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
pg. 1
,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
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
Community association governing documents and state statutes may require who to be
involved in preparing annual reports? - ANSWER - a CPA
What is a typical management control used to identify physical assets? - ANSWER -
inventory
When a contractor fails to perform to the terms of the contract, which provision in the
contract allows the association to terminate? - ANSWER - default provisions
Where can an individual find the owner and association's maintenance responsibilities?
- ANSWER - the declaration
At the monthly board meeting, it is the role of the manager to do all of the following
except: - ANSWER - call for a vote on an issue
All of the following are goals of maintenance in a community association except: -
ANSWER - increasing the association's profits
The use of parliamentary procedure during meetings helps to ensure that: - ANSWER -
the board considers one item of business at a time
pg. 2
,GAAP requires which statement for year-end reports for a community association? -
ANSWER - cash flows
When developing a rule, the rule must be capable of: - ANSWER - uniform enforcement
If you prepare a maintenance responsibility chart for your community association, it
must be based on all of the following except: - ANSWER - human resource policy
Who is responsible for selecting a contractor? - ANSWER - Board
A manager must take into consideration all of the following Federal laws during the
hiring process, except the: - ANSWER - Housing and Urban Recovery Act of 1983
Which government agency regulates employee compensation or payment? - ANSWER
- DOL
A legally binding contract should include all of the following provisions except: -
ANSWER - insurance
If a physical asset is to be replaced, the basis for an association's scheduled
replacement consists of the: - ANSWER - reserve study and replacement fund budget
to provide a payment to the insurance deductible, you would: - ANSWER - allow for
costs in the operating budget
directors and officers liability insurance is designed to cover claims resulting from -
ANSWER - wrongful acts of employees of the association
the purpose of a personnel manual or employee handbook is to: - ANSWER - explain
employee rights and responsibilities
pg. 3
, what is the best way to communicate managements expectation for an employee to
complete regular and special tasks during a certain time period? - ANSWER -
establishing performance goals
discipline as a part of HR management can include: - ANSWER - counseling the
employees
which tool is the most effective for defining employees duties? - ANSWER - job
description
when staff members help to develop policies and procedures, they are more: -
ANSWER - committed to implement them
what is the primary source of requirements when developing the associations annual
maintenance budget? - ANSWER - governing documents
when the board reviews the proposed budget for approval, what should it consider? -
ANSWER - the financial position of the association
what method is the best alternative to increasing association assessments? - ANSWER
- increasing income by charging higher user fees
why are special meetings held? - ANSWER - to conduct specific business
if an owner fails to receive notice of a meeting, the association is not responsible if the
owner: - ANSWER - did not notify the association of their current address
if the governing docs and laws present conflicting notice periods, follow: - ANSWER -
State laws
pg. 4
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