M100 COMMUNITY ASSOCIATION MANAGEMENT EXAM AND PRACTICE EXAM WITH REVIEW QUESTIONS NEWEST 2025 COMPLETE EXAM 300 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+

M100 COMMUNITY ASSOCIATION MANAGEMENT EXAM AND

PRACTICE EXAM WITH REVIEW QUESTIONS NEWEST 2025

COMPLETE EXAM QUESTIONS AND CORRECT DETAILED

ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+




Reserve - - ANS✔️--Funds set aside for future replacement of major

components of communities common property.




Extra-Judicial (nonjudicial) Remedies - - ANS✔️--Late charge/interest

penalty

Security deposit requirement

Acceleration

Owner rights suspension




Judicial Remedies - - ANS✔️--Record the association lien

Foreclose the lien

Personal money judgement

, Bankruptcy - - ANS✔️--Chapter 7 - Liquidation

Chapter 11 - Corporate

Chapter 13 - Personal reorganization




Accounting Methods - - ANS✔️--Cash Basis - Income received and

expenses paid

Accrual Basis - Income earned and expense received

Modified Cash Basis - Records income (assessments) on accrual basis

and expenses on cash basis




3 components of Statement of Revenue and Expense - - ANS✔️--

Revenue - Earning of community

Expense - Cost of goods/services used to operate/maintain community.

Net revenue (or loss)




Balance sheet - - ANS✔️--Snapshot of financial condition at a specific

point in time. Lists what the association owes and owns and its net

worth.