COMMUNITY ASSOCIATION MANAGER PRACTICE EXAM | QUESTIONS AND ANSWERS RATED A+ | 2024/2025 GUIDE
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Course
M100
Institution
M100
COMMUNITY ASSOCIATION MANAGER PRACTICE EXAM | QUESTIONS AND ANSWERS RATED A+ | 2024/2025 GUIDE
COMMUNITY ASSOCIATION MANAGER PRACTICE EXAM | QUESTIONS AND ANSWERS RATED A+ | 2024/2025 GUIDE
COMMUNITY ASSOCIATION MANAGER PRACTICE EXAM | QUESTIONS AND ANSWERS RATED A+ | 2024/2025 GUIDE
COMMUNITY ASSOCIATION MANAGER
PRACTICE EXAM | QUESTIONS AND
ANSWERS RATED A+ | 2024/2025 GUIDE
Accrual accounting records what?
- correct answer - records revenue when earned
How many supervised hours must a provisional community
manager obtain before receiving a regular certificate?
- correct answer - 3120 hours
The public offering statement is?
- correct answer - typically given to the original homeowner in
the development.
Plats must be?
- correct answer - certified by a professional land surveyor.
The declarant does what?
- correct answer - files the declaration with the county, is also
known as the developer and controls the cic until certain
benchmarks are met.
,In developments with more than 1000 units control passes to
homeowners when?
- correct answer - 90% of units are conveyed
The maximum that can be charged for routine production of a
demand letter is? - correct answer - $150
Special declarant rights include?
- correct answer - the right to merge the development with
another cic
What must be transferred to owners by the declarant?
- correct answer - an audit, a reserve study and the reserve
account, and property belonging to the cic.
The resale package includes?
- correct answer - a copy of the current financial statements.
The demand letter must be valid for how many days?
- correct answer - 15 days
The potential purchaser can cancel within how many days of
receiving the resale package?
- correct answer - 5 days
, If the buyer requests expedited delivery of the demand letter,
what is the maximum charge?
- correct answer - $250
A cic can be terminated with?
- correct answer - the approval of at least 80% of the
homeowners
Who must approve amendments to the declaration?
- correct answer - homeowners
The entice buyers, the declarant may?
- correct answer - subsidize certain costs.
Crime insurance must be?
- correct answer - three months aggregate assessments, plus
reserves or $5 million, whichever is less
All political signs exhibited must not be larger than? - correct
answer - 24 inches by 36 inches.
How many political signs may be posted? - correct answer - a
unit's owner or an occupant of a unit may exhibit as many
political signs as desired, but may not exhibit more than one
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