Glossary of Terms

• 72-hour Notice of Non-payment of Rent: A legal notice sent the the resident notifying them that if rent is not paid within the required timeline, an eviction will be filed.
• Adverse Action Letter: A letter provided to an applicant for a property who has received anything other than a full approval. For example, an applicant who has received a conditional approval or a denial would receive an adverse action letter.
• Applicant: An individual that is applying to live in a property.
• Arbitration: A potentially binding decision by a neutral third party who hears the merits of a dispute and makes a decision. This is a less expensive option that going to court.
• Assistance Animal: an animal, sometimes trained, kept and maintained by an individual to provide a service to someone with a disability.
• Bid: A proposal to complete a job for a specific price as outlined in the bid.
• Bill: A notice that payment is due.
• Buildium: a world class property management software to assist property managers with the day to day management of their portfolio.
• Comparative Market Analysis (CMA): Is an evaluation of what a property could sell for at a future date. This report using comparable properties, the agents knowledge of the market and recent trends to arrive at an educated guess at future value.
• Department of Housing and Urban Development (HUD): A federal agency that oversees housing programs, grants and urban development throughout the United States.
• Estimate: A written description of what something may cost to perform.
• Eviction: The legal process of removing a tenant from your property for either non-payment or lease violations.
• Execution Agreement: The official agreement where a tenant has paid a security deposit and committed to living in the property, but the management company or the owner still have the power to exit the agreement.
• First Appearance: When an eviction is filed, first appearance gives each party a chance to work out their differences or agree to move forward to trial.
• For Cause Termination: A notice used to give a resident a warning to correct conduct. Failure to do so will result in the termination of the tenancy.
• Forcible Entry Unlawful Detainer (FED): Is the legal process of resolving a dispute about who has the right to possession of the property. This is commonly referred to as an eviction.
• Forfeited Security Deposit: Funds withheld from a residents security deposit and transferred to the property owner.
• Invoice: A written document showing what job was performed, when, where and the cost, often with a due date.
• Jury Trial: A group of peers hear the merits of a case and make a decision about who is responsible and what the responsible party will be required to do to make the damaged party whole.
• Lease Break: A tenant chooses to end their lease before its expiration
• Lease Renewal: The process of offering, negotiating and securing a lease that will start after the initial lease ends.
• Lease: A contract between the landlord and resident for a stated period of time, at a specific rate with terms that govern the overall relationship.
• Maintenance Technician: A service provider that handles light and minor repairs. They do not carry specialty licenses such as electrical or plumbing.
• Mechanical Checklist: A detailed checklist that verifies all mechanical aspects of the property are move-in ready. The list takes about 2-4 hours on average to complete a proper evaluation..
• Mediation: A non-binding format where a neutral third party attempts to work with parties in dispute so that they can reach a mutual resolution.
• Multifamily Property: Generally refers to apartment buildings or buildings with more than 5 units.
• National Association of Residential Property Managers (NARPM): A national organization dedicated to the education and improvement of residential property manager.
• Non-Compliance Notice: A notice issued when a resident has failed to comply with their rental agreement. This notice is used to address very specific issues and is not used as a general notice. The notice can, if sent more than once result in a fine to the resident.
• Notice of Restitution: A document filed with the court asking that the property be returned to the rightful party.
• On-Boarding: The process of learning about client goals and briefing new clients on expectations, rent ready standards and company policies and procedures.
• Pet: an animal kept and maintained by an individual for enjoyment
• Plexes: Shorthand for buildings with 2-4 units.
• Portland City Council: A body of city-wide Commissioners led by the Mayor who write city policies and manage key bureaus such as Police, Fire, Housing, etc.
• Property Meld: Property Meld is a cutting edge maintenance automation tool that facilitates seamless communication between residents, property managers and vendors..
• Reasonable Accommodation/Modification: A formal request made by someone who qualifies under the Americans with Disabilities Act (ADA) for the landlord to allow for our modify an aspect of their operation.
• Rental Analysis: A estimate of what the property will rent for at a future date.
• Rental Owner Statement: A monthly report delivered on the 20th of the month or next business day that accounts for all income, expenses and owner draws.
• Rental Services Commission (RSC): A committee formed by the City of Portland to serve in an advisory role regarding issues that impact landlords and tenants.
• Security Deposit: Money provided by the resident as collateral should they fail to follow the lease or cause property damage. This money is the residents money unless the resident does something that would cause the landlord to have a legitimate claim against it.
• Sheriff Lockout: The final step in the eviction process. The county sheriff visits the property and removes anyone unlawfully living at the property.
• Single Family Residence (SFR): A residential home that usually houses one household.
• Stipulated Agreement: An agreement between the landlord and tenant after first appearance to agree to do, or no do specific things. If this agreement is breached, the eviction process will continue.
• Summons and Complaint: A formal notice to appear in court which includes the issue being disputed.
• Trespass: Either a tenant, manger, landlord, or person being on the property without authority or notice. In Portland if a manager enters a tenant home without providing 24-hour notice this would be considered trespassing
• Utility Bill Back Income: Commonly used in multifamily housing, a utility bill back also known as a Ratio Utility Billing System (RUBS) is the portion of utilities a resident reimburses the landlord for. This is often a fixed amount such as $75.00 a month for water, sewer, garbage, but it can be calculated using other methods.
• Utility Income: Income received for Trash and Recycling.
• Violation Notice: A written warning from the landlord to the tenant notifying them they are not in compliance with their rental agreement.
• Walk-through Report: Refers to the physical walk-through Sleep Sound conducts to evaluate the general condition of the property, identify any lease violations and deferred maintenance. This is a visual inspection and is not a property inspection.
• Writ of Execution: A step in the eviction process. A writ of execution is filed after the notice of restitution. It directs the sheriff to visit the property and ensure possession is returned to the rightful party.