Maintenance and Capital Improvements Flashcards
6 cards from real CAPS practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Maintenance and Capital Improvements flashcards as text
What distinguishes a capital expenditure (CapEx) from an operating expense (OpEx) in apartment portfolio accounting?
Answer: CapEx extends a property's useful life or adds value; OpEx maintains current condition
Capital expenditures improve or extend asset life (e.g., new roof), while operating expenses maintain the property in its current state (e.g., routine repairs).
Which preventive maintenance practice most effectively reduces HVAC system replacement costs across a large portfolio?
Answer: Scheduled filter changes and coil cleanings on a set calendar
Regular filter changes and coil cleanings prevent overheating and compressor stress, extending HVAC lifespan significantly.
A CAPS manager is prioritizing capital improvements across a 500-unit portfolio. Which framework is most appropriate?
Answer: Prioritize by safety risk, deferred maintenance impact, and ROI
A risk-based prioritization framework ensures safety issues are addressed first, followed by high-impact deferred items and those with strong ROI.
What is a 'make-ready' process in apartment management?
Answer: The workflow to prepare a vacant unit for a new resident after the previous tenant moves out
The make-ready process encompasses cleaning, repairs, painting, and inspections performed on a unit between tenancies to return it to rentable condition.
Which metric measures the average time from a maintenance work order being submitted to its completion?
Answer: Mean Time to Resolution (MTTR)
MTTR tracks the average duration from work order creation to completion, reflecting maintenance team efficiency and resident satisfaction.
What is the primary purpose of a Property Condition Assessment (PCA) in portfolio management?
Answer: To identify existing deficiencies and project future capital needs over a 10–20 year horizon
A PCA (also called a capital needs assessment) documents current physical condition and forecasts capital expenditure requirements for planning and acquisition purposes.