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M100 COMMUNITY ASSOCIATION MANAGEMENT EXAM ACTUAL EXAM 2 VERSIONS (VERSION A AND B) COMPLETE ACCURATE EXAM QUESTIONS WITH DETAILED VERIFIED ANSWERS (100% CORRECT ANSWERS) /ALREADY GRADED A+$19.99
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M100 COMMUNITY ASSOCIATION MANAGEMENT EXAM ACTUAL EXAM 2 VERSIONS (VERSION A AND B) COMPLETE ACCURATE EXAM QUESTIONS WITH DETAILED VERIFIED ANSWERS (100% CORRECT ANSWERS) /ALREADY GRADED A+
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Course
M100 COMMUNITY ASSOCIATION MANAGEMENT 2024
Institution
M100 COMMUNITY ASSOCIATION MANAGEMENT 2024
M100 COMMUNITY ASSOCIATION
MANAGEMENT EXAM ACTUAL EXAM 2
VERSIONS (VERSION A AND B) COMPLETE
ACCURATE EXAM QUESTIONS WITH
DETAILED VERIFIED ANSWERS (100%
CORRECT ANSWERS) /ALREADY GRADED A+
M100 COMMUNITY ASSOCIATION
MANAGEMENT EXAM ACTUAL EXAM 2
VERSIONS (VERSION A AND B) COMPLETE
ACCURATE EXAM QUESTIONS WITH
DETAILED VERIFIED ANSWERS (100%
CORRECT ANSWERS) /ALREADY GRADED A+
VERSION A
If owners are informed about their obligations and
the consequences of not meeting them, they are
more likely to avoid delinquent payments.
An effective collection policy should exhibit each of
the following EXCEPT:
a. Be established by a proper formal resolution of
the board
b. Prohibit the referral of delinquent assessments to
legal counsel
c. Set a firm due date for assessments
d. Allow for discretion in special cases
b. Prohibit the referral of delinquent assessments to
legal counsel
An effective collection policy should specify when to
refer a delinquent assessment to legal counsel. This
,step should be automatic once a delinquent
assessment reaches a specified age or amount.
Once an account is turned over to legal counsel, it is
critical that all further communication be between
the community association's attorney and the
delinquent owner or the owner's attorney. The
manager and/or board should not be involved in
discussions with anyone other than the association's
legal counsel.
True or false. Acceleration is the collection of all
assessments due on a monthly basis.
False
Acceleration is the collection of all assessments due
through the end of the fiscal year. This is a common
method for collecting assessments from owners
who are frequently delinquent.
Which of the following is not an extra-judicial
procedure for encouraging an owner to pay off a
delinquent account?
a. Removing the owner's assigned parking space
b. Collecting the rent from a delinquent owner's
tenant
c. Imposing a late charge on delinquent accounts
d. Foreclosing on an owner
d. Foreclosing on an owner
,Initiating the foreclosure process is not an example
of an extra-judicial remedy for encouraging an
owner to pay off a delinquent account. Foreclosure
is a legal proceeding filed in court whereby a party
with a claim against an owner can claim ownership
of the unit involved in order to recover the money it
is owed. Extra-judicial remedy consist of remedies
outside the courts that a community association can
use to encourage a delinquent owner to pay what is
owed. If a board wants to use extra-judicial
procedures, it must be provided for in a state
statute, the governing documents, or a formal
resolution of the board.
True or false. When a community association
determines that a debt cannot be collected from an
owner after a reasonable effort has been made, it
must take a bad debt write-off.
True
A payment that cannot be collected from an owner is
called a bad debt. When a community association
determines that a debt cannot be collected from an
owner after a reasonable effort has been made, it
must take a bad debt write-off. A bad debt write-off
consists of recording an uncollectible debt as an
expense that the association must absorb. This
usually requires a resolution of the board.
, Complete the following sentence: A ____________ is a
legal claim by one party (community association) on
the property of another (delinquent owner) to obtain
the payment of a debt or the satisfaction of an
obligation.
a. foreclosure
b. personal money judgment
c. lien
d. bad debt write-off
c. lien
Placing a lien on an owner's property protects the
community association's interests. It encourages
payment of the debt. Among other consequences of
a lien, the owner cannot sell or transfer the unit
without settling the debt. The recording of a lien
against an owner's unit must be authorized by a
community association's applicable statutes or
governing documents.
True or false. When a community association
forecloses on a unit and it is auctioned off, the
association will always get the money it is owed.
False
A community association may foreclose on an owner
if it thinks it can recover what it is owed. Sometimes
the act of foreclosing will prompt an owner to pay
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