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MODULE 2: FINANCIAL MANAGEMENT FROM M100 WITH COMPLETE SOLUTIONS 100% Which of the following accounting methods records revenue when it is collected and expenses when they are paid? a. cash basis b. accrual basis c. modified cash basis d. modified accrual basis a. cash basis A ___________ occurs when expenses are greater than revenue a. net income b. net loss c. net gain d. net profit b. net loss Which is not one of the 3 major components of a balance sheet? a. assets b. l...

M100 WITH COMPLETE SOLUTIONS 100% Community Association Legal entity in which the owners enjoy the protection, enhancement, maintenance, and preservation of their homes and property Three defining characteristics of Community Association Mandatory Membership, Mutually Binding Documents, and Lien-Based Assessments Mandatory Membership Membership in the community association is mandatory and automatic for all owners Mutually Binding Documents Certain association governing docum...

M100 WORDS – AQUA WITH COMPLETE SOLUTIONS 100% always It is always hot in my house. away I am going away for the holiday. bird That bird is very noisy. dog That dog is brown and black. fast She is a fast writer. four There are four days left in this week. going It is going to be hot today. hand My hand is sore from writing so much. keep Can I keep this toy you gave me? let Please let me come in. many There are so many people at my s...

M-100 THE ESSENTIALS OF COMMUNITY ASSOCIATION MANAGEMENT WITH COMPLETE SOLUTIONS 100% Characteristics of a Community Association Mandatory membership Mutually binding documents Lien-based assessments Purposes of a Community Association Business - Not for profit Government - Runs like a mini-government Community - Mutual reasons for buying into area 3 Basic Types of Community Associations Planned Community - Owners owns his lot/living unit and community owns common areas (tennis...

M-100 THE ESSENTIALS OF COMMUNITY ASSOCIATION MANAGEMENT WITH COMPLETE SOLUTIONS 100% community association legal entity in which the owners enjoy the protection, enhancement, maintenance & preservation of their homes & property community association has 3 defining characteristics Membership in the community is mandatory & automatic for all owners; certain association docs bind the owner & the association to each other through mandated actions; mandatory lien-based assessments (maintenan...

M100 RULE DEVELOPMENT & ENFORCEMENT (MODULE 1) WITH COMPLETE SOLUTIONS 100% What is the criteria needed to create a valid rule? (6) - Consistent with governing docs, statutes, and laws - Uniform Enforcement - Reasonable and fair - Reasonable in purpose to the community - Necessary - NOT violate constitutional rights Rule specific statement of required behavior or action which can result in a violation or penalty Architectural Guidelines rules that apply to the appearance of a ...

M-100 QUIZ (ALL SECTIONS) WITH COMPLETE SOLUTIONS 100% Each of the following are key characteristics of a community association 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 ca is mandatory and automatic for all owners. C. A requirement of ca ownership is attending board meetings D. Certain documents bind all owners to be governed by the community. C. A requirement of...

M-100 QUIZ - COMMUNITY MANAGEMENT AND LEADERSHIP WITH COMPLETE SOLUTIONS 100% Each of the following legal sources specify management authority and responsibilities for community associations EXCEPT: A. Survey data B. State Statutes C. Community Association governing documents D Court decisions A. Survey data TRUE or FALSE: The basic authority in a community association lies with the developer. FALSE The basic authority in a community association lies with the owners. Complete t...

M100 MODULE 3: WITH COMPLETE SOLUTIONS 100% Analysis Sheet Facilities Management operating, maintaining, repairing, and replacing common property or areas Brainpower Read More Four community association maintenance goals 1) meet the needs of the individual residents as they relate to the community association's responsibilities 2) preserve and enhance the common property 3) limit potential exposure to injury residents, guest and employees 4) protect property values of the ho...

M100 MODULE 2: LESSON 3: FINANCIAL STATEMENTS WITH COMPLETE SOLUTIONS 100% What are two primary purposes of financial reports? - To provide their internal & external users with the information needed to make appropriate decisions on behalf of or regarding the community association - to enable the community association board and manager to control the community's financial operations. Three Accounting Methods 1) Cash Basis- This method records revenue when it is collected and expenses w...