CMCA 54 EXAM 2027 Latest Exam Questions and Answers |
Professional Verified Study Guide
Question 1.
Quorum requirements conflicts are resolved by:
a. state statute.
b. the board of directors.
c. a vote of those present at a meeting.
d. appointment of a person as a proxy.
Correct Answer: A
Question 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.
Correct Answer: E
Question 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
Correct Answer: B
Question 4.
The higher a document's place in the hierarchy, the:
a. harder it is to implement.
b. greater its power with the board.
c. more it is regulated legally.
d. greater its legal weight in a court of law.
Correct Answer: D
Question 5.
Based on which type of requirements would you choose a contractor over the
association to complete work?
a. Low urgency, costs adequate tools available
, b. High urgency, low supervision and training possibly needed
c. Requires supervision, expertise required and low urgency
d. Low Costs, high urgency and borrowed tools
Correct Answer: C
6. Who is required to be present for an annual association membership
meeting to conduct business?
a. The treasurer and the secretary
b. A quorum of the board of directors
c. All members of the board of directors
d. A quorum of the members -✓✓D
Which of the following would a condominium unit member's personal
insurance policy cover when it is the primary insurance policy?
a. Wind damage to the roof of the member's unit.
b. Bodily injury due to a slip and fall in the common area in front of the
member's unit.
c. Bodily injury due to the association using the member's automobile.
d. Bodily injury due to a slip and fall within a member's unit.
e. Fire damage to the association's unimproved common walls. -✓✓D
Question 6.
Community association governing documents and state statutes may require who to be
involved in preparing annual reports?
a. A CPA
b. The owners
c. An ad hoc committee
d. The management company
Correct Answer: A
Question 7.
What is a typical management control used to identify physical assets?
a. Checklist
b. Charts of information
c. Inventory
d. Calendar or schedule
Correct Answer: C
Question 8.
When a contractor fails to perform to the terms of the contract, which provision in the
contract allows the association to terminate?
a. Default provisions
b. Warranty provisions
c. Insurance provisions
Professional Verified Study Guide
Question 1.
Quorum requirements conflicts are resolved by:
a. state statute.
b. the board of directors.
c. a vote of those present at a meeting.
d. appointment of a person as a proxy.
Correct Answer: A
Question 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.
Correct Answer: E
Question 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
Correct Answer: B
Question 4.
The higher a document's place in the hierarchy, the:
a. harder it is to implement.
b. greater its power with the board.
c. more it is regulated legally.
d. greater its legal weight in a court of law.
Correct Answer: D
Question 5.
Based on which type of requirements would you choose a contractor over the
association to complete work?
a. Low urgency, costs adequate tools available
, b. High urgency, low supervision and training possibly needed
c. Requires supervision, expertise required and low urgency
d. Low Costs, high urgency and borrowed tools
Correct Answer: C
6. Who is required to be present for an annual association membership
meeting to conduct business?
a. The treasurer and the secretary
b. A quorum of the board of directors
c. All members of the board of directors
d. A quorum of the members -✓✓D
Which of the following would a condominium unit member's personal
insurance policy cover when it is the primary insurance policy?
a. Wind damage to the roof of the member's unit.
b. Bodily injury due to a slip and fall in the common area in front of the
member's unit.
c. Bodily injury due to the association using the member's automobile.
d. Bodily injury due to a slip and fall within a member's unit.
e. Fire damage to the association's unimproved common walls. -✓✓D
Question 6.
Community association governing documents and state statutes may require who to be
involved in preparing annual reports?
a. A CPA
b. The owners
c. An ad hoc committee
d. The management company
Correct Answer: A
Question 7.
What is a typical management control used to identify physical assets?
a. Checklist
b. Charts of information
c. Inventory
d. Calendar or schedule
Correct Answer: C
Question 8.
When a contractor fails to perform to the terms of the contract, which provision in the
contract allows the association to terminate?
a. Default provisions
b. Warranty provisions
c. Insurance provisions
