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.
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.
