CMCA M100 WITH COMPLETE SOLUTIONS 100%
Negligence
failure to exercise a duty of care
Ethics
learning right from wrong and doing the right thing.
Duty of Care
exercising the skill and care a reasonable person would i a similar situation
Duty of Loyalty
acting solely in another pa...
CMCA M100 WITH COMPLETE SOLUTIONS
100%
Negligence
failure to exercise a duty of care
Ethics
learning right from wrong and doing the right thing.
Duty of Care
exercising the skill and care a reasonable person would i a similar situation
Duty of Loyalty
acting solely in another parties interests when administering their assets
Acceleration
the collection of all assessments due thru the end of the fiscal year
accrual basis of accounting
accounting method that records income as it is earned or assessed to owners and expenses when
they are incurred or acquired
ad hoc committee
a committee used on a short term basis
Advertising Injury
Refers to misappropriation of advertising ideas, or infringement of copyright, title or slogan.
agreed upon endorsement
a policy endorsement that provides for an agreed upon limit of property insurance
alternative dispute resolution
a process by which two parties resolve conflicts through the use of a specially trained, neutral third
party
appeal
To request review of a case by higher authority- if permitted by the governing docs or statute
articles of incorporation
a document to bring the corporation into existence, define its basic purpose and powers, indicate
whether stock will b issued, and if there will b a board of directors
assignability provision
one of the 6legally binding contract provisions that states that neither party may assign its obligations
under the contract to any other person without the Express written consent of the other party
, Balance Sheet
a summary of the community's financial position at a specific point in time
baseline funding
a funding strategy whose goal is to keep the reserve cash balance above 0
board liaison system
when directors are assigned to certain committees to guide the committee on board policy and
procedures and report back to the board
business judgement rule
a presumption that in making a business decision, the directors of a corporation acted on an informed
basis, in good faith and in the honest belief that the action taken was in the best interests of the
company.
Bylaws
formally adopted governing regulations for administration and management for a community
association
Cash Basis Accounting
method that records income when it is collected and expenses when they are paid
CC&R'S (Covenants, Conditions and Restrictions)
The governing documents that
dictate how the homeowners association operates and what rules the owners—and their tenants and
guests —
must obey. These documents and rules are legally enforceable by the homeowners association, unless
a specific provision conflicts with federal, state or local laws
CC&R'S (Covenants, Conditions and Restrictions)
The governing documents that
dictate how the homeowners association operates and what rules the owners—and their tenants and
guests —
must obey.These documents and rules are legally enforceable by the homeowners association, unless
a specific provision conflicts with federal, state or local laws
Chapter 13 Bankruptcy
a reorganization form of bankruptcy for individuals that allows the debtors to keep their property and
use their income to pay a portion of their debts over three to five years
Certificate of Deposit
a savings certificate that gains interest and has a set time before you can withdraw your money
Chapter 11 Bankruptcy
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