CHPA INDUSTRY TERMS
STUDY QUESTIONS AND
CORRECT ANSWERS
GRADED A+ 2025-2026
Additional Living Expense (ALE) Coverage - ANS-A type of insurance included within
homeowners' policies. ALE coverage reimburses the insured for the cost of maintaining
a comparable standard of living following a covered loss that exceeds the insured's
normal expenses prior to the loss. For example, additional living expense insurance
would cover an insured's motel bill while fire damage to the home is being repaired,
the home is replaced, or until the insured moves to a permanent residence. ALE
coverage is subject to a limit equal to 30 percent of the dwelling limit unde r forms HO-
2, HO-3, and HO-5. For form HO-8, ALE is 10 percent of the dwelling limit. Under the
tenant's policy (HO-4), ALE is 30 percent of the personal property limit, while under the
condominium unit owners policy (HO-6), the limit of ALE is 50 percent of the personal
property limit. Also, see Fair Rental Value.
Affiliate/Alliance Partner - ANS-An Affiliate/Alliance Partner is another corporate
housing company that corporate housing companies engage with to rent apartments
from to fulfill needs, and vice versa. These partnerships are ongoing and often are
continued through a service level agreement (SLA). Normally all of an Affiliate/Alliance
Partner's inventory is fully furnished and includes utilities.
Apartment Set-Up - ANS-The process includes all of the steps required to transform a
vacant unit to a corporate apartment including securing the unit with a lease, setting
up utilities, delivery of furniture and housewares.
Available Unit - ANS-A unit that is leased from a landlord is considered available if it is
on lease during the dates being reported.
, Average Daily Rate (ADR) - ANS-The average daily rate is calculated by dividing the
total month's rental revenue by the total number of occupied unit nights for the
month.
Baby Boomers - ANS-The term used to define individuals born between the years 1946-
1964.
Backfill - ANS-An apartment that is currently on a long-term lease, as a core unit, that
is occupied and will be filled by a new client/guest upon move out of existing
client/guest. This will continue during the entire length of the lease.
Benefit Period - ANS-The specified duration of time in which the client agrees to cover
charges of goods and/or services provided by a supplier.
Bi-Monthly Service Rotation - ANS-A service that occurs on a routine basis every other
month.
Bi-Weekly Service Rotation - ANS-A service that occurs on a routine basis every other
week.
Branding - ANS-The process of creating and maintaining a consistent image of a
product or service Client- The contact that is securing/negotiating the lease on behalf
of the occupant.
Channel Manager - ANS-Channel Management is the process of managing online
distribution channels in order to sell hotel/furnished apartment inventory to various
agents across the globe. Channel management allows you to partner with large agents,
such as OTAs, as well as smaller retail agents in different markets.
Client Master Agreement - ANS-An agreement with a client that encompasses one o r
multiple units combined with a reservation confirmation.
Close-Out Procedures - ANS-The process includes all of the steps required to transform
a corporate apartment to a vacant unit including giving the required notice to vacate,
removal of all furniture and housewares, as well as disconnecting all of the utilities.
STUDY QUESTIONS AND
CORRECT ANSWERS
GRADED A+ 2025-2026
Additional Living Expense (ALE) Coverage - ANS-A type of insurance included within
homeowners' policies. ALE coverage reimburses the insured for the cost of maintaining
a comparable standard of living following a covered loss that exceeds the insured's
normal expenses prior to the loss. For example, additional living expense insurance
would cover an insured's motel bill while fire damage to the home is being repaired,
the home is replaced, or until the insured moves to a permanent residence. ALE
coverage is subject to a limit equal to 30 percent of the dwelling limit unde r forms HO-
2, HO-3, and HO-5. For form HO-8, ALE is 10 percent of the dwelling limit. Under the
tenant's policy (HO-4), ALE is 30 percent of the personal property limit, while under the
condominium unit owners policy (HO-6), the limit of ALE is 50 percent of the personal
property limit. Also, see Fair Rental Value.
Affiliate/Alliance Partner - ANS-An Affiliate/Alliance Partner is another corporate
housing company that corporate housing companies engage with to rent apartments
from to fulfill needs, and vice versa. These partnerships are ongoing and often are
continued through a service level agreement (SLA). Normally all of an Affiliate/Alliance
Partner's inventory is fully furnished and includes utilities.
Apartment Set-Up - ANS-The process includes all of the steps required to transform a
vacant unit to a corporate apartment including securing the unit with a lease, setting
up utilities, delivery of furniture and housewares.
Available Unit - ANS-A unit that is leased from a landlord is considered available if it is
on lease during the dates being reported.
, Average Daily Rate (ADR) - ANS-The average daily rate is calculated by dividing the
total month's rental revenue by the total number of occupied unit nights for the
month.
Baby Boomers - ANS-The term used to define individuals born between the years 1946-
1964.
Backfill - ANS-An apartment that is currently on a long-term lease, as a core unit, that
is occupied and will be filled by a new client/guest upon move out of existing
client/guest. This will continue during the entire length of the lease.
Benefit Period - ANS-The specified duration of time in which the client agrees to cover
charges of goods and/or services provided by a supplier.
Bi-Monthly Service Rotation - ANS-A service that occurs on a routine basis every other
month.
Bi-Weekly Service Rotation - ANS-A service that occurs on a routine basis every other
week.
Branding - ANS-The process of creating and maintaining a consistent image of a
product or service Client- The contact that is securing/negotiating the lease on behalf
of the occupant.
Channel Manager - ANS-Channel Management is the process of managing online
distribution channels in order to sell hotel/furnished apartment inventory to various
agents across the globe. Channel management allows you to partner with large agents,
such as OTAs, as well as smaller retail agents in different markets.
Client Master Agreement - ANS-An agreement with a client that encompasses one o r
multiple units combined with a reservation confirmation.
Close-Out Procedures - ANS-The process includes all of the steps required to transform
a corporate apartment to a vacant unit including giving the required notice to vacate,
removal of all furniture and housewares, as well as disconnecting all of the utilities.
