Cmca stuvia - Study guides, Class notes & Summaries

Risk management is the process of making and carrying out decisions that will minimize the adverse effects of accidental losses upon the community association. c. income exposure to loss - ANSWER-What type of Exposure to Loss for a community association is characterized by net losses that may involve a reduction in income or an increase in operating expenses or both? a. property exposure to loss b. liability exposure to loss c. income exposure to loss d. personnel exposure to loss d....

Fidelity insurance provides coverage to ensure that the: a. board will meet its fiduciary obligations. b. manager will faithfully follow all document provisions. c. association will be covered for shortfalls in the reserve accounts. d. association will recover any funds lost through employee dishonesty - ANSWER-D Which types of management is the process of operating, maintaining, repairing, and replacing common property? a. human resources b. facilities c. financial d. risk - ANSWER-B...

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 responsibility. The other answers have no bearing on necessity of maintenance or maintenance responsibility. - ANSWER-The primary management control tool for identifying whether the association needs to maintain a particular property element is: A. Physical ...

The primary management control tool for identifying whether the association needs to maintain a particular property element is: A. Physical inspections B. Association bylaws C. Maintenance responsibility chart D. Community asset inventory - ANSWER-C. Maintenance responsibility chart along, with the governing documents, defines parameters of association maintenance responsibility. The other answers have no bearing on necessity of maintenance or maintenance responsibility. In what type...

Bylaws - ANSWER-Formally adopted governing regulations for the administration and management of a community association CC & Rs (Covenants, Conditions & Restrictions) - ANSWER-The governing documents that dictate how the homeowners association operates and what rules the owners—and their tenants and guests — must obey. These legal documents might also be called the bylaws, the master deed, the houses rules or another name. These documents and rules are legally enforceable by the home...

Bylaws - ANSWER-Formally adopted governing regulations for the administration and management of a community association CC & Rs (Covenants, Conditions & Restrictions) - ANSWER-The governing documents that dictate how the homeowners association operates and what rules the owners—and their tenants and guests — must obey. These legal documents might also be called the bylaws, the master deed, the houses rules or another name. These documents and rules are legally enforceable by the home...

b. membership in the community association is mandatory and automatic for all owners c. a requirement of community association ownership is attending board meetings d. certain documents bind all owners to be governed by the community association - ANSWER-c. each of the following are basic types of residential community associations except: a. planned community b. townhouse c. cooperative d. condominium - ANSWER-b. a BLANK is a motion that follows a set format and is forma...

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. - ANSWER-E 3. Which type of management is the process of operating, maintaining, repairing, and replacing common p...

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. association will be covered for shortfalls in the reserve accounts. d. association will recover any funds lost through employee dishonesty. - ANSWER-D 3. Which type of management is the process of operating, maintaining, repairing, and replacing common property? a. Human Resources b. Facilities c. Financial d. Risk - AN...

Your association just completed the eighth month of its fiscal year. Which financial report would be most useful to project year end expenses? - ANSWER-Statement of Revenue and Expense The best reasoning for recommending the modified accrual accounting method is that, compared to cash accounting, it: - ANSWER-More accurately reflects the associations financial condition Modified Cash Basis - ANSWER-Under the modified accrual basis, also sometimes referred to as modified cash basis, some ac...