losses. |
| Loss Prevention | any measure that reduces the probability or frequency of a particular loss but does not eliminate completely all possibility of that loss. |
| Major Life Activites | includes but are not limited to, caring for one’s self, performing manual tasks, walking, seeing, hearing, speaking, breathing, learning and working. |
| Market Rent | rental 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. |
| Market Research | a 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 |
| Marketing | integrated 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. |
| Marketing Budgets | budget 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. |
| Marketing Plan | a 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. |
| Safety 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. |
| Mediation | the act of mediating between two parties in an attempt to reach resolution. |
| Melting Point | the temperature at which a solid substance changes to a liquid state. For mixtures, the melting range may be given. |
| Merit System | a system that recognizes and rewards employees according to job performance |
| Models | furnished and decorated apartment homes |
| Month-to-month | refers 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. |
| NAA | National Apartment Association |
| NAAEI | National Apartment Association Education Institute |
| National Origin | someone’s ethnic or ancestral background |
| Net Operating Income | the 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. |
| Net Worth | the difference between total assets and total liabilities. In real estate, this represents the owner’s equity |
| Network | a 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. |
| Non-exempt | the payroll status of hourly workers who are paid an hourly wage for hours worked, plus overtime. |
| Notice to Quit | notice 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"). |
| Occupancy Standards | restrictions 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. |
| Occupational 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. |
| Occupational 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. |
| Operating Expenses | all 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 |
| Overtime | the 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. |
| Owner's Equity | the owner’s claim against the assets of a business. |
| Pathogins | disease-producing organisms carried in the blood (blood-borne). |
| Perception | the impression most commonly held by the target market about the property, service or company. Perceptions may not necessarily reflect reality. |
| Personal 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. |
| Policy | a guideline that ensures that the company operates by written management practices and legal structure. |
| Policy Holder | person who pays a premium to an insurance company in exchange for the insurance protection provided by a policy of insurance. |
| Principal | can 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. |
| Procedure | the accepted methods of administering policies. |
| Programmed Inspections | inspections that are targeted at high hazard industries, occupations, health substances or other industries identified by OSHA’s current inspection procedures. |
| Promotion | the 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 |
| Property | anything 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. |
| Property Damage | an 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. |
| Protected Classes | individuals protected against discrimination on the basis of race, color, religion, sexual orientation, handicap, familial status or national origin. |
| Public Relations | the non-personal promotion of the product, service or company in mass media that is not openly paid for and/or sponsored by you. |
| Punitive Damages | financial penalties intended to inflict punishment |
| Radon | radioactive 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. |
| Reactivity | description 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. |
| Real 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. |
| Reasonable Accommodation | a request from a disabled visitor, applicant or resident to change a management rule or policy in order to use or enjoy the apartment community. |
| Reasonable Modification | request 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. |
| Remedy | any remedial right to which an aggrieved party is entitled with or without resort to tribunal. |
| Renewal | keeping 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. |
| Rent | the 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 |
| Rental Value | the 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." |
| Replacement Reserves | an 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. |
| Representative | includes 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. |
| Resident | a person who occupies real property owned by another based upon an agreement between the person and the landlord/owner, almost always for rental payments |
| Retainage Fee | a 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 |
| Retaliation | to 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. |
| Return on Investment | the 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. |
| Risk | the possibility of injury, loss, disease or death. |
| Risk Control | any conscious action (or decision not to act) intended to reduce the frequency, severity, or unpredictability of accidental losses |
| Risk Management | the 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. |
| Salary | payment 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. |
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