CMCA - M100 Questions And Revised Correct Answers

CMCA - M100 Questions And Revised Correct Answers 55 and older community - ANSWER : Must have one person who is 55 years of age or older living in at least 80% of its occupied units. The community must be designated "55 and older" to qualify as this type of housing that legally prohibits children and limits occupancy to a certain age span. The designation process involves submitting applications and obtaining approval before any enforcement of the ages of residents commences. Approval from the Department of Housing and Urban Development (HUD) must be received before construction begins. Abstention - ANSWER : Is to not cast a vote. Board members should abstain from voting only for clearly stated reasons such as a conflict of interest or ignorance of the matter at hand. Acceleration - ANSWER : The collection of all assessments due through the end of the fiscal year. Acceleration is a technique used to collect assessments from habitually delinquent owners. Accrual basis of accounting - ANSWER : Records revenue when it is earned and expenses when they are incurred. It provides an accurate picture of the association's financial condition. GAAP (Generally Accepted Accounting Principles) requires the use of accrual accounting. Action item list - ANSWER : A list of actions to be taken before the next board of directors meeting as a result of decisions made at the current one or between meetings. An action item list contains the decisions to be implemented together with the names of those assigned implementation responsibility. Excel, Google Docs and Microsoft Outlook Tasks may be useful programs for helping you compile your action item list. Actual cash value (ACV) - ANSWER : ACV is the depreciated value of an item, commonly used in property insurance coverage.