CMCA EXAM 2024 REAL EXAM QUESTIONS AND CORRECT ANSWERS(VERIFIED ANSWERS)|AGRADE
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Course
CMCA
Institution
CMCA
CMCA EXAM 2024 REAL EXAM QUESTIONS AND CORRECT ANSWERS(VERIFIED ANSWERS)|AGRADE
Community Association
Legal entity where owners enjoy the protection, enhancement maintenance and preservation of their homes and property
Planned Community
Three types of Planned communities - Condo, Coop, Pro...
CMCA EXAM 2024 REAL EXAM QUESTIONS AND
CORRECT ANSWERS(VERIFIED ANSWERS)|
AGRADE
Community Association
Legal entity where owners enjoy the protection, enhancement maintenance and
preservation of their homes and property
Planned Community
Three types of Planned communities - Condo, Coop, Proprietary Lease. The owner
owns his or her lot and/or living Unit. The Assoc/community owns the common area.
(1) Condo
Owner owns his/her living Unit and undevided interest in the common area
Cooperative
Owner owns stock or membership in the coop. Hold a poprietary lease or occupancy
agreement for the Unit
Proprietary Lease or Occupancy Agreement
Defines the member or stockholder's rights and obligations in relation to the living Unit
Other Types of community assocaitions
Master Umbrella - more than one residential community
Mixed-Use Development - Mixture of residential and commercial
55 & Older - at least 1 person living in atleast 80 of the occupied Units
General State Statues - Affect community associations
Applies to all types of associations including community associations
Specific State Statues - Affect community associations
Applies to only one type of community association, takes precedence over any general
statue and governing documents
Uniform Statues - Affect community associations: drafts generic, content specific
wording for topical issues to encourage uniformity among the states
Uniform Law Commission has attempted to standardize specific state statues that
appply to community associations:
Uniform Condominium Act
Uniform Planned Communities Act
Model Real Estate Cooperative Act
Uniform Common Interest Ownership Act
Law Order of Hierarchy
Federal, State, local, Governing Docs
Docs Order of Hierarchy
Recorded Maps, Plats or Plans: Sets the boundaries
Coop - Proprietary Lease or Occupancy Agreement
Members rights and obligations in relation to the living Unit
Articels of Incorporation
ByLaws
Board Resolutions
Maps, Plats, Plans
To show the precise location of the Units, lots and/or common area
Articles of Incorporation
Bring into existence, define basic purpose and powers, wheter or not stock will be
issued, indicate the numbe of Board members
Public Offering Statement
To be given to the first purchaser by the builder
BOD & Budget
Most are responsible for establishing, approving and monitoring the budget but will pass
the responsibility to the manager
Treasurer
Responsible for ensuring draft budget is prepared and approved
Sources of Budget Requirements
Federal Laws & Regs, State statues, Regs & Case Law, Local Laws and Regs and Gov
Docs,
Agencies that may affect the budget (especially if participatin is required)
Federal National Mortgage Assoc - FNMA or Fannie Mae
Federal Home Loan Mortgage Corp - FHLMC or Freddie Mac
Federal Housing Administration - FHA
Veterans Administration VA
"New" Structures Capitol Expense-Major Improvement Expense
Not a reserve expense
Replace Item of a Capitol Expense
A Reserve Item
Each owner's Annual Assessments are based on the community's budget for the
fiscal year
Zero Based Budgeting
All lines are set to zero and the amount of funds allotted to each must be justified
Historical Trend Budgeting
Most used method - (1) existing line items are needed (2) line items are adjusted as
needed
A Reserve Account
Fulfills fiduciary responsibility
Meets State requirements
Complies with the American Institute of Certified Public Accounts (AICPA)
Reduces personal liability
Saves time and preparation for capitil repairs and replacements
Reveals unbudged items
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