CMCA |Certified Manager of Community Associations|Examinations Bundle

Community Association (Definition) CORRECT ANSWER a residential homeowners' association in which membership is a condition of ownership (mandatory) of a unit in a planned unit development, or of a lot for a home or a mobile home, or of a townhouse, villa, condominium, cooperative, or other resident...

Which of the following is a common management control for ensuring maintenance work is performed in a timely manner? A. A purchase order system B. An equipment warranties C. A work order/response form D. A contractor's invoice CORRECT ANSWER C. A work order/response form - A, B, and D speak t...

Characteristics of a Community Association CORRECT ANSWER Mandatory membership Mutually binding documents Lien-based assessments Purposes of a Community Association CORRECT ANSWER Business - Not for profit Government - Runs like a mini-government Community - Mutual reasons for buying into are...

Community Association CORRECT ANSWER Is real or personal property, owned by two or more entities, with a legal binding agreement (covenant) to share responsibility for and costs of maintenance and administration of the property, assets, and association, and with specific rights granted to the member...

1. Quorum requirements conflicts are resolved by: a. state statute. b. the board of directors. c. a vote of those present at a meeting. d. appointment of a person as a proxy. CORRECT ANSWER A 2. Fidelity insurance provides coverage to ensure that the: a. board will meet its fiduciary obligat...

Quorum requirements conflicts are resolved by: a. state statute b. the board of directors c. a vote of those present at a meeting d. appointment of a person as a proxy CORRECT ANSWER A Fidelity insurance provides coverage to ensure that the: a. board will meet its fiduciary obligations. b. ...

TRUE CORRECT ANSWER TRUE OR FALSE: A contract is an agreement between two or more parties, enforceable by law, by which each party promises to do, or not do, something. d. retirement plan contributions CORRECT ANSWER When deciding whether to have staff members or a contractor perform a task, a...

Articles of incorporation CORRECT ANSWER Bring the corporation into existence, define its basic purposes and powers, indicate whether stock will be issued, and indicate whether there will be a board of directors Bylaws CORRECT ANSWER Formally adopted governing regulations for the administrati...