Cmca stuvia - Study guides, Class notes & Summaries

Statement of Revenue and Expense - ANSWERSThis 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 year. Your association just completed the eighth month of its fiscal...

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. - ANSWERSB 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 a budgetary shortfall. D. The board has questions or concerns. - ANSWERSD Rather than describing the scope o...

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. - ANSWER B 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 a budgetary shortfall. D. The board has questions or concerns. - ANSWER D Rather than describing the scope o...

Articles of incorporation - ANSWERSBring the corporation into existence, define its basic purposes and powers, indicate whether stock will be issued, and indicate whether there will be a board of directors Bylaws - ANSWERSFormally adopted governing regulations for the administration and management of a community association CC & Rs (Covenants, Conditions & Restrictions) - ANSWERSThe governing documents that dictate how the homeowners association operates and what rules the owners—a...

C. A work order/response form - A, B, and D speak to elements OTHER than a control to ensure maintenance work is completed. - ANSWERSWhich of the following is a common management control for ensuring maintenance work is performed in a timely manner? A. A purchase order system B. An equipment warranties C. A work order/response form D. A contractor's invoice C. Maintenance responsibility chart along, with the governing documents, defines parameters of association maintenance responsibil...

Which of the following is a common management control for ensuring maintenance work is performed in a timely manner? A. A purchase order system B. An equipment warranties C. A work order/response form D. A contractor's invoice - ANSWERSC. A work order/response form - A, B, and D speak to elements OTHER than a control to ensure maintenance work is completed. The primary management control tool for identifying whether the association needs to maintain a particular property element is: ...

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. - ANSWERSB 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 a budgetary shortfall. D. The board has questions or concerns. - ANSWERSD Rather than describing the scope o...

1. Quorum requirements conflicts are resolved by: a. state statute. b. the board of directors. c. a vote of those present at a meeting. d. appointment of a person as a proxy. - ANSWERSA 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 account...