Evaluated M100 Module 4 Questions And Answers (Community Management)Scored A+

EVALUATED M100 MODULE 4 QUESTIONS AND ANSWERS (COMMUNITY MANAGEMENT)SCORED A+ Each of the following legal sources specify management authority and responsibilities for community associations except: a. survey data b. state statutes c. community association governing docs d. court decisions - CORRECT ANSWER -a. survey data True/False: the basic authority in a community association lies with the developer - CORRECT ANSWER False The Board of directors in a community association has a _______ to act in the best interests and for the benefit of the community as a whole. a. bond b. fiduciary duty c. ballot d. quorum - CORRECT ANSWER -b. fiduciary duty True/false: The "business judgement rule:" means that if a board has exercised reasonable business judgement in making a decision, the court will generally not consider the board negligent in its fiduciary duty. - CORRECT ANSWER -True Which of the following types of community association committees typically is assigned responsibilities related to elections, nominations, and architectural standards: a. standing committee b. professional committees c. ad hoc committees d. mandatory committees - CORRECT ANSWER -d. mandatory committees True/False: The role of the professional community manager is to make all the decisions for the association and to delegate information-gathering and fact find support to the board of directors - CORRECT ANSWER -false In which of the following forms of community association management is the association managed by the board itself or by committees under the direction of the board? a. management company b. volunteer or self management c. association-employed manager d. municipal management - CORRECT ANSWER -b. volunteer or self management True/False: An increase in assessment delinquencies that is NOT due to a poor economy may be an example of a warning sign of a weak management situation. - CORRECT ANSWER -True A _______ is a statement of goals and objectives approved by the board that includes the yearly cycle of tasks that management should perform on the community association's behalf. a. management audit b. management contract