3. Government Internet site
CAM Sample Test Questions
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1. From the most recent demographic reports, the leasing professional of XYZ Apartments observes that 40% of the prospective residents work at the local Air Force base, 20% work in the metropolitan downtown area, 10% work in law firms, 20% work in government offices, and 10% are unknown/other. Where would be the best place for XYZ Apartments to focus marketing outreach efforts? (Choose only one.)
- Local military base
- Nearby colleges/universities
- Government Internet site
- Local law firms
2. Which marketing method is the least cost effective for traffic generation?
|Method||Cost Per Month||Traffic Per Month||Leases Per Month|
|Online locator website||$150||4||1|
- Online locator website
- Radio advertisement
- Unlicensed sign
- Resident referral
4. Resident referral
3. Market conditions are driving current rents down by an average of 10%, and properties are experiencing an increase in the number of current residents giving notice to vacate. As a result, which of the following is most likely to occur? (Choose only one.)
- Increased economic occupancy
- Increased use of concessions
- Decreased economic occupancy
- Decreased use of concessions
2. Increased use of concessions
4. The cost to upgrade 25 units will be $3,500 per unit. The owner wants to scale back by replacing only refrigerators instead of all appliances, reducing the cost to $2,800. What is the payback period if the additional market rent is now $54 per month? (Choose only one.)
- 52 months
- 31 months
- 39 months
- 45 months
1. 52 months
5. The following table contains unit type, rent, date vacated, made-ready date, and move-in date information for five units at XYZ Apartments.
|Apt. No.||Unit Type||Rent||Vacated||Made Ready||Move In|
|104||1/1||$850||Nov. 3||Nov. 8||Nov. 9|
|107||1/1||$975||Nov. 6||Nov. 19||Nov. 19|
|212||2/2||$1,450||Nov. 22||Nov. 30||Dec. 5|
|435||2/2, Den||$1,855||Nov. 17||Nov. 23||Nov. 26|
|513||2/2||$1,565||Nov. 11||Nov. 16||Nov. 17|
Which unit lost the most rent? (use a 30-day month)?
- 104 lost $170
- 107 lost $423
- 212 lost $628
- 435 lost $556
3. 212 lost $628
6. XYZ Apartments is a 250-unit high-rise community. Two months into the new fiscal year, news is posted that the largest employer in the area is transitioning its business overseas. The market is saturated with newer multi-family construction while existing home ownership is declining due to more stringent lending standards. The choice to rent is overshadowing the desires of homeownership. Employees at the aforementioned company occupy 60% of the property's units.
- Reforecast the budget for the year
- Conduct a market survey
- Start a new aggressive resident referral program
- Hold a strategic meeting with the owner
4. Hold a strategic meeting with the owner
7. XYZ Apartments consists of 363 one-, two-, and three-bedroom units. Property amenities include a swimming pool, a pet park, a lighted tennis court, a fitness center, a playground, and three barbeque and picnic areas. The community also has 375 parking spaces and an on-site laundry care center with six washers and dryers. The resident profile is a blend of families, singles, and couples, with children present in more than half of the apartments. A majority of residents are upper blue collar to white collar workers in largely administrative and professional roles.
What resident event would most likely be a success?
- A wine tasting party
- A barbeque cook-off and pot-luck
- A bridge game competition
- A tour bus trip to casinos in the next state
2. A barbeque cook-off and pot-luck
8. A property owner is concerned with the 60-day trend and low property closing ratio. Many prospective residents have leased at neighboring communities that have upgraded interiors but comparable rents (price per square foot). Leasing team members claim that they are having a hard time overcoming objections to old countertops and appliances. Your supervisor schedules a meeting to meet with the owner to discuss the best response. In preparing for the meeting, which of the following is most essential?
- Complete and recheck the year to date owner’s reports for accuracy
- Review leasing agent closing ratios for previous months to find problems
- Recheck market comps with calls and undercover shops
- Aggressively work renewals
3. Recheck market comps with calls and undercover shops
9. The table below illustrates the rent schedule for an apartment community:
|Unit Type||Number of Units||Square Feet per Unit||Total Square Feet||Monthly Rent per Unit||Total Monthly Rent||Rent per Square Foot|
Which unit type would have the highest impact if rents were changed across the board?
- Small 1x1
- Large 1x1
- Medium 1x1
- Two bedrooms
4. Two bedrooms
10. XYZ Apartments is a 400-unit apartment community with 350,000 total square feet. The following operating statement for XYZ Apartments is for the period ending August 31. XYZ Apartments has experienced 140 move-outs as of August 31.
|Account||MTD Actual||MTD Budget||$ Variance||YTD Actual||YTD Budget||$ Variance||Annual Budget|
|Gas and Oil||2,014||7,700||5,686||229,868||203,800||-26,068||269,500|
|Water & Sewer||-51||18,600||18,651||146,156||148,800||2,644||223,200|
|Salaries & Related Expenses||35,020||37,182||2,162||334,298||335,542||1,243||512,311|
|Total Operating Expenses||155,509||169,203||13,694||1,584,090||1,522,943||-61,147||2,257,952|
|Net Operating Income (NOI)||244,127||303,045||-58,917||1,443,260||1,948,396||-505,136||3,169,764|
The 2013 NAA Income and Expense Report notes an average operating expense for market garden apartments at $4.81per square foot. What is the XYZ operating expense per square foot?
- $4.53 per square foot
- $4.35 per square foot
- $6.45 per square foot
- $6.79 per square foot
4. $6.79 per square foot