CMCA - Community Association Management Exam Questions & Answers 100% Accurate

board liaison system - ANSWER-directors assigned to certain committees to guide the committee on Board policy and procedures and to report back to the board fiduciary duty - ANSWER-requires directors to act in the best interest and for the benefit of the corporation management audit - ANSWER-a review of governing docs and existing policies and procedures, current condition of the property, owner/resident satisfaction, and fiscal operations management audit - ANSWER-can be done by the board and manager together OR a third-party consultant standing committee - ANSWER-have a continued existence and are not related to the accomplishment of a specific, once-only task Gives BOD rights to act on owner's behalf - ANSWER-- specific state statutes - general state statutes - declaration - articles - bylaws - gov. docs Primary role/responsibility of owners - ANSWER-- pay assessments - read/comply with docs - treat leaders w/respect and honesty - vote in community elections - contact leaders regarding financial obligations - maintain property according to est. standards BOD's role - ANSWER-- set policies and procedures - fiduciary duty - responsible for making and enforcing rules Management is... - ANSWER-planning, leading, organizing and controlling Defines management authority and responsibility - ANSWER-- gov. docs - management contract - employment agreement - actions of the BOD which delegate specific authority and duties