Exam (elaborations)
CMCA PRACTICE EXAM LATEST UPDATE 2024/2025 COMPLETE SOLUTION PACKAGE
- Course
- Institution
CMCA PRACTICE EXAM LATEST UPDATE 2024/2025 COMPLETE SOLUTION PACKAGE
[Show more]
Content preview
,Certified Manager of Community Associations (CMCA)1. Quorum requirements conflicts are resolved by:
a. state statute.
b. the board of directors.
c. a vote of those present at a meeting.
d. appointment of a person as a proxy. Correct Answer: A
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 accounts.
e. association will recover any funds lost through employee dishonesty. Correct
Answer: E
3. Which type of management is the process of operating, maintaining, repairing,
and replacing common property?
a. Human Resources
b. Facilities
c. Financial
d. Risk Correct Answer: B
4. The higher a document's place in the hierarchy, the:
a. harder it is to implement.
b. greater its power with the board.
c. more it is regulated legally.
d. greater its legal weight in a court of law. Correct Answer: D
5. Based on which type of requirements would you choose a contractor over the
association to complete work?
a. Low urgency, costs adequate tools available
b. High urgency, low supervision and training possibly needed
,c. Requires supervision, expertise required and low urgency
d. Low Costs, high urgency and borrowed tools Correct Answer: C
6. Who is required to be present for an annual association membership meeting to
conduct business?
a. The treasurer and the secretary
b. A quorum of the board of directors
c. All members of the board of directors
d. A quorum of the members Correct Answer: D
Which of the following would a condominium unit member's personal insurance
policy cover when it is the
primary insurance policy?
a. Wind damage to the roof of the member's unit.
b. Bodily injury due to a slip and fall in the common area in front of the member's
unit.
c. Bodily injury due to the association using the member's automobile.
d. Bodily injury due to a slip and fall within a member's unit.
e. Fire damage to the association's unimproved common walls. Correct Answer: D
8. Community association governing documents and state statutes may require who
to be involved in preparing
annual reports?
a. A CPA
b. The owners
c. An ad hoc committee
d. The management company Correct Answer: A
9. What is a typical management control used to identify physical assets?
a. Checklist
b. Charts of information
c. Inventory
d. Calendar or schedule Correct Answer: C
10. When a contractor fails to perform to the terms of the contract, which provision
in the contract allows the
, association to terminate?
a. Default provisions
b. Warranty provisions
c. Insurance provisions
d. Performance provisions Correct Answer: A
11. Where can an individual find the owner and association's maintenance
responsibilities?
a. The plat map
b. The declaration
c. The state statute
d. The lease Correct Answer: B
12. At the monthly board meeting, it is the role of the manager to do all of the
following except:
a. implement the decisions of the board.
b. call for a vote on an issue.
c. keep discussions on target.
d. act as a resource to the board. Correct Answer: B
13. All of the following are goals of maintenance in a community association
except:
a. meeting the needs of the residents.
b. preserving and enhancing the common property.
c. limiting injury to residents, guests and employees.
d. increasing the association's profits. Correct Answer: D
14. The use of parliamentary procedure during meetings helps to ensure that:
a. quorum requirements are met.
b. only effective motions are made.
c. the board considers one item of business at a time.
d. the presiding officer is knowledgeable of meeting procedures. Correct Answer: C
15. GAAP requires statements of ___________ for year-end reports for a
community association.
a. cash flows
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller BrieCouture. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $24.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
73243 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now