Exam (elaborations)
CMCA LATEST 2024 – 2025 ALL POSSIBLE 400 EXAM QUESTIONS WITH CORRECT DETAILED (VERIFIED) ANSWERS/ RATED A+
CMCA LATEST 2024 – 2025 ALL POSSIBLE 400 EXAM QUESTIONS WITH CORRECT DETAILED (VERIFIED) ANSWERS/ RATED A+
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1CMCA LATEST 2024 – 2025 ALL
POSSIBLE 400 EXAM QUESTIONS WITH
CORRECT DETAILED (VERIFIED) ANSWERS/
RATED A+
a type of insurance coverage that has limited value to a community association: -
ANSWER - assessment fee receivable
a component of building ordinance insurance coverage includes: - ANSWER - extra
demolition
what section of an insurance policy describes the coverage limits, deductibles, policy
period, and premium? - ANSWER - declaration page
liability claims should be sent to the insurer: - ANSWER - without admitting negligence
when an association contracts all of its employees, it is a best business practice to: -
ANSWER - negotiate contracts within the bidding process
what does coinsurance obligate the association to do? - ANSWER - maintain certain
limits of insurance
Which type of management is the process of operating, maintaining, repairing, and
replacing common property? - ANSWER - Facilities
The higher a document's place in the hierarchy, the: - ANSWER - greater its legal
weight in a court of law
Based on which type of requirements would you choose a contractor over the
association to complete work? - ANSWER - requires supervision, expertise required
and low urgency
, 2
Who is required to be present for an annual association membership
meeting to conduct business? - ANSWER - a quorum of the members
Which of the following would a condominium unit member's personal insurance policy
cover when it is the primary insurance policy? - ANSWER - bodily injury due to a slip
and fall within a member's unit
Which contract covers the costs of all labor and materials?
a. cost and fees
b. repair service
c. lump sum
d. time and materials - Correct Answer - D
Your community association should have established dismissal policies and procedures
in its:
a. performance evaluation program
b. interview process
c. employee handbook
d. employment records and files - Correct Answer - C
A community association wants to develop a RFP to repair or replace roofs of properties
that were damaged in a recent storm. Who should prepare the extensive specifications
for the job?
a. board members
b. association manager
c. third-party expert
d. possible contractor - Correct Answer - C
, 3
Each of the following agencies are federally established secondary
mortgage institutions except:
a. Environmental Protection Agency
b. Federal National Mortgage Assocation
c. Veterans' Administration
d. Federal Home Loan Mortgage Corporation - Correct Answer - A
True or false: the two main components of a community budget are revenue and
expenses. - Correct Answer - T
Which of the following is not a typical source of revenue for a community association? a.
owner assessments
b. major improvement expenses
c. penalty fees
d. interest - Correct Answer - B
Each of the following are reasons for maintaining a reserve account except:
a. maintaining a reserve account meets legal, fiduciary, and professional requirements
b. maintaining a reserve account increases the likelihood that an association will require
a special assessment
c. maintaining a reserve account equalizes the contributions of old and new owners
d. maintaining a reserve account enhances resale values - Correct Answer - B
Which of the following is an example of a discretionary line item in a community budget?
a. newsletter
b. income taxes
c. utilities
, 4
d. maintenance - Correct Answer - A
Annual meetings are intended to prove a forum: a.
in which owners expand their power
b. for all business, elections and reports stated
c. for owners to decide special issues
d. to allow the board to take action at a special meeting - Correct Answer - B
A job description should include: a.
required duties of the position
b. a list of paydays and holidays
c. salary and benefits
d. reporting relationships - Correct Answer - A
When an organization is interested in receiving proposals for a particular project, what
should it develop?
a. bid specification
b. bid request
c. bid qualifications sheet
d. bid statement of work - Correct Answer - B
Who is entitled to vote when more than one person owns a unit or lot? a.
all owners are entitled and their vote is split
b. all owners are entitled and each gets a vote
c. neither owner is entitled and they must have a proxy in order to vote
d. owners should vote in concert, with one owner designated to cast the vote - Correct
Answer - D
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