CMCA Exam Bundle (Graded A) updated 2023

Which of the following is a common management control for ensuring maintenance work is performed in a timely manner? A. A purchase order system B. An equipment warranties C. A work order/response form D. A contractor's invoice - ANSWER-C. A work order/response form - A, B, and D speak to elem...

Actual cash value (ACV) - ANSWER-The depreciated value of an item. Advertising injury - ANSWER-__________ provisions in CGL (comprehensive general liability) include language providing coverage to the community association with respect to damages resulting in "misappropriation of advertising ide...

Base line funding - ANSWER-funding strategy to keep the reserve cash balance above zero. Chart of accounts - ANSWER-assigned numbers for all accounts in an organization's general ledger. FHA - ANSWER-regulates and influences items such as required amount of insurance an association must carry...

Risk Management - ANSWER-The process of making and carrying out decisions that will minimize the adverse effects of accidental losses upon the community association. Contractual transfer - ANSWER-Involves entering into a contract that will, among other things, transfer the community association'...

1. 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. - ANSWER-A 2. Fidelity insurance provides coverage to ensure that the: a. board will meet its fiduciary obligations. ...

Preparing a bid request includes which of the following: A. Verifying References. B. Identifying potential contractors. C. Recommending a contractor to the board. D. Verifying contractor insurance. - ANSWER-B Legal review prior to executing a contract will assist the association in the even...

each of the following are key characteristics of community associations except: a. mandatory Lien-based economic charges or assessments are levied on each owner in order to operate and maintain the community association b. membership in the community association is mandatory and automatic for ...

abstention - ANSWER-when a participant in a vote either does not go to vote (on Election Day) or, in parliamentary procedure, is present during the vote, but does not cast a ballot; may be used to indicate the voting individual's ambivalence about the measure or mild disapproval that does not rise ...

Section 1: Meetings - ANSWER- Table a motion - ANSWER-Incomplete items on the agenda should be rescheduled for another meeting. Robert's Rules of Order - ANSWER-Provides common rules and procedures for deliberation and debate in order to place the whole membership on the same footing and spea...

Assessment - ANSWER-The owner's financial obligation to the community association during a given period of time—usually one year. It covers the owner's share of the common expense, also known as "common expense liabilities" in some states. Baseline funding - ANSWER-The goal of this funding ...

Articles of incorporation - ANSWER-Bring the corporation into existence, define its basic purposes and powers, indicate whether stock will be issued, and indicate whether there will be a board of directors. Bylaws - ANSWER-Formally adopted governing regulations for the administration and manageme...

Emergency services maintenance - ANSWER-This is the ability to respond to unpredictable problems (for example, sewer backups, slope failures, roof leaks and frozen pipes). The key to a successful response to an emergency is to anticipate the different possibilities—and to develop a plan for respon...

C. A work order/response form - A, B, and D speak to elements OTHER than a control to ensure maintenance work is completed. - ANSWER-Which of the following is a common management control for ensuring maintenance work is performed in a timely manner? A. A purchase order system B. An equipment war...