M-100 Community Association Management 2026 | 100+ Verified Q&A | Governance, Finance, Insurance, Maintenance, Legal Duties

This expertly structured document contains 100+ verified exam questions and answers from the M-100: The Essentials of Community Association Management course, tailored for the 2026 edition. It serves as a high-yield review tool for property managers, board members, and professionals pursuing credentials such as CMCA® (Certified Manager of Community Associations) or AMS® (Association Management Specialist) through CAI (Community Associations Institute). The content is drawn directly from M-100 core topics and mirrors the format and scope of the actual certification assessment. It includes detailed coverage of community association governance, budgeting and financial reporting, legal obligations, insurance and risk management, maintenance planning, and communications with residents and boards. Topics and examples covered include: Types of Associations: Planned communities, condominiums, cooperatives, master associations Legal Framework: Governing documents hierarchy, state/federal laws (e.g., Fair Housing Act, ADA, Fair Debt Collection), and case law relevance Corporate Structure: Articles of Incorporation, Bylaws, Resolutions (Policy, Administrative, General, Special), Public Offering Statements Board Operations: Powers, duties, due process, resolution formatting, rule enforcement procedures, ADR, and internal disciplinary actions Budgeting & Finance: Revenue/expenses classification, zero-based and historical budgeting, accrual vs. cash accounting, reserve funding, financial reporting (Balance Sheet, Statement of Revenue & Expenses) Maintenance Strategies: Routine, preventive, reserve maintenance, management tools (calendars, checklists, inventories), contractor oversight Insurance & Risk Management: Property, liability, D&O, fidelity coverage, claims-made policies, risk control strategies, performance/payment bonds Professional Standards: CPA audit/review/compilation processes, financial protections, exposure management (PLIP model), statutory compliance Best suited for: Individuals preparing for the M-100 exam and CMCA®, AMS®, or PCAM® certification pathways Professionals in HOA, condo, or cooperative property management Students in Real Estate, Property Management, Public Administration, or Urban Planning programs Board members or association volunteers seeking clarity on operations, financial oversight, and governance New hires or trainees within community management companies building foundational knowledge The material aligns with official CAI training and references real-world community management applications. It is a concise and practical revision aid, ideal for quick recall and concept reinforcement. Keywords: M-100 exam, community association management, CMCA certification, HOA governance, association bylaws, property management Q&A, board resolutions, maintenance budgeting, reserve funding, financial reporting, D&O insurance, CAI standards, CC&Rs, condo management, risk management, community bylaws, planned communities, fiduciary duty, enforcement procedures