CMCA EXAM 2024/2025 REAL EXAM
WITH QUESTIONS AND CORRECT
ANSWERS(VERIFIED
ANSWERS)|ALREADY GRADED A+
.Payment Bond - This usually comes in a package with the performance bond.
The surety guarantees that the contractor's suppliers and any subcontractors
will be paid if the contractor does not pay them - to protect the association from
having a mechanic's lien placed against them.
.Percent Funded - ANSWER-Allows an association to measure the relative size of
their replacement reserves compared to a 'fully funded' reserve balance.
.Performance Bond - This is a guarantee by a surety (a third party) to protect the
community association if the contractor fails to perform or finish the work.
Because there is a cost to the community association involved, this typically is
used with certain large projects.
.Performance Evaluation - ANSWER-Is the process of reviewing a person's work
performance to determine the extent to which his/her established goals and
standards have been met.
.Performance Goals - ANSWER- Regular and special tasks management expects
an employee to perform during a certain period.
.Performance Planning - ANSWER-Is the process of establishing performance
goals and standards for an employee.
.Performance Standards - ANSWER description of the results management
expects an employee to accomplish during a certain period. They are reflected in
the criteria used for performance evaluation.
.Personal Injury - ANSWER-Injury arising from libel, slander, false arrest,
invasion of privacy, wrongful entry, or malicious prosecution. For example - a
community newsletter inappropriately and incorrectly lists an owner as
delinquent in assessments.
.Personal Money Judgement - ANSWER-Summary Judgement is a decision by a
judge to allow the community association to claim the owner's personal property
to settle a delinquent account.
.Personal Property - ANSWER- For insurance purposes, this includes inventory,
furniture, fine arts, equipment, supplies, machinery, electronic data processing
(EDP), and valuable papers and records.
.Personnel exposure to loss - ANSWER-Usually involves claims of employees
regarding discrimination in hiring or firing, harassment, or other allegations.
.Plurality - ANSWER-Awards the election to the candidate with the most votes,
regardless of whether or not they received the majority.
.Preventive Maintenance - This is periodic maintenance to avoid disruptive
breakdowns and to prolong the useful life of the physical asset in question.
(Examples include rebuilding pool pumps with a life expectancy of eight years
every five years, and cleaning problem sewer lines every month to avoid
backups).
, .Professional Ethics - The rules and standards that govern the conduct of
members of a profession.
.Progress Payments - ANSWER are partial payments based on some
demonstrable progress in completing the work involved.
.Agenda - ANSWER-Is a list of meeting activities in the order in which they are
to be taken up, beginning with the call to order and ending with adjournment. It
is a management tool.
.Aggregate - ANSWER-There may be a limit to the total amount that the insurer
will pay out under the policy.
.Agreed Amount Endorsement - ANSWER-Provides for an agreed-upon limit of
property insurance.
.Alternative Dispute Resolution - ANSWER-It involves submitting a dispute to a
trained, uninvolved third party for assistance with solving a problem.
.Amend a Motion - ANSWER-Is used to modify another motion. The motion to
amend takes three basic forms: inserting or adding words or paragraphs,
striking out works or paragraphs, striking out words and inserting or adding
others, or substituting an entire paragraph or complete resolution for another.
.Appeal - An appeal is a request for a review of a case by a higher authority - if
permitted by the governing documents, resolution, or statute.
.Arbitration - ANSWER-Is a process in which a third party - called the
arbitrator - renders a decision as to the respective liabilities of all parties.
.Architectural Guideline - ANSWER-Is a rule that applies to the appearance of
an owner's lot of the exterior of his or her unit or improvements.
.Assessment - ANSWER- The owner's financial obligation to the community
association during a given period - usually one year. It covers the owner's share
of the common expense.
.Assessments Receivable Insurance - ANSWER-This insurance has a certain
limited value. It applies to situations in which a covered loss happens to the
property (for example, a fire destroyed the unit) and the community association
is unable to collect assessments from the owner.
.Assign-ability Provision - This provision states that neither party may assign its
obligations under the contract to any other person without the express written
consent of the other party.
.Association-employed manager - ANSWER-The manager is directly employed
by the community.
.Audit - An examination of the accounting records and procedures of an
organization by a CPA to verify the accuracy and completeness of financial
records.
.Authority to Collect Assessments - ANSWER- Federal laws and regulations (the
Federal Fair Debt Collection Practices Act and Soldiers and Sailors Civil Relief
Act), state statutes, and governing documents.
.Bad Debt Write-Off - ANSWER-Consists of recording a noncollectable debt as
an expense that the association must absorb.
.Balance Sheet - ANSWER-Is a summary of a community's financial position at
a specific point in time.
.Ballot - ANSWER-Is a written means of voting when secrecy is desired.
