Cmca actual exam 2023 - Study guides, Class notes & Summaries

CMCA EXAM 2023 ACTUAL EXAM 170 QUESTIONS AND CORRECT ANSWERS(VERIFIED ANSWERS)|AGRADE 2. Fidelity insurance provides coverage to ensure that the: a. board will meet its fiduciary obligations. b. manager will faithfully follow all document provisions. c. deductible in the association's insurance policies is reimbursed. d. association will be covered for shortfalls in the reserve accounts. e. association will recover any funds lost through employee dishonesty. E 3. Which type of man...

Actual cash value (ACV) - ANSWER-The depreciated value of an item. Advertising injury - ANSWER-__________ provisions in CGL (comprehensive general liability) include language providing coverage to the community association with respect to damages resulting in "misappropriation of advertising ideas or style of doing business" or "infringement of copyright, slogan or title." Agreed amount endorsement - ANSWER-Provides for an agreed upon limit of property insurance. Coinsurance - ANSWE...

CMCA PRACTICE EXAM Q&A WITH COMPLETE SOLUTION 2022/2023   CMCA PRACTICE EXAM Q&A WITH COMPLETE SOLUTION 2022/2023 Preparing a bid request includes which of the following: A. Verifying References. B. Identifying potential contractors. C. Recommending a contractor to the board. D. Verifying contractor insurance. Legal review prior to executing a contract will assist the association in the event that: A. A subcontractor is used. B. A performance bond is required. C. There is ...

CMCA PRACTICE EXAM Q&A WITH COMPLETE SOLUTION 2022/2023   CMCA PRACTICE EXAM Q&A WITH COMPLETE SOLUTION 2022/2023 Preparing a bid request includes which of the following: A. Verifying References. B. Identifying potential contractors. C. Recommending a contractor to the board. D. Verifying contractor insurance. Legal review prior to executing a contract will assist the association in the event that: A. A subcontractor is used. B. A performance bond is required. C. There is ...

CMCA PRACTICE EXAM TERMS QUESTION WITH 100% CORRECT ANSWERS 2023 Statement of Revenue and Expense - ANSWERS-This report shows the activity over a period of time & therefore will indicate the amount of income received & expenses incurred, whether actual or accrued, for all activity of the association through the 8 months of the fiscal year. The report may also show the amount of money in each budgeted line item for the entire year & amount remaining in each line for the last 4 months of the ...