CAPS Cheat Sheet 2026

The 30 highest-yield CAPS facts, distilled from real exam questions. Print it, save it as a PDF, or study it here — free, no sign-up.

1. Which financial statement shows a property's cash inflows and outflows from operations, investing, and financing activities? → Statement of Cash Flows
2. A Debt Service Coverage Ratio (DSCR) of 1.25 means what in practical terms? → NOI covers debt service by 25% more than required
3. Why would you and your owner(s) want to learn the value of your portfolio? → All of the above
4. A portfolio supervisor wants to implement a resident referral program. What is the primary benefit of such a program from a cost perspective? → It reduces resident acquisition cost compared to traditional advertising channels
5. A CAPS manager is prioritizing capital improvements across a 500-unit portfolio. Which framework is most appropriate? → Prioritize by safety risk, deferred maintenance impact, and ROI
6. Which KPI best helps a portfolio supervisor compare resident relations performance across properties of different sizes? → Resident satisfaction score (percentage favorable)
7. What does Net Operating Income (NOI) represent in apartment portfolio management? → Gross revenue minus all operating expenses excluding debt service
8. Which of the following is the primary objective of effective multifamily property management? → Enhancing resident satisfaction and retention
9. A CAPS supervisor notices that one property has a renewal rate 15% below the portfolio average. What should be the FIRST step? → Conduct resident exit surveys and analyze move-out reason codes
10. Which law is designed to prevent discrimination against people that are not U.S. citizens but have legal status to work in the United States? → The Immigration Reform and Control Act of 1986 (IRCA)
11. Which of the following data points should a portfolio supervisor use to calculate the cost of resident turnover at a single property? → Lost rent from vacancy, make-ready costs, leasing commissions, and marketing expenses
12. Which reporting frequency is most appropriate for delinquency monitoring in a large apartment portfolio? → Weekly, to enable early intervention before balances grow uncollectible
13. What is the role of Gallup engagement factors in Certified Apartment Portfolio Supervisor (CAPS) Exam? → Employee Engagement
14. Which inspection type focuses specifically on ensuring a unit is returned to its original condition, minus normal wear and tear, at move-out? → Move-Out Inspection
15. Which of the several goals below is NOT what an owner might have for the portfolio. → Rate of interest
16. Which building system typically represents the largest capital replacement cost in an aging multifamily portfolio? → Roofing systems
17. What is 'traffic source analysis' in apartment leasing? → Tracking which marketing channels generate the most qualified leads and leases
18. What financial metric is used to evaluate the efficiency of a property's operations regardless of its financing structure? → Operating Expense Ratio (OER)
19. In apartment portfolio management, what is 'expense reimbursement' income? → Income collected from tenants for utilities or services they are billed back for
20. What is NOT one of the five most common types of incidents in real property management? → Content Creation
21. Which of the following is a key benefit of implementing a comprehensive property management software system for a portfolio? → It automates financial reporting and enhances data accuracy
22. What technology enables residents to submit and track maintenance requests without calling or visiting the leasing office? → Online resident portal with integrated maintenance request submission and status tracking
23. Which approach should a CAPS manager use when a portfolio property's actual expenses consistently exceed budget by 15%? → Conduct a line-by-line expense audit and revise budget assumptions
24. When managing vendor contracts for maintenance services across a portfolio, what contract clause is most important for controlling costs? → Not-to-exceed (NTE) pricing limits on time-and-materials work
25. What does 'net absorption' measure in multifamily market analysis? → The net change in occupied units over a given period, indicating demand relative to supply
26. What does the term 'loss-to-lease' represent in multifamily financial analysis? → The difference between market rent and actual contracted rent on occupied units
27. Which of the options below are NOT one of the five steps to the basic coaching process? → Dismiss Alignment on the Performance Issue
28. Integrating debt collection with property management software can be very successful since it depends on site level interaction. → FALSE
29. A CAPS supervisor is evaluating whether to refinance a portfolio property. Which factor most directly affects the refinancing decision? → Current interest rates vs. existing loan rate and remaining loan term
30. What is the primary purpose of conducting a market analysis for a property portfolio? → To assess competitive positioning and identify potential investment opportunities