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CMCA Test Preparation Questions with Answers
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CMCA Test Preparation Questions with Answers
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CMCA Test Preparation Questions withAnswers
Architectural Guideline - ✔✔A rule that applies to the appearance of an owner's lot or the
exterior of his/her unit or improvements.
Rules Cover what areas - ✔✔Behavior, Use of common property, Use of individual lots/units,
Appearance of individual lots/ units.
4 types of Resolutions - ✔✔General, Administrative, Special and Policy or "GASP" for short.
(Page 57)
Book of Resolutions - ✔✔Orderly indexed record of the resolutions adopted by the Board.
Resolution Format - ✔✔Purpose, Authority, Scope/ Intent, Specifications or "PASS" for short.
Alternative Dispute Resolution - ✔✔Uses a trained 3rd party to help resolve a problem.
Similar to Arbitration but decisions are non-binding.
Budget - ✔✔Annual financial plan for an organization.
Sources of Budget Requirements - ✔✔Governing Docs, Federal & Local laws, State statutes,
regulations and case law.
Which agencies require an HOA budget - ✔✔Fannie/ Freddie, FHA, VA, etc
Sources of Revenue - ✔✔Assessments, Interest, Late Fees, Fines, etc.
, Types of Expenses - ✔✔Operating, Major/ Capital Improvements, Replacement of existing
components.
Chart of Accounts - ✔✔Organized list of the titles, descriptions and assigned numbers of all
accounts in an organizations general ledger.
Two types of budget preparation - ✔✔Zero-based and Historical trend.
Percent funded reserve account - ✔✔Allows the HOA to measure the relative size of their
replacement reserves compared to a fully funded reserve balance.
Acceleration - ✔✔Collection of all assessments due through the end of the fiscal year.
Extra Judicial remedies for collection of assessments - ✔✔Late charges/ interest, requiring a
sec deposit, suspending owners use privileges or voting rights.
Lien - ✔✔Legal claim by one party on the property of another to obtain the payment of a
debt or satisfaction of an obligation.
Foreclosure - ✔✔Legal proceeding filed in court whereby a party with a claim against an
owner can claim ownership of the unit involved in order to recover the money it is owed.
3 types of bankruptcy filings - ✔✔Chapter 7 (liquidation), Chapter 11 (corporate
reorganization), Chapter 13 (personal reorganization).
Accounting Methods for an HOA - ✔✔Cash basis (received/ goes out), accrual basis (earned/
incurred) and modified cash basis (earned/ goes out).
3 components of a financial report - ✔✔Income, expense and net revenue (or loss).
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