Virginia Common Interest Community Manager
(CICM) Licensing Exam Questions and Correct
Answers (Verified Answers) Plus Rationales 2026
Q&A | Instant Download Pdf
1. Which Virginia law primarily governs common interest
communities?
A. Virginia Condominium Act
B. Virginia Nonstock Corporation Act
C. Virginia Property Owners’ Association Act
D. Uniform Common Interest Ownership Act
The Virginia Property Owners’ Association Act is the primary
statute regulating homeowners associations and many CIC
matters in Virginia.
2. A CIC manager in Virginia is licensed and regulated by which
agency?
A. Virginia Real Estate Board
B. Virginia Common Interest Community Board
C. Department of Housing and Urban Development
D. State Corporation Commission
The Virginia Common Interest Community Board oversees
licensure, discipline, and regulation of CIC managers.
3. Which of the following communities is NOT considered a common
interest community under Virginia law?
A. Condominium
B. Property owners’ association
C. Cooperative
, D. Single-family rental owned by one landlord
A common interest community involves shared ownership or
obligations; a single-owner rental property does not qualify.
4. A managing agent contract in Virginia must be in writing and
include all EXCEPT:
A. Term of the contract
B. Compensation
C. Duties of the manager
D. Guaranteed profit to the association
Virginia law requires specific disclosures and terms but does not
require or permit guaranteed profits.
5. How long is a Virginia CIC manager license valid before renewal?
A. One year
B. Two years
C. Three years
D. Four years
CIC manager licenses in Virginia are issued on a two-year
renewal cycle.
6. Which action requires prior authorization from the board of
directors?
A. Paying routine utility bills
B. Enforcing existing rules
C. Entering into a new vendor contract
D. Responding to owner complaints
Major contractual obligations require board approval, not
unilateral manager action.
7. What is the primary fiduciary duty of a CIC manager?
A. Maximize profits
B. Follow owner requests
, C. Act in the best interest of the association
D. Protect the developer
Fiduciary duty requires loyalty, care, and acting in the
association’s best interests.
8. Association funds should be kept:
A. In the manager’s personal account
B. In cash for flexibility
C. In a separate account in the association’s name
D. Combined with reserve funds only
Segregation of funds protects the association and prevents
commingling.
9. Which financial report shows income and expenses over a period
of time?
A. Balance sheet
B. Cash flow statement
C. Income statement
D. Reserve study
An income statement summarizes revenues and expenses for a
specific period.
10. A reserve study primarily helps an association plan for:
A. Daily operations
B. Legal compliance
C. Long-term capital repairs and replacements
D. Owner communication
Reserve studies forecast major future expenses and funding
needs.
11. What quorum requirement is typical for board meetings
unless governing documents state otherwise?
A. All directors present
(CICM) Licensing Exam Questions and Correct
Answers (Verified Answers) Plus Rationales 2026
Q&A | Instant Download Pdf
1. Which Virginia law primarily governs common interest
communities?
A. Virginia Condominium Act
B. Virginia Nonstock Corporation Act
C. Virginia Property Owners’ Association Act
D. Uniform Common Interest Ownership Act
The Virginia Property Owners’ Association Act is the primary
statute regulating homeowners associations and many CIC
matters in Virginia.
2. A CIC manager in Virginia is licensed and regulated by which
agency?
A. Virginia Real Estate Board
B. Virginia Common Interest Community Board
C. Department of Housing and Urban Development
D. State Corporation Commission
The Virginia Common Interest Community Board oversees
licensure, discipline, and regulation of CIC managers.
3. Which of the following communities is NOT considered a common
interest community under Virginia law?
A. Condominium
B. Property owners’ association
C. Cooperative
, D. Single-family rental owned by one landlord
A common interest community involves shared ownership or
obligations; a single-owner rental property does not qualify.
4. A managing agent contract in Virginia must be in writing and
include all EXCEPT:
A. Term of the contract
B. Compensation
C. Duties of the manager
D. Guaranteed profit to the association
Virginia law requires specific disclosures and terms but does not
require or permit guaranteed profits.
5. How long is a Virginia CIC manager license valid before renewal?
A. One year
B. Two years
C. Three years
D. Four years
CIC manager licenses in Virginia are issued on a two-year
renewal cycle.
6. Which action requires prior authorization from the board of
directors?
A. Paying routine utility bills
B. Enforcing existing rules
C. Entering into a new vendor contract
D. Responding to owner complaints
Major contractual obligations require board approval, not
unilateral manager action.
7. What is the primary fiduciary duty of a CIC manager?
A. Maximize profits
B. Follow owner requests
, C. Act in the best interest of the association
D. Protect the developer
Fiduciary duty requires loyalty, care, and acting in the
association’s best interests.
8. Association funds should be kept:
A. In the manager’s personal account
B. In cash for flexibility
C. In a separate account in the association’s name
D. Combined with reserve funds only
Segregation of funds protects the association and prevents
commingling.
9. Which financial report shows income and expenses over a period
of time?
A. Balance sheet
B. Cash flow statement
C. Income statement
D. Reserve study
An income statement summarizes revenues and expenses for a
specific period.
10. A reserve study primarily helps an association plan for:
A. Daily operations
B. Legal compliance
C. Long-term capital repairs and replacements
D. Owner communication
Reserve studies forecast major future expenses and funding
needs.
11. What quorum requirement is typical for board meetings
unless governing documents state otherwise?
A. All directors present
