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
A property manager is creating a disaster preparedness plan. Which scenario requires a specific written evacuation procedure?
Answer: A gas leak detected in the building
A gas leak is an emergency requiring a documented evacuation procedure to ensure all residents can exit safely.
Under OSHA standards, which practice is required when maintenance staff use hazardous chemicals on the property?
Answer: Maintain Safety Data Sheets (SDS) accessible to all workers
OSHA's Hazard Communication Standard requires employers to maintain accessible Safety Data Sheets for all hazardous chemicals used.
What is the term for the process of identifying, evaluating, and prioritizing risks followed by applying resources to minimize their impact?
Answer: Risk management
Risk management is the systematic process of identifying, assessing, and prioritizing risks to minimize their probability and impact.
A property manager notices a significant increase in liability claims from one specific building. What analytical approach should be used first?
Answer: Conduct a root cause analysis to identify common factors among claims
Root cause analysis identifies underlying patterns that connect multiple claims, enabling targeted corrective action.
Which of the following best describes an 'umbrella liability policy' in the context of apartment management?
Answer: Excess liability coverage that activates when underlying policy limits are exhausted
An umbrella policy provides an additional layer of liability coverage above the limits of existing primary policies.
A prospective resident with a prior eviction applies to rent at your community. Under risk management best practices, the manager should:
Answer: Apply written criteria consistently and evaluate the full rental history context
Consistent application of written criteria allows a fair evaluation while protecting against both financial risk and Fair Housing liability.
Which insurance coverage protects a property management company from claims alleging errors in professional services rendered?
Answer: Errors and Omissions (E&O) insurance
E&O insurance covers claims arising from professional mistakes, negligent acts, or omissions in property management services.