CMCA EXAM 2024 REAL EXAM QUESTIONS AND CORRECT ANSWERS(VERIFIED ANSWERS)|AGRADE
2 views 0 purchase
Course
CMCA
Institution
CMCA
CMCA EXAM 2024 REAL EXAM QUESTIONS AND CORRECT ANSWERS(VERIFIED ANSWERS)|AGRADE
Ad hoc committee
Used when an objective needs consideration and no standing committee within the organization can absorb that issue into its scope. Usually these committees are used on a short-term basis, such as...
CMCA EXAM 2024 REAL EXAM QUESTIONS AND
CORRECT ANSWERS(VERIFIED ANSWERS)|
AGRADE
Ad hoc committee
Used when an objective needs consideration and no standing committee within the
organization can absorb that issue into its scope. Usually these committees are used on
a short-term basis, such as temporary oversight of an issue or review of the standing
rules of that community.
Alternative dispute resolution
Mediation, arbitration and other ways of resolving conflicts with the help of a specially
trained neutral third party without the need for a formal trial or hearing.
Appeal
A request for a review of a case by a higher authority—if permitted by the governing
documents or statute.
Articles of incorporation
Bring the corporation into existence, define its basic purposes and powers, indicate
whether stock will be issued, and indicate whether there will be a board of directors.
Board liaison system
Directors are assigned to certain committees to guide the committee on Board policy
and procedures and to report back to the Board. Directors serving as a liaison must
distinguish their role from the role of the committee chairperson.
Business judgment rule
If a board has exercised reasonable business judgment in making a decision, the court
will generally not consider the board negligent in its fiduciary duty, nor will the court
substitute its judgment for that of the board. However, the board must demonstrate how
it has taken care in reaching a decision.
Bylaws
Formally adopted governing regulations for the administration and management of a
community association.
CC & Rs (Covenants, Conditions & Restrictions)
The governing documents that dictate how the homeowners association operates and
what rules the owners—and their tenants and guests—must obey. These legal
documents might also be called the bylaws, the master deed, the houses rules or
another name.
Community association
A group of owners who wish to provide a communal basis for preserving, maintaining,
and enhancing their homes and property.
Condominium
A living unit fully owned by an individual with an undivided interest in the common
elements of the community. The community association itself owns no real estate as an
association.
Cooperative
, Wherein an individual owns stock or membership in the cooperative, and holds a
proprietary lease or occupancy agreement for his or her living unit.
Declaration
Declaration is used interchangeably with CC & Rs.
Default hearing
A hearing held when the alleged violator fails to appear.
Due process procedure
A formal process designed to protect the rights of all parties involved.
Employee handbook
Also known as a personnel manual. The employee handbook summarizes company
behavior requirements, outlines benefits offered and also gives tools that can be used to
enforce disciplinary action if needed.
Employment at will
This is a statement to the effect that the community association retains the right to
dismiss an employee without cause at any time.
Fiduciary duty
Requires directors to act in the best interests and for the benefit of the corporation, thus
the community as a whole.
Governing documents
Documents which provide for the legal structure and operation of the community.
Hearing notice
This is a written notice to an alleged violator that a hearing will be held to consider his or
her alleged violation.
Hierarchy of authority
Rules and architectural guidelines may not contradict or be in conflict with the legal
sources that take precedence over them.
Indemnification
To indemnify and hold harmless means to exempt an individual or entity from
responsibility for claims made against the organization and to reimburse the individual
or entity for damages or expenses incurred as a result of such claims.
Job description
A job description is a specific description of the required duties of a position, skills and
knowledge necessary to perform required duties, and reporting relationships of the
position.
Management audit
A management audit consists of a review of governing documents and existing policies
and procedures, current condition of the property, owner/resident satisfaction, and fiscal
operations.
Management ethics
The term 'ethics' refers to the specific choices to be made by an individual in his or her
relationships with others.
Management plan
A management plan is a statement of goals and objectives approved by the board.
Master association
An organization of homeowners in a large condominium or planned unit development
(PUD) which includes representatives from other, smaller homeowner organizations.
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 SUPERGRADES01. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.49. You're not tied to anything after your purchase.
