M100 COMMUNITY ASSOCIATION MANAGEMENT WITH COMPLETE SOLUTIONS 100%
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Course
M100
Institution
M100
M100 COMMUNITY
Here are the true/false questions and multiple-choice items with the information modified to avoid copyright
COMPLETE SOLUTIONS 100%
1. **True or false:** A contract is an agreement between two or more parties, enforceable by law, by which each party promises to do, or not to ...
M100 COMMUNITY
Here are the true/false questions and multiple-choice items with the information modified to avoid
copyright
COMPLETE SOLUTIONS 100%
1. **True or false:** A contract is an agreement between two or more parties, enforceable by law, by
which each party promises to do, or not to do, something.
- **True**
2. **True or false:** When deciding whether to have staff members or a contractor perform a task, a
manager should consider where tools, equipment, and supplies will be stored—and the liability
involved.
- **True**
3. **True or false:** The bidding process and requests for proposals should be used primarily for
smaller jobs or purchases of one-time services.
- **False**
4. **True or false:** A good resource for identifying potential contractors is referrals from supply firms
doing business with the community association.
- **True**
5. **Complete the following sentence:** A ______________ is a promise or guarantee that parts,
materials, or labor will last for a designated period of time.
- **b. warranty**
,6. **Which of the following contract provisions means that if the contractor's employees, agents, or
subcontractors damage any common or individual property in the community while performing
contracted work, the contractor agrees to fully restore the property to its original condition?**
- **c. restoration**
7. **Complete the following sentence:** A ______________ is a guarantee by a surety (a third party) to
protect the community association if the contractor fails to perform or finish the work.
- **c. performance bond**
8. **True or false:** The manager should sign all contracts on behalf of the community association.
- **False**
9. **Community association employees are obligated to do each of the following EXCEPT:**
- **d. participate in the association's health insurance program**
10. **True or false:** If a community association has just one part-time employee, it doesn't need a
written personnel manual or employee handbook.
- **False**
11. **The federal government prohibits discrimination against otherwise qualified people for each of
the following characteristics EXCEPT:**
- **c. skill**
12. **True or false:** Exhibiting and encouraging preferential treatment of employees is a great way to
avoid employee claims of discrimination.
- **False**
,13. **True or false:** A community association employee who supervises other staff members is
automatically classified as salaried (or exempt).
- **False**
14. **Which of the following federal laws regulate working conditions, specialized training, safety
equipment, the posting of warnings related to products and work site conditions, and the reporting of
accidents?**
- **b. Occupational Safety and Health Act**
15. **True or false:** Employees are finished with training after they receive their initial training for a
job.
- **False**
16. **Complete the following sentence:** Performance ____________ are those regular and special
tasks management expects an employee to perform during a certain time period.
- **b. goals**
17. **True or false:** It's generally a good idea to schedule a performance evaluation meeting with an
employee in a public place.
- **False**
18. **A community association is within its legal rights to dismiss an employee without cause or
progressive discipline for which of the following reasons?**
- **a. substance abuse on the job**
If you have any more questions or need furter modifications, feel free to ask!
---
, The community treasurer is typically responsible for overseeing the preparation and review of the draft
budget. Often, the initial budget preparation is delegated to the manager. Afterward, the treasurer will
review the draft with a finance committee. It is crucial for the treasurer to consult with all committee
chairs and seek input from owners to ensure broad support.
---
Among the federally established secondary mortgage institutions, which of the following is NOT one of
them?
a. Environmental Protection Agency
b. Federal National Mortgage Association
c. Veterans' Administration
d. Federal Home Loan Mortgage Corporation
**Answer: a. Environmental Protection Agency**
Secondary mortgage institutions may set requirements that community associations must meet for
owners to participate in their financing programs. These requirements can include insurance levels,
financial operations procedures, and property upkeep. The Environmental Protection Agency does not
fall under this category.
---
True or false: The two main components of a community budget are revenue and expenses.
**Answer: True**
A community budget’s two primary components are revenue and expenses. These categories must align
with those used in financial records, reports, and statements.
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