CMCA Exam Bundle Questions and Answers Already Pass A + Grade

The primary management control tool for identifying whether the association needs to maintain a particular property element is: A. Physical inspections B. Association bylaws C. Maintenance responsibility chart D. Community asset inventory - ANSWER-C. Maintenance responsibility chart along, wit...

Bylaws - ANSWER-Formally adopted governing regulations for the administration and management of a community association CC & Rs (Covenants, Conditions & Restrictions) - ANSWER-The governing documents that dictate how the homeowners association operates and what rules the owners—and their tena...

Fidelity insurance provides coverage to ensure that the: a. board will meet its fiduciary obligations. b. manager will faithfully follow all document provisions. c. association will be covered for shortfalls in the reserve accounts. d. association will recover any funds lost through employee dis...

2. Fidelity insurance provides coverage to ensure that the: a. board will meet its fiduciary obligations. b. manager will faithfully follow all document provisions. c. deductible in the association's insurance policies is reimbursed. d. association will be covered for shortfalls in the reserve ...

A. A purchase order system B. An equipment warranties C. A work order/response form D. A contractor's invoice C. Maintenance responsibility chart along, with the governing documents, defines parameters of association maintenance responsibility. The other answers have no bearing on necessit...

Bylaws - ANSWER-Formally adopted governing regulations for the administration and management of a community association CC & Rs (Covenants, Conditions & Restrictions) - ANSWER-The governing documents that dictate how the homeowners association operates and what rules the owners—and their tena...

2. Fidelity insurance provides coverage to ensure that the: a. board will meet its fiduciary obligations. b. manager will faithfully follow all document provisions. c. association will be covered for shortfalls in the reserve accounts. d. association will recover any funds lost through employee ...

b. membership in the community association is mandatory and automatic for all owners c. a requirement of community association ownership is attending board meetings d. certain documents bind all owners to be governed by the community association - ANSWER-c. each of the following are basic t...

1. d 2. b 3. c 4. a - ANSWER-MATCH 1. The process of operating, maintaining, repairing, and replacing common property - that is, the common elements or areas. 2. This is periodic maintenance to avoid disruptive breakdowns and to prolong the useful life of the physical asset in question. 3. Whi...

A contract is an agreement between two or more parties, enforceable by law, by which each party promises to do, or not do, something. d. retirement plan contributions - ANSWER-When deciding whether to have staff members or a contractor perform a task, a manager should consider each of the followi...

Contractual transfer - ANSWER-Involves entering into a contract that will, among other things, transfer the community association's legal responsibility for any loss. Exposure avoidance - ANSWER-Avoiding circumstances that would expose the community to certain types of loss. Loss prevention a...

board liaison system - ANSWER-directors assigned to certain committees to guide the committee on Board policy and procedures and to report back to the board fiduciary duty - ANSWER-requires directors to act in the best interest and for the benefit of the corporation management audit - ANSWER-a...

Your association just completed the eighth month of its fiscal year. Which financial report would be most useful to project year end expenses? - ANSWER-Statement of Revenue and Expense The best reasoning for recommending the modified accrual accounting method is that, compared to cash accounting,...

Risk management is the process of making and carrying out decisions that will minimize the adverse effects of accidental losses upon the community association. c. income exposure to loss - ANSWER-What type of Exposure to Loss for a community association is characterized by net losses that may inv...