M100 COMMUNITY ASSOCIATION
MANAGEMENT FINAL EXAM
UPDATED 2025/2026 COMPLETE
QUESTIONS WITH CORRECT
DETAILED ANSWERS AND
RATIONALES || 100%
GUARANTEED PASS||<<LATEST
VERSION>>
Liability insurance - ANSWER ✓ Helps with situations in which a civil legal claim
is brought against the association because of a legal wrong it is alleged to have
directly committed or for which is supposedly responsible
Liability insurance coverages and endorsements - ANSWER ✓ General liability,
auto liability, directors and officers liability, and umbrella
Income insurance coverages and endorsements - ANSWER ✓ Fidelity insurance,
business income insurance, assessments receivable and Fidelity, extra expense
insurance
Fidelity insurance - ANSWER ✓ Protects against employee dishonesty which may
lead to the theft of money, securities, or property
Business income insurance - ANSWER ✓ Covers the loss of certain types of
business income
Assessments receivable insurance - ANSWER ✓ Applies to situations in which a
covered loss happens to the property in the community association is unable to
collect assessments from the owner
, Extra expense insurance - ANSWER ✓ Applies when a covered loss either
increases operating expenses or diminishes the income produced by normal
operations
Personnel exposures - ANSWER ✓ Loss are limited to loss of service due to
injuries received while working on behalf of the community association
Coinsurance - ANSWER ✓ Standard element and most property policies that
obligates the insured to maintain a certain amount of property insurance on the
entire property or per structure, based on a stated percentage, usually 80%.
Insurable replacement cost - ANSWER ✓ The cost to replace property that can be
insured and excludes the land, foundations, underground piping, and other
components not typically insurable
Waiver of the transfer of recovery rights or waiver of subrogation - ANSWER ✓
The endorsement that deletes the right of an owner. This typically gives the
responsibility to the tenant
Owner occupied single-family home insurance policies - ANSWER ✓ HO-1
HO-2
HO-3
HO-5
Tenants Insurance policy - ANSWER ✓ HO-4
Policy specifically for a condominium or cooperative unit owner - ANSWER ✓
HO-6
Claims made - ANSWER ✓ Whatever company is ensuring the association one at
the claim is made it will cover the loss even though the wrongful act may have
occurred one another carrier was insuring the association
Aggregate limits - ANSWER ✓ Limits to the total amount that the insurer will pay
out under the policy
,Manager - ANSWER ✓ A person with the responsibility and authority to direct
operational activities of the team by executing and implementing the leadership
plan and scheduling resources
Leader - ANSWER ✓ Defined as someone people choose to follow
Forms of management - ANSWER ✓ Volunteer
Association employed manager
Management company
Management plan - ANSWER ✓ A statement of goals and objectives approved by
the board, including task that address the community associations governance,
business, and community operations
Transition - ANSWER ✓ The general process by which the control and
responsibilities of the governing board of an association or transferred from the
developer to the persons who bought units in the association
Turn over - ANSWER ✓ The date upon the owners gain control of their
association
Progressive discipline system - ANSWER ✓ A procedure whereby performance
problems are brought to the employees attention, and the employees and employers
take appropriate actions to correct them
Parliamentary procedure - ANSWER ✓ Motion
Second the motion
Discussion
Vote
Debate - ANSWER ✓ A term used in parliamentary procedure for discussing a
motion or issue
Manager's role - ANSWER ✓ Support staff
Professional advisor
Support staff - ANSWER ✓ Ensure that meetings are well prepared and board
members have the necessary information at a time
, Professional advisor - ANSWER ✓ Provide board with guidance and perspective
on the matters at hand
Professional ethics - ANSWER ✓ A set of rules or standards that govern the
conduct of members of a profession
Community Association - ANSWER ✓ Mandatory memberships, mutually binding
contracts, lien-based assements
Purpose of community association - ANSWER ✓ Provide for the community,
business, and governance aspects of the association
Basic types of community association - ANSWER ✓ Planned communities,
condominium, and cooperatives
Planned community - ANSWER ✓ HOA, owner association
Condominium - ANSWER ✓ Owner of his/her unit
Cooperative - ANSWER ✓ Owns stock/holds lease
Types of community associations - ANSWER ✓ Master/umbrella,
Mixed use development, 55 and older
Association derives legal obligation from - ANSWER ✓ Federal, state and local
laws- legal documents, lender requirements, standards set by professional bodies
EEOC - ANSWER ✓ Equal employment opportunity commission
Equal employment opportunity commission - ANSWER ✓ Prohibits
discrimination in hiring, promoting, etc.
