M100 COMMUNITY ASSOCIATION
COMPREHENSIVE EXAM UPDATED QUESTIONS
AND ANSWERS SURE A+
✔✔Representation letter - ✔✔States that the information the community association
provides is true to the best of its knowledge.
✔✔Type of federal income tax filing forms - ✔✔1120 and 1120 H
✔✔Treasury bills - ✔✔Short term instruments that mature in 1326 or 52 week periods.
When the bill matures the buyer receives the face value
✔✔Treasury notes - ✔✔Matures in 1 to 10 years
✔✔Treasury bonds - ✔✔Matures in more than 10 years
✔✔Safety - ✔✔For community association investments consist of protecting the
principal from loss
✔✔Liquidity - ✔✔Refers to the ease with which an investment can be converted into
cash or a cash equivalent
, ✔✔Yeild - ✔✔Amount of return on investment
✔✔Facilities maintenance - ✔✔The process of operating maintaining and repairing and
replacing common property
✔✔Management tool - ✔✔Any means used to track record remind or command
attention
✔✔Sustainable lifestyle's - ✔✔Communities that are developed to meet the needs of
the present without him promising the ability of future generations to meet their own
needs
✔✔Bid specifications - ✔✔Detailed instructions about the products or services
requested
✔✔Contract - ✔✔An agreement between two or more parties, enforceable by law, by
which each party promises to do or not to do something.
✔✔Financial protection - ✔✔A provision for the community associations financial
protection if the contractor should default
✔✔Performance bond - ✔✔A guaranteed by a surety to protect the community
association if the contractor failed to perform or finish the work
✔✔Payment bond - ✔✔A guaranteed by surety to the contractor suppliers in any
subcontractor will be paid
✔✔Waiver of lean - ✔✔A document giving up the right to make a claim against the
community association for payments not received
✔✔Types of exposure to Loss for a community association - ✔✔Property
Liability
Income
Personnel
✔✔Tangible loss - ✔✔Losses to Association property such as buildings and their
contents
✔✔Intangible loss - ✔✔The loss of information or someone hacking into the community
✔✔Risk control - ✔✔A way to treat the primary exposures to loss
✔✔Exposure avoidance - ✔✔Take measures to avoid the circumstances that cause
exposure
COMPREHENSIVE EXAM UPDATED QUESTIONS
AND ANSWERS SURE A+
✔✔Representation letter - ✔✔States that the information the community association
provides is true to the best of its knowledge.
✔✔Type of federal income tax filing forms - ✔✔1120 and 1120 H
✔✔Treasury bills - ✔✔Short term instruments that mature in 1326 or 52 week periods.
When the bill matures the buyer receives the face value
✔✔Treasury notes - ✔✔Matures in 1 to 10 years
✔✔Treasury bonds - ✔✔Matures in more than 10 years
✔✔Safety - ✔✔For community association investments consist of protecting the
principal from loss
✔✔Liquidity - ✔✔Refers to the ease with which an investment can be converted into
cash or a cash equivalent
, ✔✔Yeild - ✔✔Amount of return on investment
✔✔Facilities maintenance - ✔✔The process of operating maintaining and repairing and
replacing common property
✔✔Management tool - ✔✔Any means used to track record remind or command
attention
✔✔Sustainable lifestyle's - ✔✔Communities that are developed to meet the needs of
the present without him promising the ability of future generations to meet their own
needs
✔✔Bid specifications - ✔✔Detailed instructions about the products or services
requested
✔✔Contract - ✔✔An agreement between two or more parties, enforceable by law, by
which each party promises to do or not to do something.
✔✔Financial protection - ✔✔A provision for the community associations financial
protection if the contractor should default
✔✔Performance bond - ✔✔A guaranteed by a surety to protect the community
association if the contractor failed to perform or finish the work
✔✔Payment bond - ✔✔A guaranteed by surety to the contractor suppliers in any
subcontractor will be paid
✔✔Waiver of lean - ✔✔A document giving up the right to make a claim against the
community association for payments not received
✔✔Types of exposure to Loss for a community association - ✔✔Property
Liability
Income
Personnel
✔✔Tangible loss - ✔✔Losses to Association property such as buildings and their
contents
✔✔Intangible loss - ✔✔The loss of information or someone hacking into the community
✔✔Risk control - ✔✔A way to treat the primary exposures to loss
✔✔Exposure avoidance - ✔✔Take measures to avoid the circumstances that cause
exposure
