CHPA Industry Terms(The CHPA-
approved industry terms are used to
support the terminology employed on
the Certified Corporate Housing
Professional (CCHP) exam. These
terms are developed by the CCHP Task
Force and approved by the CHPA
Board of Directors)2024.
Additional Living Expense (ALE) Coverage - Answer 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
under 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 - Answer 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 - Answer 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 - Answer 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) - Answer 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 - Answer The term used to define individuals born between the years
1946-1964.
Backfill - Answer 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.
, CHPA Industry Terms(The CHPA-
approved industry terms are used to
support the terminology employed on
the Certified Corporate Housing
Professional (CCHP) exam. These
terms are developed by the CCHP Task
Force and approved by the CHPA
Board of Directors)2024.
Benefit Period - Answer 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 - Answer A service that occurs on a routine basis every
other month.
Bi-Weekly Service Rotation - Answer A service that occurs on a routine basis every
other week.
Branding - Answer 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 - Answer 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 - Answer An agreement with a client that encompasses
one or multiple units combined with a reservation confirmation.
Close-Out Procedures - Answer 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.
Core (Corporate) Units - Answer Units that you have signed a lease directly with the
property or in a building that you lease/own.
Corporate Housing - Answer Corporate housing is defined as a furnished apartment,
condominium or house, made available for rent or let on a temporary basis, primarily
for 30 days or more. Corporate Housing typically includes the following features:
Furniture, full kitchen, private bath, linens, housewares, electronics and utilities.
approved industry terms are used to
support the terminology employed on
the Certified Corporate Housing
Professional (CCHP) exam. These
terms are developed by the CCHP Task
Force and approved by the CHPA
Board of Directors)2024.
Additional Living Expense (ALE) Coverage - Answer 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
under 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 - Answer 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 - Answer 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 - Answer 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) - Answer 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 - Answer The term used to define individuals born between the years
1946-1964.
Backfill - Answer 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.
, CHPA Industry Terms(The CHPA-
approved industry terms are used to
support the terminology employed on
the Certified Corporate Housing
Professional (CCHP) exam. These
terms are developed by the CCHP Task
Force and approved by the CHPA
Board of Directors)2024.
Benefit Period - Answer 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 - Answer A service that occurs on a routine basis every
other month.
Bi-Weekly Service Rotation - Answer A service that occurs on a routine basis every
other week.
Branding - Answer 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 - Answer 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 - Answer An agreement with a client that encompasses
one or multiple units combined with a reservation confirmation.
Close-Out Procedures - Answer 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.
Core (Corporate) Units - Answer Units that you have signed a lease directly with the
property or in a building that you lease/own.
Corporate Housing - Answer Corporate housing is defined as a furnished apartment,
condominium or house, made available for rent or let on a temporary basis, primarily
for 30 days or more. Corporate Housing typically includes the following features:
Furniture, full kitchen, private bath, linens, housewares, electronics and utilities.