FLSA - ANSWER ✓ Fair Labor Standards Act
Fair Labor Standards Act - ANSWER ✓ Dictates standards for minimum wage
FMLA - ANSWER ✓ Family Medical Leave Act
MANAGEMENT FINAL EXAM
UPDATED 2025/2026 COMPLETE
QUESTIONS WITH CORRECT
DETAILED ANSWERS AND
RATIONALES || 100%
GUARANTEED PASS||<<LATEST
VERSION>>
Liability insurance - ANSWER ✓ Helps with situations in which a civil legal claim
is brought against the association because of a legal wrong it is alleged to have
directly committed or for which is supposedly responsible
Liability insurance coverages and endorsements - ANSWER ✓ General liability,
auto liability, directors and officers liability, and umbrella
Income insurance coverages and endorsements - ANSWER ✓ Fidelity insurance,
business income insurance, assessments receivable and Fidelity, extra expense
insurance
Fidelity insurance - ANSWER ✓ Protects against employee dishonesty which may
lead to the theft of money, securities, or property
Business income insurance - ANSWER ✓ Covers the loss of certain types of
business income
Assessments receivable insurance - ANSWER ✓ Applies to situations in which a
covered loss happens to the property in the community association is unable to
collect assessments from the owner
, Extra expense insurance - ANSWER ✓ Applies when a covered loss either
increases operating expenses or diminishes the income produced by normal
operations
Personnel exposures - ANSWER ✓ Loss are limited to loss of service due to
injuries received while working on behalf of the community association
Coinsurance - ANSWER ✓ Standard element and most property policies that
obligates the insured to maintain a certain amount of property insurance on the
entire property or per structure, based on a stated percentage, usually 80%.
Insurable replacement cost - ANSWER ✓ The cost to replace property that can be
insured and excludes the land, foundations, underground piping, and other
components not typically insurable
Waiver of the transfer of recovery rights or waiver of subrogation - ANSWER ✓
The endorsement that deletes the right of an owner. This typically gives the
responsibility to the tenant
Owner occupied single-family home insurance policies - ANSWER ✓ HO-1
HO-2
HO-3
HO-5
Tenants Insurance policy - ANSWER ✓ HO-4
Policy specifically for a condominium or cooperative unit owner - ANSWER ✓
HO-6
Claims made - ANSWER ✓ Whatever company is ensuring the association one at
the claim is made it will cover the loss even though the wrongful act may have
occurred one another carrier was insuring the association
Aggregate limits - ANSWER ✓ Limits to the total amount that the insurer will pay
out under the policy
,Manager - ANSWER ✓ A person with the responsibility and authority to direct
operational activities of the team by executing and implementing the leadership
plan and scheduling resources
Leader - ANSWER ✓ Defined as someone people choose to follow
Forms of management - ANSWER ✓ Volunteer
Association employed manager
Management company
Management plan - ANSWER ✓ A statement of goals and objectives approved by
the board, including task that address the community associations governance,
business, and community operations
Transition - ANSWER ✓ The general process by which the control and
responsibilities of the governing board of an association or transferred from the
developer to the persons who bought units in the association
Turn over - ANSWER ✓ The date upon the owners gain control of their
association
Progressive discipline system - ANSWER ✓ A procedure whereby performance
problems are brought to the employees attention, and the employees and employers
take appropriate actions to correct them
Parliamentary procedure - ANSWER ✓ Motion
Second the motion
Discussion
Vote
Debate - ANSWER ✓ A term used in parliamentary procedure for discussing a
motion or issue
Manager's role - ANSWER ✓ Support staff
Professional advisor
Support staff - ANSWER ✓ Ensure that meetings are well prepared and board
members have the necessary information at a time
, Professional advisor - ANSWER ✓ Provide board with guidance and perspective
on the matters at hand
Professional ethics - ANSWER ✓ A set of rules or standards that govern the
conduct of members of a profession
Community Association - ANSWER ✓ Mandatory memberships, mutually binding
contracts, lien-based assements
Purpose of community association - ANSWER ✓ Provide for the community,
business, and governance aspects of the association
Basic types of community association - ANSWER ✓ Planned communities,
condominium, and cooperatives
Planned community - ANSWER ✓ HOA, owner association
Condominium - ANSWER ✓ Owner of his/her unit
Cooperative - ANSWER ✓ Owns stock/holds lease
Types of community associations - ANSWER ✓ Master/umbrella,
Mixed use development, 55 and older
Association derives legal obligation from - ANSWER ✓ Federal, state and local
laws- legal documents, lender requirements, standards set by professional bodies
EEOC - ANSWER ✓ Equal employment opportunity commission
Equal employment opportunity commission - ANSWER ✓ Prohibits
discrimination in hiring, promoting, etc.
FLSA - ANSWER ✓ Fair Labor Standards Act
Fair Labor Standards Act - ANSWER ✓ Dictates standards for minimum wage
FMLA - ANSWER ✓ Family Medical Leave Act
