Cmca financial management - Study guides, Class notes & Summaries

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CMCA Sample Exam 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. correct answerA 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 i...

CMCA Practice Exam | Questions and Correct Answers | Latest Update 2024/2025 | Graded A+ In preparing the association's annual financial report, many governing documents specify: - Answer -Retaining an independent certified public accountant When a dispute is mediated, the uninvolved third party facilitates discussion and - Answer -Assists both parties in reaching a mutually acceptable agreement When developing a rule, it must be consistent with.... - Answer - Applicable statues and go...

CMCA - M100 Community Association Management Test Guide Exam with 100% Correct Answers 55 and older community - CORRECT ANSWER-Must have one person who is 55 years of age or older living in at least 80% of its occupied units. The community must be designated "55 and older" to qualify as this type of housing that legally prohibits children and limits occupancy to a certain age span. The designation process involves submitting applications and obtaining approval before any enforceme...

CMCA EXAM 2023 REAL EXAM 170 QUESTIONS AND CORRECT ANSWERS (VERIFIED ANSWERS) |A+GRADE Why are special membership meetings held? - ANSWER- To conduct specific business Executive sessions should typically be used for discussing which of the following issues: - ANSWER- Member's delinquency Which of the following is a duty of a manager attending a board meeting? - ANSWER- Be the time keeper. If the governing documents and laws present conflicting notice periods, follow: - ANSWER- State...

Assessment correct answer - An ______________ is the owner's financial obligation to the community association during a given period of time -usually one year. It covers the owner's share of the common expense. Baseline funding correct answer - Budget correct answer - Chart of accounts correct answer - An organized list of the titles, descriptions, and assigned numbers of all accounts in an organization's general ledger. Discretionary budget line items correct answer - These are...

Random CMCA Practice Test Questions With 100% Correct Answers 2024 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 - answerC. 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 ...

CMCA Sample Exam 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. correct answerA 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 i...

Random CMCA Practice Test Questions (Under Construction) questions and answers well illustrated. C. A work order/response form - A, B, and D speak to elements OTHER than a control to ensure maintenance work is completed. - ANS. 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 C. Maintenan...

CMCA Practice Exam;150 Questions with 100% Correct Answers GUARANTEED PASS /AGRADE 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. correct answerA 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 poli...