M100 exam 2024 question Study guides, Class notes & Summaries

M100 Community Association Management Exam (Latest 2023/ 2024) Questions and Verified Answers with Rationales| A+ Grade QUESTION True or false. The role of the professional community association manager is to make all decisions for the association and to delegate information-gath- ering and fact-finding support to the board of directors. Answer: False The professional community association manager is charged with assisting the board of directors' decision making process by mea...

M100 EXAM 2024 QUESTIONS WITH COMPLETE SOLUTIONS PASSED AND VERIFIED Community Association - ANSWER Mandatory memberships, mutually binding contracts, lien-based assements Purpose of community association - ANSWER Provide for the community, business, and governance aspects of the association Basic types of community association - ANSWER Planned communities, condominium, and cooperatives Planned community - ANSWER HOA, owner association Condominium - ANSWER Owner of his/h...

M100 EXAM 2024 QUESTIONS WITH COMPLETE SOLUTIONS PASSED AND VERIFIED Community Association - ANSWER Legal entity in which the owners enjoy the protection, enhancement, maintenance, and preservation of their homes and property Three defining characteristics of Community Association - ANSWER Mandatory Membership, Mutually Binding Documents, and Lien-Based Assessments Mandatory Membership - ANSWER Membership in the community association is mandatory and automatic for all own...

M100 Exam |Complete Guide with Questions and Verified Answers| New 2023/ 2024 Update QUESTION Fair debt collection practices act? Answer: Protects debit or is from unscrupulous debt collectors QUESTION Bad debt right off? Answer: Uncollectible debts QUESTION Types of accounting methods? Answer: Cash based Accrual based Modified cash based QUESTION Cash based? Answer: Income - when received Expense- when paid Q...

M100 Community Association Management Exam (Latest 2023/ 2024) | Guide with Verified Answers QUESTION Sources of Budget Requirements? Answer: Federal Laws State Statutes Local Laws Governing Documents QUESTION Name Two Main Budget Components? Answer: Revenue & Expenses Revenue - Owner assessments, Interest, late fees, fines, usage fees. Expenses - Operating, major improvements, reserves QUESTION Budget Line Items? Answer: Mandato...

M100 Community Association Management Latest 2023/ 2024 Exam Vocabularies| Complete Guide with Verified Answers| 100% Correct QUESTION Income? Answer: Also commonly referred to as revenue. Income represents the earn- ings of the community association. Income on a cash basis statement consists of revenues received and deposited. Income on an accrual basis statement consists of revenues earned, including amounts assessed to owners in accordance with the budget but not yet receive...

M100 Community Association Management, Exam Questions with correct Answers Latest 2024/2025 Graded A+. Each of the following are key characteristics of community associations EXCEPT: a. Mandatory lien-based economic charges or assessments are levied on each owner in order to operate and maintain the community association. b. Membership in the community association is mandatory and automatic for all owners. c. A requirement of community association ownership is serving on the board of direc...

M100 Community Association Management, Exam Questions with correct Answers Latest 2024/2025 Graded A+. Each of the following are key characteristics of community associations EXCEPT: a. Mandatory lien-based economic charges or assessments are levied on each owner in order to operate and maintain the community association. b. Membership in the community association is mandatory and automatic for all owners. c. A requirement of community association ownership is serving on the board of direct...

M100 Community Association Management, Exam Questions with correct Answers Latest 2024/2025 (Graded A+) Each of the following are key characteristics of community associations EXCEPT: a. Mandatory lien-based economic charges or assessments are levied on each owner in order to operate and maintain the community association. b. Membership in the community association is mandatory and automatic for all owners. c. A requirement of community association ownership is serving on the board of direc...

Each of the following are key characteristics of community associations EXCEPT: a. Mandatory lien-based economic charges or assessments are levied on each owner in order to operate and maintain the community association. b. Membership in the community association is mandatory and automatic for all owners. c. A requirement of community association ownership is serving on the board of directors. d. Certain documents bind all owners to be governed by the community association. - Answer- c. A...