CMCA Study Guide QUESTIONS AND ANSWERS 100% CORRECT; 150 QUESTIONS (COMPLETE)

CMCA Study Guide QUESTIONS AND ANSWERS 100% CORRECT; 150 QUESTIONS (COMPLETE) Quorum requirements conflicts are resolved by: a. state statute b. the board of directors c. a vote of those present at a meeting d. appointment of a person as a proxy Correct Answer: A 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 Correct 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 Correct Answer: B The higher a document's place in the hierarchy, the: a. harder it is to implement b. greater its power with the board c. more it is regulated legally d. great its legal weight in a court of law Correct Answer: D Based on which type of requirements would you choose a contractor over the association to complete work? a. low urgency, cost adequate tools available b. high urgency, low supervision and training possibly needed c. requires supervision, expertise required and low urgency d. low costs, high urgency and borrowed tools Correct Answer: C Who is required to be present for an annual association membership meeting to conduct business? a. the treasurer and the secretary b. a quorum of the board of directors c. all members of the board of directors d. a quorum of the members Correct Answer: D Which of the following would a condominium unit member's personal insurance policy cover when it is the primary insurance policy? a. wind damage to the roof of the member's unit. b. bodily injury due to a slip and fall in the common area in front of the member's unit. c. bodily injury due to the association using the member's automobile. d. bodily injury due to a slip and fall within a member's unit. Correct Answer: D Community association governing documents and state statutes may require who to be involved in preparing annual reports? a. a CPA b. the owners c. an ad hoc committee d. the management company Correct Answer: A What is a typical management control used to identify physical assets? a. checklist b. chart of information c. inventory d. calendar or schedule Correct Answer: C When a contractor fails to perform to the terms of the contract, which provision in the contract allows the association to terminate? a. default provisions b. warranty provisions c. insurance provisions d. performance provisions Correct Answer: A