BOMI RPA flashcards
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33 cards. Read the term and the definition here. The deck at the top of this page is optional.
- Bundle of Rights
- The set of ownership rights in real property: disposition, exclusion, possession, quiet enjoyment, and control. These rights can be separated and transferred individually.
- General Warranty Deed
- A deed in which the grantor warrants title against all defects arising before and during the grantor's ownership, giving the grantee the broadest covenants available.
- Easement Appurtenant
- An easement that benefits a dominant parcel and burdens a servient parcel, passing automatically with the land when either property is transferred.
- Load Factor
- Rentable area divided by usable area. It converts usable space into rentable space so that common areas are shared among tenants proportionally.
- Estate for Years
- A leasehold with a fixed start and end date. It terminates automatically at expiration without either party giving notice to the other.
- Net Operating Income
- Effective gross income minus operating expenses. It excludes debt service, income taxes, depreciation, and capital expenditures, making it a property-level measure.
- Effective Gross Income
- Potential gross income minus vacancy and collection loss, plus other income such as parking, fees, and percentage rent. It is the revenue base for NOI.
- Operating Expense Ratio
- Operating expenses divided by effective gross income. It measures cost efficiency and is compared against similar buildings in the same submarket.
- Capital Reserve
- A budgeted set-aside for future replacement of building components. It is a non-operating item and does not reduce NOI.
- Deferred Maintenance
- Postponed repairs and upkeep. It accumulates cost, raises operational risk, and typically reduces achievable sale price or increases buyer concessions.
- Budget Variance Analysis
- Comparison of actual results to budgeted amounts, expressed in dollars and percent. Material variances are investigated to identify cause and corrective action.
- VAV System
- A variable air volume system that holds supply air temperature roughly constant while modulating airflow to each zone, reducing fan energy at part load.
- Chiller Plant Loop
- The chilled water circuit in which chillers cool water, pumps distribute it to air handling unit coils, and the water returns to the chiller.
- Cooling Tower
- Equipment that rejects heat from the condenser water loop to the atmosphere through evaporation, allowing the chiller to condense refrigerant.
- Full-Service Elevator Contract
- A maintenance agreement covering both parts and labor for routine and repair work, in contrast to oil-and-grease contracts limited to lubrication.
- Fire Sprinkler Impairment
- A planned or emergency shutdown of sprinkler protection. It requires notification, a documented impairment procedure, and fire watch where required by code.
- Retro-Commissioning
- A systematic process applied to existing buildings to verify and tune systems so they perform as intended, typically without major capital replacement.
- Accrual Accounting
- Recognition of revenue when earned and expenses when incurred, regardless of cash timing. It matches costs to the periods they benefit.
- Straight-Line Rent
- Total lease payments divided evenly across the lease term. It differs from cash rent when the lease includes escalation or free-rent periods.
- Capitalization Rate
- NOI divided by property value. Rearranged, value equals NOI divided by cap rate. Lower cap rates correspond to higher prices per dollar of income.
- Cash-on-Cash Return
- Pre-tax cash flow divided by equity invested. It measures the return produced by leverage and does not isolate unlevered asset performance.
- Debt Service Coverage Ratio
- NOI divided by annual debt service. Lenders use it to test whether property income covers loan payments with a margin of safety.
- Expense Gross-Up
- An adjustment in CAM reconciliation that restates variable expenses to a standard occupancy level, so tenants pay a fair share when the building is under-occupied.
- Base Year Stop
- A lease provision under which the tenant pays its pro rata share of operating expenses above the amount incurred in a designated base year.
- Tenant Improvement Allowance
- Landlord funding for tenant build-out. It is capital outlay, often amortized into rent, and reduces net effective rent to the landlord.
- Effective Rent
- Rent per square foot after adjusting face rent for concessions such as free rent, TI allowances, and commissions, measured over the full lease term.
- Sublease
- A transfer of less than the tenant's entire remaining interest, leaving the original tenant liable to the landlord under the prime lease.
- Natural Breakpoint
- The sales level at which percentage rent begins, calculated as base rent divided by the overage percentage stated in the lease.
- Renewal Retention Economics
- Renewal usually avoids downtime and full tenant improvement cost, so renewal cost per lease year is typically lower than acquiring a new tenant.
- Work Order Response Time
- Elapsed time from tenant request receipt to technician dispatch. It is tracked separately from resolution time and is a key satisfaction driver.
- Delinquency Escalation
- A sequenced response to unpaid rent: reminder, formal notice per lease, then remedies allowed by lease and local law. Self-help eviction is generally prohibited.
- Risk Control Hierarchy
- Four treatments for exposure: avoid the activity, reduce its likelihood or severity, transfer it through insurance or contract, or retain it deliberately.
- Additional Insured Status
- A contract provision extending a liability policy's protection to a named party, such as the landlord, for claims arising from the insured's operations.