Virginia Common Interest Community
Manager Exam Practice Questions And
Correct Answers (Verified Answers) Plus
Rationale 2026 Q&A| Instant Download
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1. Which Virginia statute primarily governs most homeowners
associations and common interest communities?
A. Virginia Business Corporation Act
B. Virginia Condominium Act
C. Virginia Property Owners’ Association Act
D. Federal Housing Act
Correct Answer: C
The Virginia Property Owners’ Association Act establishes the legal
framework for most homeowners associations in Virginia, including
governance and owner rights.
2. The main purpose of a common interest community manager is to:
A. Replace the board of directors
, B. Provide legal representation to owners
C. Execute board decisions and manage daily operations
D. Set assessment rates independently
Correct Answer: C
A community manager carries out the board’s directives and handles
day-to-day operations without overriding board authority.
3. Which of the following is typically considered a fiduciary duty of an
HOA board member?
A. Promoting personal business interests
B. Acting in the best interest of the association
C. Avoiding all financial decisions
D. Managing contractor payroll personally
Correct Answer: B
Board members must act in the best interest of the association,
exercising loyalty, care, and good faith.
4. A reserve study is primarily used to:
A. Evaluate employee performance
B. Forecast long-term capital repair costs
C. Approve annual budgets
D. Collect delinquent assessments
Correct Answer: B
A reserve study estimates future major repair and replacement costs
to ensure adequate funding.
,5. Which financial document shows income and expenses over a specific
period?
A. Balance sheet
B. Reserve study
C. Income statement
D. Audit report
Correct Answer: C
An income statement summarizes revenues and expenses over a
defined accounting period.
6. The quorum requirement in an association meeting refers to:
A. Number of board members signing contracts
B. Minimum number of members needed to conduct business
C. Maximum votes allowed per owner
D. Number of committees required
Correct Answer: B
A quorum is the minimum number of members required for a
meeting to legally conduct business.
7. Which action is generally outside a community manager’s authority?
A. Preparing financial reports
B. Implementing board-approved policies
C. Setting association bylaws
D. Coordinating maintenance services
Correct Answer: C
, Bylaws are adopted or amended by the association, not created by
the manager.
8. Risk management in a common interest community primarily focuses
on:
A. Increasing assessments
B. Eliminating all liabilities
C. Identifying and minimizing potential losses
D. Hiring contractors only
Correct Answer: C
Risk management involves identifying hazards and implementing
measures to reduce potential losses.
9. Which insurance type protects the association against board member
errors and decisions?
A. Flood insurance
B. Directors and Officers (D&O) insurance
C. Auto insurance
D. Workers’ compensation
Correct Answer: B
D&O insurance protects board members against claims arising from
their management decisions.
10. A key responsibility of an HOA manager is to:
A. Vote on behalf of homeowners
B. Enforce federal law
Manager Exam Practice Questions And
Correct Answers (Verified Answers) Plus
Rationale 2026 Q&A| Instant Download
1. Which Virginia statute primarily governs most homeowners
associations and common interest communities?
A. Virginia Business Corporation Act
B. Virginia Condominium Act
C. Virginia Property Owners’ Association Act
D. Federal Housing Act
Correct Answer: C
The Virginia Property Owners’ Association Act establishes the legal
framework for most homeowners associations in Virginia, including
governance and owner rights.
2. The main purpose of a common interest community manager is to:
A. Replace the board of directors
, B. Provide legal representation to owners
C. Execute board decisions and manage daily operations
D. Set assessment rates independently
Correct Answer: C
A community manager carries out the board’s directives and handles
day-to-day operations without overriding board authority.
3. Which of the following is typically considered a fiduciary duty of an
HOA board member?
A. Promoting personal business interests
B. Acting in the best interest of the association
C. Avoiding all financial decisions
D. Managing contractor payroll personally
Correct Answer: B
Board members must act in the best interest of the association,
exercising loyalty, care, and good faith.
4. A reserve study is primarily used to:
A. Evaluate employee performance
B. Forecast long-term capital repair costs
C. Approve annual budgets
D. Collect delinquent assessments
Correct Answer: B
A reserve study estimates future major repair and replacement costs
to ensure adequate funding.
,5. Which financial document shows income and expenses over a specific
period?
A. Balance sheet
B. Reserve study
C. Income statement
D. Audit report
Correct Answer: C
An income statement summarizes revenues and expenses over a
defined accounting period.
6. The quorum requirement in an association meeting refers to:
A. Number of board members signing contracts
B. Minimum number of members needed to conduct business
C. Maximum votes allowed per owner
D. Number of committees required
Correct Answer: B
A quorum is the minimum number of members required for a
meeting to legally conduct business.
7. Which action is generally outside a community manager’s authority?
A. Preparing financial reports
B. Implementing board-approved policies
C. Setting association bylaws
D. Coordinating maintenance services
Correct Answer: C
, Bylaws are adopted or amended by the association, not created by
the manager.
8. Risk management in a common interest community primarily focuses
on:
A. Increasing assessments
B. Eliminating all liabilities
C. Identifying and minimizing potential losses
D. Hiring contractors only
Correct Answer: C
Risk management involves identifying hazards and implementing
measures to reduce potential losses.
9. Which insurance type protects the association against board member
errors and decisions?
A. Flood insurance
B. Directors and Officers (D&O) insurance
C. Auto insurance
D. Workers’ compensation
Correct Answer: B
D&O insurance protects board members against claims arising from
their management decisions.
10. A key responsibility of an HOA manager is to:
A. Vote on behalf of homeowners
B. Enforce federal law
