Risk Assessment and Management Flashcards
7 cards from real CAM practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Risk Assessment and Management flashcards as text
Under the Fair Housing Act, which risk management practice helps prevent discrimination claims during the leasing process?
Answer: Applying consistent written screening criteria to all applicants
Consistent written criteria applied uniformly to all applicants is the cornerstone of Fair Housing compliance in screening.
A property manager wants to reduce liability exposure from pool accidents. Which combination of measures is MOST effective?
Answer: Installing fencing, posting rules, and enforcing adult supervision policies
Layered controls—physical barriers, posted rules, and supervision policies—provide the most comprehensive pool risk management.
Which document should a property manager maintain to demonstrate due diligence in risk management for a premises liability claim?
Answer: Inspection logs and maintenance work orders
Inspection logs and completed work orders show the property was regularly monitored and hazards were addressed promptly.
What is the primary purpose of business interruption insurance for an apartment community?
Answer: To replace lost rental income while the property is being repaired
Business interruption insurance compensates for rental income lost while the property is uninhabitable due to a covered loss.
When a resident reports a carbon monoxide detector is not functioning, how should a property manager respond under a risk management protocol?
Answer: Replace the detector within 24 hours and document the action
Carbon monoxide is a life-safety issue requiring immediate replacement and documentation to reduce liability.
Which risk transfer mechanism requires a contractor performing work on the property to add the property owner as an additional insured?
Answer: Additional insured endorsement on the contractor's policy
An additional insured endorsement extends the contractor's liability coverage to protect the property owner for claims arising from the contractor's work.
A fire destroys a storage facility on the property, damaging resident belongings. Who is typically responsible for compensating residents for their personal property losses?
Answer: The resident's renter's insurance
Residents' personal property losses are covered by their own renter's insurance, not the property owner's policy.