CMCA: community management Exam Questions & Answers 100% Accurate

Board liaison system - ANSWER-Directors are assigned to certain committees to guide the committee on Board policy and procedures and to report back to the Board. Directors serving as a liaison must distinguish their role from the role of the committee chairperson. Business judgment rule - ANSWER-If a board has exercise, reasonable business judgment in making a decision, the court will generally not considered the board negligent in its producer duties, nor will the court substitute is judgment for that of the board Fiduciary Duties - ANSWER-Requires directors to act in the best interest in for the benefit of the corporation thus the community as a whole Management ethics - ANSWER-Refers to specific choices to be made by an individual in his or her relationship with others professional ethics are the rules or standards that govern the conduct of members of a profession Management audit - ANSWER-Consist of a review, governing documents and existing policy and procedures, current conditions of the property, owners/resident satisfaction and physical operations Management plan - ANSWER-A statement of goals and objectives approved by the board. It includes the yearly cycle of task that management should perform on community association behalf. Standing committee - ANSWER-Committee which have continue existence in or not related to the accomplishment of a specific specific, once only task. an example budget and nomination committee