Rent Collection
Procedures
Procedures
TRUE or FALSE
Operational Funding is a revenue source that covers expenses like utilities, maintenance, landscaping and security deposits
TRUE
Operational Funding and also covers salaries
The team member who is fully accountable for all received payments, responsible for ensuring that each payment is documented correctly, and processed timely.
Who is the Property Manager
Which program charges a 5% late fee after the 5-day grace period?
What is Tax Credit
What do you call a returned payment notice from a payment processor?
What is NSF Notification
TRUE or FALSE
Community & Property upkeep is when consistent rental income enables management to maintain and improve community amenities
TRUE
Collecting rents allows management to maintain and make improvements to the property when needed
Signs placed at the entrance of a property, and in front of the leasing office indicating rent is due, are called what?
What are Bandit Signs
Which program charges a $10 flat fee after the 10-day grace period?
What is Rural Development
When an AR Specialist marks the payment as an NSF in Voyager, and applies applicable returned payment fees, and late charges, this is called?
NSF Completed
Collected rent that allows for staffing of essential positions including property managers, and maintenance teams is called?
What are Resident Services & Support
What are the various forms of acceptable rental payment methods?
Personal
Cashier's Check
Money Order
Credit or Debit
WIPS
Flex
Which program charges a $5 flat fee after the 5-day grace period and then $1 a day not to exceed $15?
What is HUD 50059
When an AR Specialist notifies a PM that a payment has been marked as returned, and fees has been applied, this process is called?
What is PM Notification
Multiple Choice: Resident Accountability (choose two)
A. Reinforce timely rent payments
B. Non-Renewal for excessive late payments
C. Overlooking Maintenance request
D. Issuing lease violations for loud noise
A & B
Although issuing a lease violation for loud noise is keeping the resident accountable for disturbances, this doesn't pertain to rent collections. Overlooking a maintenance request is the fault of the office statff
If the grace period falls on the weekend, and the resident payment date indicates the 5th and/or the 10th. Late fee charges should be ____________.
Reversed
True or False: If an eviction is filed on a household for late payments more than 2 times, rent should not be collected the 3rd time.
True
What is the process called when the PM issues a return payment notification to the household?
What is Resident Notice