Community Association Management – HOA Governance, Operations and Financial
Management Study Guide
Why are special membership meetings held? - ✔✔To conduct specific business
Executive sessions should typically be used for discussing which of the following issues: -
✔✔Member's delinquency
Which of the following is a duty of a manager attending a board meeting? - ✔✔Be the time
keeper.
If the governing documents and laws present conflicting notice periods, follow: - ✔✔Follow
state laws
If an owner fails to receive notice of a meeting, the association is not responsible if the owner: -
✔✔Did not notify the association of their current address.
Board meeting minutes should include which of the following: - ✔✔Exact wording of each
motion.
If a proxy vote needs to be approved, the best option for an approver would be: - ✔✔The
secretary.
Where would a manager find guidelines regarding the association's responsibility for
maintaining physical assets? - ✔✔Board resolutions.
The primary management control tool for identifying whether the association needs to maintain
a particular property element is: - ✔✔Maintenance responsibility chart.
,To determine which physical assets must be maintained by the association, the manager should:
- ✔✔Review the association governing documents.
Which of the following is a common management control for ensuring maintenance work is
performed in a timely manner? - ✔✔A work order/response form.
When monitoring maintenance of an association's swimming pool, which of the following
should be entered into a permanent log at regular intervals? - ✔✔Chlorine level readings.
Which of the following is an example of an association control system? - ✔✔Frequent
neighborhood inspections.
A work order: - ✔✔Assigns maintenance tasks.
Which type of maintenance should be managed with a routine maintenance contract? -
✔✔Cutting the grass
Which method is the best alternative to increasing assessments? - ✔✔Increasing income by
charging higher user fees.
When the Board reviews the proposed budget for approval, what should it consider? - ✔✔The
financial position of the association.
What is the primary source of requirements when developing the association's annual
maintenance budget? - ✔✔Governing documents.
When an association contracts out all of its service and has no employees, it is a best business
practice to: - ✔✔Negotiate contracts within the bidding process.
, Directors and officers liability insurance is designed to cover claims resulting from: -
✔✔Wrongful acts of employees of the association.
A component of building ordinance insurance coverage includes: - ✔✔Extra demolition.
Which of the following types of insurance coverage is one of limited value to a community
association? - ✔✔Assessment fee receivable
What section of an insurance policy describes the coverage limits, deductibles,
policy period, and premium? - ✔✔Declaration page(s
To provide for payment of the insurance deductible, you would: - ✔✔Allow for costs in the
operating budget.
Liability claims should be sent to the insurer: - ✔✔Without admitting negligence.
What does "Co-Insurance" obligate the Association to do? - ✔✔Maintain certain limits of
insurance
Legal review prior to executing a contract will assist the association in the event that: - ✔✔The
board has questions or concerns.
In older condominiums, an association should have what type of contract covering mechanical
equipment? - ✔✔Preventive maintenance.
Rather than describing the scope of work in detail in the contract, a manager may: - ✔✔Attach
bid specifications.
Management Study Guide
Why are special membership meetings held? - ✔✔To conduct specific business
Executive sessions should typically be used for discussing which of the following issues: -
✔✔Member's delinquency
Which of the following is a duty of a manager attending a board meeting? - ✔✔Be the time
keeper.
If the governing documents and laws present conflicting notice periods, follow: - ✔✔Follow
state laws
If an owner fails to receive notice of a meeting, the association is not responsible if the owner: -
✔✔Did not notify the association of their current address.
Board meeting minutes should include which of the following: - ✔✔Exact wording of each
motion.
If a proxy vote needs to be approved, the best option for an approver would be: - ✔✔The
secretary.
Where would a manager find guidelines regarding the association's responsibility for
maintaining physical assets? - ✔✔Board resolutions.
The primary management control tool for identifying whether the association needs to maintain
a particular property element is: - ✔✔Maintenance responsibility chart.
,To determine which physical assets must be maintained by the association, the manager should:
- ✔✔Review the association governing documents.
Which of the following is a common management control for ensuring maintenance work is
performed in a timely manner? - ✔✔A work order/response form.
When monitoring maintenance of an association's swimming pool, which of the following
should be entered into a permanent log at regular intervals? - ✔✔Chlorine level readings.
Which of the following is an example of an association control system? - ✔✔Frequent
neighborhood inspections.
A work order: - ✔✔Assigns maintenance tasks.
Which type of maintenance should be managed with a routine maintenance contract? -
✔✔Cutting the grass
Which method is the best alternative to increasing assessments? - ✔✔Increasing income by
charging higher user fees.
When the Board reviews the proposed budget for approval, what should it consider? - ✔✔The
financial position of the association.
What is the primary source of requirements when developing the association's annual
maintenance budget? - ✔✔Governing documents.
When an association contracts out all of its service and has no employees, it is a best business
practice to: - ✔✔Negotiate contracts within the bidding process.
, Directors and officers liability insurance is designed to cover claims resulting from: -
✔✔Wrongful acts of employees of the association.
A component of building ordinance insurance coverage includes: - ✔✔Extra demolition.
Which of the following types of insurance coverage is one of limited value to a community
association? - ✔✔Assessment fee receivable
What section of an insurance policy describes the coverage limits, deductibles,
policy period, and premium? - ✔✔Declaration page(s
To provide for payment of the insurance deductible, you would: - ✔✔Allow for costs in the
operating budget.
Liability claims should be sent to the insurer: - ✔✔Without admitting negligence.
What does "Co-Insurance" obligate the Association to do? - ✔✔Maintain certain limits of
insurance
Legal review prior to executing a contract will assist the association in the event that: - ✔✔The
board has questions or concerns.
In older condominiums, an association should have what type of contract covering mechanical
equipment? - ✔✔Preventive maintenance.
Rather than describing the scope of work in detail in the contract, a manager may: - ✔✔Attach
bid specifications.
