M-100 QUIZ - Community Management and Leadership Questions With 100% Correct Answers.

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 the following sentence: The board of directors in a community association has a _________________ to act in the best interests and for the benefit of the community as a whole. A. Bond B. Fiduciary duty C. Ballot D. Quorum - B. Fiduciary duty TRUE or FALSE: The business judgment rule means that if a board has exercised reasonable business judgment in making decisions, the court will generally not consider the board negligent in its fiduciary duty. - TRUE However, the board must demonstrate how it reached a decision with good faith, loyalty and due care. Which of the following types of community association committees typically is assigned responsibilities related to elections, nominations, and architectural standards? A. Standing committeesB. Professional committees C. AD HOC committees D. Mandatory Committees - D. Mandatory Committees A standing committee meets a basic community associations continuing needs. examples: budget/ finance, grounds, social, newsletter, recreation, public relations, rules/dispute resolutions An AD HOC committee deals with one-time issues and makes recommendations to the board within a specific time frame. TRUE or FALSE: The role of the professional community association manager is to make all decisions for the association and to delegate information-gathering and fact-finding support to the board of directors. - - Provide information, training, and leadership on community association operations to the board, committees and the community at large. - Foster a sense of community awareness and spirit within the residents. - Develop a body of leadership through the committee structure. - Provide the necessary administrative tools to he board to enable it to make wise, informed decisions on both short and long term actions and goals. - A manager has the responsibility and authority to direct operational activities of the team by executing and implementing the leadership plan and scheduling resources. A manager makes sure that which has been promised is delivered. In which of the following forms of community association management is the association managed by the board itself or by committees under the direction of the board? A. Management company B. Volunteer or self-management C. Association-employed managerD. Municipal management - B. Volunteer or self-management TRUE or FALSE: An increase in assessment delinquencies that is NOT due to a poor economy may be an example of a warning sign of a weak management situation. - TRUE Complete the following sentence: A _________________________ is a statement of goals and objectives approved by the board that includes the yearly cycle of tasks that management should perform on the community association's behalf. A. Management audit B. Management contract C. Management plan D. Employment agreement - C. MANAGEMENT PLAN