CMCA TEST PREPARATION 2024 COMPLETE
STUDY QUESTIONS WITH VERIFIED
ANSWERS GUARANTEED PASS | RATED A+
I Wish You the Best in Your Studies and Exam Revision.
, How does an Association derive its legal obligations - Answer>>> Federal, State and Local
statues/ CC&Rs, Lender Requirements (Fannie Mae & Freddie Mac) and Standards set by
professional bodies like AICPA.
Percent funded reserve account - Answer>>> Allows the HOA to measure the relative size of
their replacement reserves compared to a fully funded reserve balance.
Acceleration - Answer>>> Collection of all assessments due through the end of the fiscal year.
Motion - Answer>>> A proposal that the Board takes a stand or takes action on a specific matter.
Motions should only be made for items listed on the agenda.
Agenda - Answer>>> Announcement of the order of business for a meeting. It's a meeting
management tool.
Parliamentary Procedure - Answer>>> Set of rules for conduct at a meeting- ex Robert's Rule of
Order.
Presiding Officer - Answer>>> Person who runs a Board Meeting- typically the President or
Vice President.
Minutes - Answer>>> Taken by Secretary of the Board.
Action Item List - Answer>>> List of actions to be taken before the next meeting as a result of
decisions made at the current one or between meetings.
Ballot - Answer>>> Written means of voting when secrecy is desired.
Proxy - Answer>>> Written statement authorizing another person to cast a vote on the signer's
behalf.
Ethics - Answer>>> Involves learning what is right and wrong and then doing the right thing.
Business Ethics - Answer>>> Knowing what is right and wrong in the workplace and doing
what's right.
Professional Ethics - Answer>>> Rules or standards governing conduct of members of a
profession.
Conflict of Interest - Answer>>> Situation in which an individual's duty to one leads to the
disregard of a duty to another.
CAI's Designation Code of Conduct for Management - Answer>>> Sets forth the general and
STUDY QUESTIONS WITH VERIFIED
ANSWERS GUARANTEED PASS | RATED A+
I Wish You the Best in Your Studies and Exam Revision.
, How does an Association derive its legal obligations - Answer>>> Federal, State and Local
statues/ CC&Rs, Lender Requirements (Fannie Mae & Freddie Mac) and Standards set by
professional bodies like AICPA.
Percent funded reserve account - Answer>>> Allows the HOA to measure the relative size of
their replacement reserves compared to a fully funded reserve balance.
Acceleration - Answer>>> Collection of all assessments due through the end of the fiscal year.
Motion - Answer>>> A proposal that the Board takes a stand or takes action on a specific matter.
Motions should only be made for items listed on the agenda.
Agenda - Answer>>> Announcement of the order of business for a meeting. It's a meeting
management tool.
Parliamentary Procedure - Answer>>> Set of rules for conduct at a meeting- ex Robert's Rule of
Order.
Presiding Officer - Answer>>> Person who runs a Board Meeting- typically the President or
Vice President.
Minutes - Answer>>> Taken by Secretary of the Board.
Action Item List - Answer>>> List of actions to be taken before the next meeting as a result of
decisions made at the current one or between meetings.
Ballot - Answer>>> Written means of voting when secrecy is desired.
Proxy - Answer>>> Written statement authorizing another person to cast a vote on the signer's
behalf.
Ethics - Answer>>> Involves learning what is right and wrong and then doing the right thing.
Business Ethics - Answer>>> Knowing what is right and wrong in the workplace and doing
what's right.
Professional Ethics - Answer>>> Rules or standards governing conduct of members of a
profession.
Conflict of Interest - Answer>>> Situation in which an individual's duty to one leads to the
disregard of a duty to another.
CAI's Designation Code of Conduct for Management - Answer>>> Sets forth the general and
