a type of insurance coverage that has limited value to a community association: -
ANSWER - assessment fee receivable
a component of building ordinance insurance coverage includes: - ANSWER - extra
demolition
what section of an insurance policy describes the coverage limits, deductibles, policy
period, and premium? - ANSWER - declaration page
liability claims should be sent to the insurer: - ANSWER - without admitting negligence
when an association contracts all of its employees, it is a best business practice to: -
ANSWER - negotiate contracts within the bidding process
what does coinsurance obligate the association to do? - ANSWER - maintain certain
limits of insurance
Which type of management is the process of operating, maintaining, repairing, and
replacing common property? - ANSWER - Facilities
The higher a document's place in the hierarchy, the: - ANSWER - greater its legal
weight in a court of law
pg. 1
,Based on which type of requirements would you choose a contractor over the
association to complete work? - ANSWER - requires supervision, expertise required and
low urgency
Who is required to be present for an annual association membership meeting to
conduct business? - ANSWER - a quorum of the members
Which of the following would a condominium unit member's personal insurance policy
cover when it is the primary insurance policy? - ANSWER - bodily injury due to a slip
and fall within a member's unit
Community association governing documents and state statutes may require who to be
involved in preparing annual reports? - ANSWER - a CPA
What is a typical management control used to identify physical assets? - ANSWER -
inventory
When a contractor fails to perform to the terms of the contract, which provision in the
contract allows the association to terminate? - ANSWER - default provisions
Where can an individual find the owner and association's maintenance responsibilities?
- ANSWER - the declaration
At the monthly board meeting, it is the role of the manager to do all of the following
except: - ANSWER - call for a vote on an issue
All of the following are goals of maintenance in a community association except: -
ANSWER - increasing the association's profits
The use of parliamentary procedure during meetings helps to ensure that: - ANSWER -
the board considers one item of business at a time
pg. 2
,GAAP requires which statement for year-end reports for a community association? -
ANSWER - cash flows
When developing a rule, the rule must be capable of: - ANSWER - uniform enforcement
If you prepare a maintenance responsibility chart for your community association, it
must be based on all of the following except: - ANSWER - human resource policy
Who is responsible for selecting a contractor? - ANSWER - Board
A manager must take into consideration all of the following Federal laws during the
hiring process, except the: - ANSWER - Housing and Urban Recovery Act of 1983
Which government agency regulates employee compensation or payment? - ANSWER
- DOL
A legally binding contract should include all of the following provisions except: -
ANSWER - insurance
If a physical asset is to be replaced, the basis for an association's scheduled
replacement consists of the: - ANSWER - reserve study and replacement fund budget
to provide a payment to the insurance deductible, you would: - ANSWER - allow for
costs in the operating budget
directors and officers liability insurance is designed to cover claims resulting from -
ANSWER - wrongful acts of employees of the association
the purpose of a personnel manual or employee handbook is to: - ANSWER - explain
employee rights and responsibilities
pg. 3
, what is the best way to communicate managements expectation for an employee to
complete regular and special tasks during a certain time period? - ANSWER -
establishing performance goals
discipline as a part of HR management can include: - ANSWER - counseling the
employees
which tool is the most effective for defining employees duties? - ANSWER - job
description
when staff members help to develop policies and procedures, they are more: -
ANSWER - committed to implement them
what is the primary source of requirements when developing the associations annual
maintenance budget? - ANSWER - governing documents
when the board reviews the proposed budget for approval, what should it consider? -
ANSWER - the financial position of the association
what method is the best alternative to increasing association assessments? - ANSWER
- increasing income by charging higher user fees
why are special meetings held? - ANSWER - to conduct specific business
if an owner fails to receive notice of a meeting, the association is not responsible if the
owner: - ANSWER - did not notify the association of their current address
if the governing docs and laws present conflicting notice periods, follow: - ANSWER -
State laws
pg. 4
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 ASSIGNMENT7. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.99. You're not tied to anything after your purchase.
