CMCA EXAM 2024 REAL EXAM QUESTIONS AND CORRECT ANSWERS(VERIFIED ANSWERS)|AGRADE
6 views 0 purchase
Course
CMCA
Institution
CMCA
CMCA EXAM 2024 REAL EXAM QUESTIONS AND CORRECT ANSWERS(VERIFIED ANSWERS)|AGRADE
What are the (3) defining characteristics of a Community Association?
1) Mandatory membership for all owners
2) Mutual binding documents (create automatic lien if owner fails to pay assessments)
2) Mandatory li...
CMCA EXAM 2024 REAL EXAM QUESTIONS AND
CORRECT ANSWERS(VERIFIED ANSWERS)|
AGRADE
What are the (3) defining characteristics of a Community Association?
1) Mandatory membership for all owners
2) Mutual binding documents (create automatic lien if owner fails to pay assessments)
2) Mandatory lien-based assessments are levied on each owner
(3) purposes of a community association
1) Community
2) Government
3) Business
What are the (3) types of community Associations?
1) Planned community
2) Condominium
3) Cooperative
What is a planned community?
Most common type of HOA/POA. In a planned community owners own the lots and the
community owns the common areas
What is a condominium?
In a condominium, there is an undivided interest in the common elements of the
community. An owner owns his or her living unit or "interior walls"
What is a cooperative?
In a cooperative, the individual owns stock or membership in the cooperative. They
have a propriety lease or agreement for their unit. Also sometimes called a "stock
cooperative"
What is a Master/Umbrella Association?
Consists of more than one residential community association
What is a mixed-use developement?
Usually consists of residential and commercial. Slogan is "live, work, play"
What is a 55+ community?
Must have ONE person who is 55 years or older living in at least 80% of occupied units
What is the fair labor and standards act?
FLSA dictates standards for basic minimum wage and overtime pay
The fair housing act is also known as:
The civil rights act of 1968
Hierarchy of Governing Documents
Recorded map, plat or plan
Declaration, CC&Rs, proprietary lease or occupancy agreement.
Articles of Incorporation
Bylaws
Board Resolutions
What are the articles of incorporation?
they bring the corporation into existence and define its basic purposes and powers
, Bylaws usually address such topics as:
voting rights, requirements for membership, powers and duties of the Board
What is a resolution?
a motion that follows a set format and is formally adopted by the board
Public Offering Statement
Provides association information to prospective buyers and is required by state statute.
***It is NOT a governing document
What is a specific state statute?
Is one that applies to only one or more community associations
What is a general resolution
resolutions that involve routine events (adopting annual budget or approval of meeting
minutes)
What is an administrative resolution
addresses the internal operations of the association and address ambiguities in the
bylaws
What is a policy resolution
affect owners right and address ambiguities in the declaration
What is a special resolution
resolution that states the boards decisions to apply a policy or rule to a situation
what is the resolution format
PASS
Purpose
Authority
Scope and Intent
Specifications
what is due process procedure
a formal process designed to protect the rights of all parties involved
What is zero-based budgeting
all line items are set to zero and the amount of funds allotted to each must be justified
what is historical trend budgeting
begins with assumption that existing line items are needed. this method uses historical
information from past years
what is percent funded
allows an association to measure the relative size of their replacement reserves
compared to a "fully funded" reserve balance
What is acceleration
is the collection of all assessments due through the end of the fiscal year
what are the (3) types of bankruptcy
1. chapter 7
2. Chapter 11
3. Chapter 13
what is chapter 7 bankruptcy
straight bankruptcy or liquidation
what is chapter 11 bankruptcy
corporate reorganization - designed to allow for orderly payment to creditors while
allowing a corporation to continue operations
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller SUPERGRADES01. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $8.49. You're not tied to anything after your purchase.
