M-100 QUIZ - COMMUNITY MANAGEMENT AND LEADERSHIP WITH COMPLETE SOLUTIONS 100%

M-100 QUIZ - COMMUNITY MANAGEMENT AND LEADERSHIP WITH COMPLETE SOLUTIONS 100% 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 documents D Court decisions A. Survey data TRUE or FALSE: The basic authority in a community association lies with the developer. FALSE The basic authority in a community association lies with the owners. Complete the following sentence: 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 B. Fiduciary duty TRUE or FALSE: The business judgment rule means that if a board has exercised reasonable business judgment in making decisions, the court will generally not consider the board negligent in its fiduciary duty. TRUE However, the board must demonstrate how it reached a decision with good faith, loyalty and due care. Which of the following types of community association committees typically is assigned responsibilities related to elections, nominations, and architectural standards? A. Standing committees B. Professional committees C. AD HOC committees D. Mandatory Committees D. Mandatory Committees A standing committee meets a basic community associations continuing needs. examples: budget/ finance, grounds, social, newsletter, recreation, public relations, rules/dispute resolutions An AD HOC committee deals with one-time issues and makes recommendations to the board within a specific time frame. TRUE or FALSE: The role of the professional community association manager is to make all decisions for the association and to delegate information-gathering and fact-finding support to the board of directors. - Provide information, training, and leadership on community association operations to the board, committees and the community at large.