Financial Planning Exam Review
Questions with Correct Answers |
Latest Update 100% Pass
After 7 years. - CORRECT ANSWER-When must all corporation financial
records be destroyed?
General Licence Holder for property manager must have obtained at least 2 years
and complete four educational courses - CORRECT ANSWER-What are the
requirements for a property manager to have in term of receiving the general
license.
Condominium Manager - CORRECT ANSWER-Which of the following
individuals and professions cannot conduct a reserve fund study?
True. The corporation is required to submit the completed performance audit to
Tarion - CORRECT ANSWER-True or False: The corporation is required to
submit the completed performance audit to Tarion prior to the end of the eleventh
month
,False. Need to board of directors decision - CORRECT ANSWER-True or False:
A social committee has the right to make decisions and carry out activities in a
condominium without the board of directors
False. The condominium manager has the obligation for everything. - CORRECT
ANSWER-True or False: A condominium manager has an obligation only to the
management company that employs them
False. The mediator hear both side and not making a binding decision. -
CORRECT ANSWER-True or False: A mediator acts like a judge in a dispute,
hearing arguments from both sides and making a binding decision
False. They need to give reasons why terminating the employee - CORRECT
ANSWER-True or False: Terminating an employee within the first four months of
their employment without cause can be done without financial compensation
all of the above - CORRECT ANSWER-Knowing when religious and cultural
festivals, statutory holidays and major sporting events occur allows
Performance Bond - CORRECT ANSWER-Which of the following is the
documents to be submitted by a contractor to ensure they will enter into the
contract if awarded
True. Everyone paid - CORRECT ANSWER-True or False: The operations of the
CMRAO are funded through licensing fees charged to condo managers and condo
management providers
COPYRIGHT ALL RIGHTS RESERVED ©️ 2025
, All of the above - CORRECT ANSWER-A condo manager should declare a
conflict of interest with a contract
True. Fiduciary means the highest level of trust and legal obligation. - CORRECT
ANSWER-True or False: Fiduciary means the highest level of trust
1. Seal of the corporation
2. Minute Book of corporation - CORRECT ANSWER-Under the condo act,
1998, what is the declarant required to turn over the AT the turnover meeting
To keep the meeting moving to accomplish all the agenda items - CORRECT
ANSWER-The role of the chairperson at a board meeting is
1. Citizenship
2. race
3. place of origin
4. colour - CORRECT ANSWER-The Human rights code prohibits actions that
discriminate against people based on the following:
True. The corporation does offers that to everyone. - CORRECT ANSWER-True
or False: The corporations insurance policy offers protection to the corporation, all
registered owners, all registered mortgagees and management
False. Need 24 hours notice before entering the unit - CORRECT ANSWER-True
or False: Management is required, under the condo act to give 72 hours of notice
before entering a unit
Questions with Correct Answers |
Latest Update 100% Pass
After 7 years. - CORRECT ANSWER-When must all corporation financial
records be destroyed?
General Licence Holder for property manager must have obtained at least 2 years
and complete four educational courses - CORRECT ANSWER-What are the
requirements for a property manager to have in term of receiving the general
license.
Condominium Manager - CORRECT ANSWER-Which of the following
individuals and professions cannot conduct a reserve fund study?
True. The corporation is required to submit the completed performance audit to
Tarion - CORRECT ANSWER-True or False: The corporation is required to
submit the completed performance audit to Tarion prior to the end of the eleventh
month
,False. Need to board of directors decision - CORRECT ANSWER-True or False:
A social committee has the right to make decisions and carry out activities in a
condominium without the board of directors
False. The condominium manager has the obligation for everything. - CORRECT
ANSWER-True or False: A condominium manager has an obligation only to the
management company that employs them
False. The mediator hear both side and not making a binding decision. -
CORRECT ANSWER-True or False: A mediator acts like a judge in a dispute,
hearing arguments from both sides and making a binding decision
False. They need to give reasons why terminating the employee - CORRECT
ANSWER-True or False: Terminating an employee within the first four months of
their employment without cause can be done without financial compensation
all of the above - CORRECT ANSWER-Knowing when religious and cultural
festivals, statutory holidays and major sporting events occur allows
Performance Bond - CORRECT ANSWER-Which of the following is the
documents to be submitted by a contractor to ensure they will enter into the
contract if awarded
True. Everyone paid - CORRECT ANSWER-True or False: The operations of the
CMRAO are funded through licensing fees charged to condo managers and condo
management providers
COPYRIGHT ALL RIGHTS RESERVED ©️ 2025
, All of the above - CORRECT ANSWER-A condo manager should declare a
conflict of interest with a contract
True. Fiduciary means the highest level of trust and legal obligation. - CORRECT
ANSWER-True or False: Fiduciary means the highest level of trust
1. Seal of the corporation
2. Minute Book of corporation - CORRECT ANSWER-Under the condo act,
1998, what is the declarant required to turn over the AT the turnover meeting
To keep the meeting moving to accomplish all the agenda items - CORRECT
ANSWER-The role of the chairperson at a board meeting is
1. Citizenship
2. race
3. place of origin
4. colour - CORRECT ANSWER-The Human rights code prohibits actions that
discriminate against people based on the following:
True. The corporation does offers that to everyone. - CORRECT ANSWER-True
or False: The corporations insurance policy offers protection to the corporation, all
registered owners, all registered mortgagees and management
False. Need 24 hours notice before entering the unit - CORRECT ANSWER-True
or False: Management is required, under the condo act to give 72 hours of notice
before entering a unit
