CMCA PRACTICE EXAM 2026/2027
ACTUAL QUESTIONS WITH VERIFIED
ANSWERS.
In preparing the associations annual financial report, many
governing documents specify:
A. Retaining a independent tax specialist.
B. Retaining an independent certified public accountant.
C. The establishment of a finance committee
D. The use of he management company's accountant - correct
answer -B
Which of the following is within the authority of the Board of
Directors?
A. Creating By-laws
B. Being paid for their service
C. Establishing programs
D. Amending the declaration - correct answer -C
In the hierarchy of a community associations governing
documents , which of the following is the highest authority?
, A. Bylaws
B. Articles of Incorporation
C. Declaration
D. Mortgage lender requirements - correct answer -C
When a dispute is mediated, an uninvolved third party facilitates
discussion and:
A. Makes the final judgement fr both parties
B. Presents a decision which the parties are free to reject
C.Assist both parties in reaching a mutually acceptable
agreement
D. Decision is binding upon both parties - correct answer -C
You have a proprietary lease in XYZ development. Which of the
following best describes your interest in the property?
A. A time-share interest
B. A divided interest
C. An undivided interest
D. Stock membership - correct answer -D
ACTUAL QUESTIONS WITH VERIFIED
ANSWERS.
In preparing the associations annual financial report, many
governing documents specify:
A. Retaining a independent tax specialist.
B. Retaining an independent certified public accountant.
C. The establishment of a finance committee
D. The use of he management company's accountant - correct
answer -B
Which of the following is within the authority of the Board of
Directors?
A. Creating By-laws
B. Being paid for their service
C. Establishing programs
D. Amending the declaration - correct answer -C
In the hierarchy of a community associations governing
documents , which of the following is the highest authority?
, A. Bylaws
B. Articles of Incorporation
C. Declaration
D. Mortgage lender requirements - correct answer -C
When a dispute is mediated, an uninvolved third party facilitates
discussion and:
A. Makes the final judgement fr both parties
B. Presents a decision which the parties are free to reject
C.Assist both parties in reaching a mutually acceptable
agreement
D. Decision is binding upon both parties - correct answer -C
You have a proprietary lease in XYZ development. Which of the
following best describes your interest in the property?
A. A time-share interest
B. A divided interest
C. An undivided interest
D. Stock membership - correct answer -D
