CMCA EXAM 2024 REAL EXAM 170 QUESTIONS AND CORRECT ANSWERS(VERIFIED ANSWERS)|AGRADE
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CMCA
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CMCA
CMCA EXAM 2024 REAL EXAM 170 QUESTIONS AND CORRECT ANSWERS(VERIFIED ANSWERS)|AGRADE
."55 and Older" Communities - ANSWER-Must have one person who is 55 years of age or older living in at least 80% of its occupied units.
.A balance sheet summarizes: - ANSWER-What your community association own...
CMCA EXAM 2024 REAL EXAM 170 QUESTIONS AND
CORRECT ANSWERS(VERIFIED ANSWERS)|AGRADE
."55 and Older" Communities - ANSWER-Must have one person who is 55 years of age or older living in at least
80% of its occupied units.
.A balance sheet summarizes: - ANSWER-What your community association owns, what your community
association owes, and the "net worth" of the association.
.A formal collection policy is the foundation of a successful program for: - ANSWER-Maintaining necessary cash
flows, and reducing financial loss from owner defaults on assessment payments.
.A Personnel Manual or Employee Handbook - ANSWER-Written set of policies and procedures that: define the
relationship between the community association and the employee, and explain the rights and responsibilities
to both the employer and the employee.
.Abstain - ANSWER-Is to not cast a vote. Board members should do this from voting only for clearly stated
reasons such as a conflict of interest or ignorance of the matter at hand.
.Acceleration - ANSWER-Is the collection of all assessments due through the end of the fiscal year.
.Accrual Basis - ANSWER-This method records revenue when it is earned (or assessed to owners) and expenses
when they are incurred.
.Action Item List - ANSWER-Is a list of actions to be taken before the next meeting as a result of decisions made
at the current one or between meetings.
.Actual Cash Value (ACV) - ANSWER-The depreciated value of an item.
,.Ad Hoc Committee - ANSWER-A committee that is meant to deal with a one-time issue and make
recommendations to the board within a specific time frame.
.Advertising Injury - ANSWER-Includes language providing coverage to the community association with respect
to damages resulting in "misappropriation of advertising ideas or style of doing business" or "infringement of
copyright, slogan, or title."
.Agenda - ANSWER-Is a list of meeting activities in the order in which they are to be taken up, beginning with
the call to order and ending with adjournment. It is a management tool.
.Aggregate - ANSWER-There may be a limit to the total amount that the insurer will pay out under the policy.
.Agreed Amount Endorsement - ANSWER-Provides for an agreed upon limit of property insurance.
.Alternative Dispute Resolution - ANSWER-It involves submitting a dispute to a trained, uninvolved third party
for assistance with solving a problem.
.Amend a Motion - ANSWER-Is used to modify another motion. The motion to amend takes three basic forms:
inserting or adding words or paragraphs, striking out works or paragraphs, and striking out words and inserting
or adding others, or substituting an entire paragraph or complete resolution for another.
.Analysis Sheet - ANSWER-
.Appeal - ANSWER-An appeal is a request for a review of a case by a higher authority - if permitted by the
governing documents, resolution or statute.
.Arbitration - ANSWER-Is a process in which a third party - called the arbitrator - renders a decision as to the
respective liabilities of all parties.
.Architectural Guideline - ANSWER-Is a rule that applies to the appearance of an owner's lot of the exterior of
his or her unit or improvements.
, .Assessment - ANSWER-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.
.Assessments Receivable Insurance - ANSWER-This insurance actually has a certain limited value. It applies to
situations in which a covered loss happens to the property (for example, a fire destroyed the unit) and the
community association is unable to collect assessments from the owner.
.Assignability Provision - ANSWER-This provision states that neither party may assign its obligations under the
contract to any other person without the express written consent of the other party.
.Association-employed manager - ANSWER-The manager is directly employed by the community.
.Audit - ANSWER-An examination of the accounting records and procedures of an organization by a CPA for the
purpose of verifying the accuracy and completeness of financial records.
.Authority to Collect Assessments - ANSWER-Federal laws and regulations (the federal fair debt collection
practices act and soldiers and sailors civil relief act), state statutes, and governing documents.
.Bad Debt Write-Off - ANSWER-Consists of recording an uncollectible debt as an expense that the association
must absorb.
.Balance Sheet - ANSWER-Is a summary of a community's financial position at a specific point in time.
.Ballot - ANSWER-Is a written means of voting when secrecy is desired.
.Bankruptcy Declared - ANSWER-Immediately contact legal counsel when you become aware of a bankruptcy
filing by an owner, immediately forward any bankruptcy notices to your legal counsel, and immediately stop all
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