Cmca insurance - Study guides, Class notes & Summaries

CMCA Practice Exam | Questions and Correct Answers | Latest Update 2024/2025 Quorum requirements conflicts are resolved by: a. state statute b. the board of directors c. a vote of those present at a meeting d. appointment of a person as a proxy - Answer -A Fidelity insurance provides coverage to ensure that the: a. board will meet its fiduciary obligations

Risk Management - ANSWER-The process of making and carrying out decisions that will minimize the adverse effects of accidental losses upon the community association. Contractual transfer - ANSWER-Involves entering into a contract that will, among other things, transfer the community association's legal responsibility for any loss. Exposure avoidance - ANSWER-Avoiding circumstances that would expose the community to certain types of loss. Loss prevention and reduction - ANSWER-Taking st...

Risk Management - ANSWER The process of making and carrying out decisions that will minimize the adverse effects of accidental losses upon the community association. Contractual transfer - ANSWER Involves entering into a contract that will, among other things, transfer the community association's legal responsibility for any loss. Exposure avoidance - ANSWER Avoiding circumstances that would expose the community to certain types of loss. Loss prevention and reduction - ANSWER Taking st...

CMCA M100 WITH COMPLETE SOLUTIONS 100% Negligence failure to exercise a duty of care Ethics learning right from wrong and doing the right thing. Duty of Care exercising the skill and care a reasonable person would i a similar situation Duty of Loyalty acting solely in another parties interests when administering their assets Acceleration the collection of all assessments due thru the end of the fiscal year accrual basis of accounting accounting method that records...

CMCA Sample Exam 1. Quorum requirements conflicts are resolved by: a. state statute. b. the board of directors. c. a vote of those present at a meeting. d. appointment of a person as a proxy. - A 2. Fidelity insurance provides coverage to ensure that the: a. board will meet its fiduciary obligations. b. manager will faithfully follow all document provisions. c. deductible in the association's insurance policies is reimbursed. d. association will be covered for shortfalls in the re...

CMCA - M100 Community Association Management Test Guide Exam with 100% Correct Answers 55 and older community - CORRECT ANSWER-Must have one person who is 55 years of age or older living in at least 80% of its occupied units. The community must be designated "55 and older" to qualify as this type of housing that legally prohibits children and limits occupancy to a certain age span. The designation process involves submitting applications and obtaining approval before any enforceme...

CMCA Sample Exam 1. Quorum requirements conflicts are resolved by: a. state statute. b. the board of directors. c. a vote of those present at a meeting. d. appointment of a person as a proxy. correct answerA 2. Fidelity insurance provides coverage to ensure that the: a. board will meet its fiduciary obligations. b. manager will faithfully follow all document provisions. c. deductible in the association's insurance policies is reimbursed. d. association will be covered for shortfalls i...

Approved CMCA Practice Test Questions and Answers! With 100% Correct Answers Which of the following is a common management control for ensuring maintenance work is performed in a timely manner? A. A purchase order system B. An equipment warranties C. A work order/response form D. A contractor's invoice *Ans* C. A work order/response form - A, B, and D speak to elements OTHER than a control to ensure maintenance work is completed. The primary management control tool for identifying wh...

CMCA PRACTICE EXAM WITH QUESTIONS AND WELL VETRIFIED ANSWERS[GRADED A+] ACTUAL EXAM 100% Preparing a bid request includes which of the following: A. Verifying References. B. Identifying potential contractors. C. Recommending a contractor to the board. D. Verifying contractor insurance. - ANS--B Legal review prior to executing a contract will assist the association in the event that: A. A subcontractor is used. B. A performance bond is required. C. There is a budgetary shortfa...

Random CMCA Practice Test Questions (Under Construction) Q&A 100% Correct C. A work order/response form - A, B, and D speak to elements OTHER than a control to ensure maintenance work is completed. *Ans* Which of the following is a common management control for ensuring maintenance work is performed in a timely manner? A. A purchase order system B. An equipment warranties C. A work order/response form D. A contractor's invoice C. Maintenance responsibility chart along, with the gove...