CETP PRE CERTIFICATION REVIEW
PRACTICE SET 2026 TESTED
QUESTIONS AND CORRECT
SOLUTIONS
◉ A balance sheet balance:
A). The bank statement
B). The assets and liabilities with equity
C). The assets with liabilities and equity
D). The operating fund with the reserve fund. Answer: C). The assets
with liabilities and equity
◉ A budget summary can be sent in lieu of the complete budget if:
A). Notice of where the complete budget can be obtained is provided
B). Notice that copies will be provided upon request
C). A complete budget is required to be sent
D). A and B. Answer: D). A and B
◉ A certificate is:
,A). A license to manage a CIC
B). A license to conduct property management
C). A license to work in real estate management
D). A license to work as an appraiser. Answer: A). A license to manage
a CIC
◉ A CIC can be terminated:
A). With approval of at least 51% of all recorded homeowners
B). After not less than 25 years
C). With approval of at least 80% of homeowners
D). By a majority vote of the executive board. Answer: C). With
approval of at least 80% of homeowners
◉ A community manager must:
A). Not accept gifts or gratuities under any circumstances
B). Report certain gifts to the division
C). Report gifts to the association as part of the annual budget
D). All of the above. Answer: B). Report certain gifts to the division
◉ A complaint against a community manager is called:
,A). Intervention affidavit
B). Alternative Dispute Resolution
C). Statement of Fact
D). Any of the above, depending on the circumstances. Answer: C).
Statement of Fact
◉ A condominium hotel under NRS 116B:
A). Contains individually owned units
B). Is intended for transient occupancy
C). Functions like a regular hotel
D). All of the above. Answer: B). Is intended for transient occupancy
◉ A general contractor may be required:
A). For all projects costing more than 3% of the budget
B). When using two or more licensed contractors
C). At the discretion of the executive board
D). All of the above require a general contractor. Answer: B). When
using two or more licensed contractors
, ◉ A handyman may be acceptable for:
A). Projects costing less than $1,000
B). Projects requiring a building permit
C). Plumbing or electrical projects
D). Engineering projects. Answer: A). Projects costing less than $1,000
◉ A large amount accrued but not transferred to the reserve account
may indicate:
A). Sloppy accounting
B). Cash Flow problems
C). The need for an external audit
D). The need to consult the Division. Answer: B). Cash Flow problems
◉ A member of the executive board may not:
A).Vote on contracts or bids
B). Be required to pay regular assessments
C). Provide goods or services to the association
D). Be fined for governing document violations. Answer: C). Provide
goods or services to the association
PRACTICE SET 2026 TESTED
QUESTIONS AND CORRECT
SOLUTIONS
◉ A balance sheet balance:
A). The bank statement
B). The assets and liabilities with equity
C). The assets with liabilities and equity
D). The operating fund with the reserve fund. Answer: C). The assets
with liabilities and equity
◉ A budget summary can be sent in lieu of the complete budget if:
A). Notice of where the complete budget can be obtained is provided
B). Notice that copies will be provided upon request
C). A complete budget is required to be sent
D). A and B. Answer: D). A and B
◉ A certificate is:
,A). A license to manage a CIC
B). A license to conduct property management
C). A license to work in real estate management
D). A license to work as an appraiser. Answer: A). A license to manage
a CIC
◉ A CIC can be terminated:
A). With approval of at least 51% of all recorded homeowners
B). After not less than 25 years
C). With approval of at least 80% of homeowners
D). By a majority vote of the executive board. Answer: C). With
approval of at least 80% of homeowners
◉ A community manager must:
A). Not accept gifts or gratuities under any circumstances
B). Report certain gifts to the division
C). Report gifts to the association as part of the annual budget
D). All of the above. Answer: B). Report certain gifts to the division
◉ A complaint against a community manager is called:
,A). Intervention affidavit
B). Alternative Dispute Resolution
C). Statement of Fact
D). Any of the above, depending on the circumstances. Answer: C).
Statement of Fact
◉ A condominium hotel under NRS 116B:
A). Contains individually owned units
B). Is intended for transient occupancy
C). Functions like a regular hotel
D). All of the above. Answer: B). Is intended for transient occupancy
◉ A general contractor may be required:
A). For all projects costing more than 3% of the budget
B). When using two or more licensed contractors
C). At the discretion of the executive board
D). All of the above require a general contractor. Answer: B). When
using two or more licensed contractors
, ◉ A handyman may be acceptable for:
A). Projects costing less than $1,000
B). Projects requiring a building permit
C). Plumbing or electrical projects
D). Engineering projects. Answer: A). Projects costing less than $1,000
◉ A large amount accrued but not transferred to the reserve account
may indicate:
A). Sloppy accounting
B). Cash Flow problems
C). The need for an external audit
D). The need to consult the Division. Answer: B). Cash Flow problems
◉ A member of the executive board may not:
A).Vote on contracts or bids
B). Be required to pay regular assessments
C). Provide goods or services to the association
D). Be fined for governing document violations. Answer: C). Provide
goods or services to the association