.Bankruptcy Declared - ANSWER-Immediately contact legal counsel when you
become aware of a bankruptcy filing by an owner, immediately forward any
WITH QUESTIONS AND CORRECT
ANSWERS(VERIFIED
ANSWERS)|ALREADY GRADED A+
.Payment Bond - This usually comes in a package with the performance bond.
The surety guarantees that the contractor's suppliers and any subcontractors
will be paid if the contractor does not pay them - to protect the association from
having a mechanic's lien placed against them.
.Percent Funded - ANSWER-Allows an association to measure the relative size of
their replacement reserves compared to a 'fully funded' reserve balance.
.Performance Bond - This is a guarantee by a surety (a third party) to protect the
community association if the contractor fails to perform or finish the work.
Because there is a cost to the community association involved, this typically is
used with certain large projects.
.Performance Evaluation - ANSWER-Is the process of reviewing a person's work
performance to determine the extent to which his/her established goals and
standards have been met.
.Performance Goals - ANSWER- Regular and special tasks management expects
an employee to perform during a certain period.
.Performance Planning - ANSWER-Is the process of establishing performance
goals and standards for an employee.
.Performance Standards - ANSWER description of the results management
expects an employee to accomplish during a certain period. They are reflected in
the criteria used for performance evaluation.
.Personal Injury - ANSWER-Injury arising from libel, slander, false arrest,
invasion of privacy, wrongful entry, or malicious prosecution. For example - a
community newsletter inappropriately and incorrectly lists an owner as
delinquent in assessments.
.Personal Money Judgement - ANSWER-Summary Judgement is a decision by a
judge to allow the community association to claim the owner's personal property
to settle a delinquent account.
.Personal Property - ANSWER- For insurance purposes, this includes inventory,
furniture, fine arts, equipment, supplies, machinery, electronic data processing
(EDP), and valuable papers and records.
.Personnel exposure to loss - ANSWER-Usually involves claims of employees
regarding discrimination in hiring or firing, harassment, or other allegations.
.Plurality - ANSWER-Awards the election to the candidate with the most votes,
regardless of whether or not they received the majority.
.Preventive Maintenance - This is periodic maintenance to avoid disruptive
breakdowns and to prolong the useful life of the physical asset in question.
(Examples include rebuilding pool pumps with a life expectancy of eight years
every five years, and cleaning problem sewer lines every month to avoid
backups).
, .Professional Ethics - The rules and standards that govern the conduct of
members of a profession.
.Progress Payments - ANSWER are partial payments based on some
demonstrable progress in completing the work involved.
.Agenda - ANSWER-Is a list of meeting activities in the order in which they are
to be taken up, beginning with the call to order and ending with adjournment. It
is a management tool.
.Aggregate - ANSWER-There may be a limit to the total amount that the insurer
will pay out under the policy.
.Agreed Amount Endorsement - ANSWER-Provides for an agreed-upon limit of
property insurance.
.Alternative Dispute Resolution - ANSWER-It involves submitting a dispute to a
trained, uninvolved third party for assistance with solving a problem.
.Amend a Motion - ANSWER-Is used to modify another motion. The motion to
amend takes three basic forms: inserting or adding words or paragraphs,
striking out works or paragraphs, striking out words and inserting or adding
others, or substituting an entire paragraph or complete resolution for another.
.Appeal - An appeal is a request for a review of a case by a higher authority - if
permitted by the governing documents, resolution, or statute.
.Arbitration - ANSWER-Is a process in which a third party - called the
arbitrator - renders a decision as to the respective liabilities of all parties.
.Architectural Guideline - ANSWER-Is a rule that applies to the appearance of
an owner's lot of the exterior of his or her unit or improvements.
.Assessment - ANSWER- The owner's financial obligation to the community
association during a given period - usually one year. It covers the owner's share
of the common expense.
.Assessments Receivable Insurance - ANSWER-This insurance has a certain
limited value. It applies to situations in which a covered loss happens to the
property (for example, a fire destroyed the unit) and the community association
is unable to collect assessments from the owner.
.Assign-ability Provision - This provision states that neither party may assign its
obligations under the contract to any other person without the express written
consent of the other party.
.Association-employed manager - ANSWER-The manager is directly employed
by the community.
.Audit - An examination of the accounting records and procedures of an
organization by a CPA to verify the accuracy and completeness of financial
records.
.Authority to Collect Assessments - ANSWER- Federal laws and regulations (the
Federal Fair Debt Collection Practices Act and Soldiers and Sailors Civil Relief
Act), state statutes, and governing documents.
.Bad Debt Write-Off - ANSWER-Consists of recording a noncollectable debt as
an expense that the association must absorb.
.Balance Sheet - ANSWER-Is a summary of a community's financial position at
a specific point in time.
.Ballot - ANSWER-Is a written means of voting when secrecy is desired.
.Bankruptcy Declared - ANSWER-Immediately contact legal counsel when you
become aware of a bankruptcy filing by an owner, immediately forward any
