CMCA Study guides, Class notes & Summaries

Your association just completed the eighth month of its fiscal year. Which financial report would be most useful to project year end expenses? - ANSWER-Statement of Revenue and Expense The best reasoning for recommending the modified accrual accounting method is that, compared to cash accounting, it: - ANSWER-More accurately reflects the associations financial condition Modified Cash Basis - ANSWER-Under the modified accrual basis, also sometimes referred to as modified cash basis, some ac...

b. membership in the community association is mandatory and automatic for all owners c. a requirement of community association ownership is attending board meetings d. certain documents bind all owners to be governed by the community association - ANSWER-c. each of the following are basic types of residential community associations except: a. planned community b. townhouse c. cooperative d. condominium - ANSWER-b. a BLANK is a motion that follows a set format and is forma...

2. Fidelity insurance provides coverage to ensure that the: a. board will meet its fiduciary obligations. b. manager will faithfully follow all document provisions. c. association will be covered for shortfalls in the reserve accounts. d. association will recover any funds lost through employee dishonesty. - ANSWER-D 3. Which type of management is the process of operating, maintaining, repairing, and replacing common property? a. Human Resources b. Facilities c. Financial d. Risk - AN...

Bylaws - ANSWER-Formally adopted governing regulations for the administration and management of a community association CC & Rs (Covenants, Conditions & Restrictions) - ANSWER-The governing documents that dictate how the homeowners association operates and what rules the owners—and their tenants and guests — must obey. These legal documents might also be called the bylaws, the master deed, the houses rules or another name. These documents and rules are legally enforceable by the home...

Fidelity insurance provides coverage to ensure that the: a. board will meet its fiduciary obligations. b. manager will faithfully follow all document provisions. c. association will be covered for shortfalls in the reserve accounts. d. association will recover any funds lost through employee dishonesty - ANSWER-D Which types of management is the process of operating, maintaining, repairing, and replacing common property? a. human resources b. facilities c. financial d. risk - ANSWER-B...

Bylaws - ANSWER-Formally adopted governing regulations for the administration and management of a community association CC & Rs (Covenants, Conditions & Restrictions) - ANSWER-The governing documents that dictate how the homeowners association operates and what rules the owners—and their tenants and guests — must obey. These legal documents might also be called the bylaws, the master deed, the houses rules or another name. These documents and rules are legally enforceable by the home...

Legal review prior to executing a contract will assist the association in the event that: A. A subcontractor is used. B. A performance bond is required. C. There is a budgetary shortfall. D. The board has questions or concerns. - ANSWER-D Rather than describing the scope of work in detail in the contract, a manager may: A. Attach the bid specifications. B. Call each contractor to describe the job. C. Be on-site to oversee project content. D. Suggest the board meet the contractor ...

Cmca Practice Exam Questions Exam with complete solutions latest update

CMCA Sample Exam with complete solutions latest update