Certified Apartment Portfolio Supervisor (CAPS) Practice Exam - Module 2

Which of the following is NOT typically included in anticipated expenses?

1. Payroll

2. Tenant repair requests

3. Property taxes

4. Insurance premiums

The correct answer is: Tenant repair requests

Anticipated expenses in property management generally encompass costs that are regularly incurred and expected to be paid within a given period. Each of the listed choices is a common expense type, but tenant repair requests are somewhat unique because they are unpredictable and arise at the discretion of the tenants rather than being scheduled or budgeted items. Payroll, property taxes, and insurance premiums are consistent expenses that can be planned for and typically recur over time. They form a core part of property management's anticipated budget because they are necessary for maintaining operations, compliance, and risk management. Conversely, tenant repair requests may vary widely in frequency and cost, making them less reliable for budgeting purposes and thus are typically not included in a routine list of anticipated expenses.