CMCA Exam Preparation Guide |
correctly answered and Rated A+ |
2024/2025 guide
Request for proposal (RFP) - Correct Answer - Also known as bid
request. An announcement that an organization is interested in receiving
proposals for a particular project.
Severability provision - Correct Answer - This provision states that if a
court finds that any clause of the contract is illegal or unenforceable, that
clause shall be severed (separated) from the rest of the contract, so that
the whole contract need not be invalidated.
Waiver of lien - Correct Answer - A document which gives up the right to
make a claim against the community association for payments not
received.
Waiver provision - Correct Answer - This provision states that a waiver
(permission) by one party of any breach of contract (failure to fulfill a
provision) by the other party shall not act as a general waiver of future
breaches.
,Warranty - Correct Answer - A warranty should state what is covered, for
how long, and what the contractor will do if the work or product proves
defective.
American Institute of Certified Public Accountants (AICPA) - Correct
Answer - Association for Chartered Accountants
Articles of Incorporation - Correct Answer - Association Constitution,
Articles of Association, Memorandum of Incorporation, Memorandum of
Association
Assessments - Correct Answer - Dues, levies, levy contributions, special
assessments, service charges
Association staff - Correct Answer - On-site staff
Association membership meeting - Correct Answer - General Meeting,
annual general meeting, general assembly
Deductible - Correct Answer - Excess payable in addition to obligated
insurance proceeds for a liability or property claim
Directors - Correct Answer - Members of the Board of Directors or
Owners Committee
Dissenting - Correct Answer - Opposing
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