STATE OF NEVADA WORK CARD ACTUAL
TEST PAPER 2026 FULL ANSWERS GRADED
A+
⩥ Electronic transfers may be made only for:
A). Transfers to the reserves
B). Automatic utility payments
C). Automatic payments to the U.S. Government
D). Any of the above.
Answer: D). Any of the above
⩥ Reserve account checks must be signed by:
A). A board memberor a board officer
B). The president and the treasurer
C). Two board members or one board member and one office
D). An officer and the Community manager.
Answer: C). Two board members or one board member and one office
,⩥ Each owner has two accounts:
A). One for operating assessments and one for reserve assessments
B). One for assessments, special assessments, fines, and construction
penalties and one for reserve assessments
C). One for assessments, special assessments, reserve assessments, and
fines and one for construction penalties
D). One for assessments, special assessments, reserve assessments and
construction penalties and one for fines.
Answer: D). One for assessments, special assessments, reserve
assessments and construction penalties and one for fines
⩥ Interes rates on delinquent assessments are:
A). Published by the Financial Institutions Division
B). Based on the prime rate at the largest bank in Nevada, plus 2%
C). Adjusted January 1 and July 1
D). All of the above.
Answer: D). All of the above
,⩥ Delinquent fines for violations of the governing documents
A). Cannot include collection costs
B). Cannot include interest
C). Can be report to the Division
D). Can result in foreclosure.
Answer: B). Cannot include interest
⩥ An owner is 61 Days late in paying his/her assessments. What will
you include in a letter to him/her?
A). A schedule of fees that may be charged for non-payment
B). A proposed repayment plan
C). Notice of owner's right to contest the amount owed at a hearing
D). All of the above.
Answer: D). All of the above
⩥ When an owner declares bankruptcy:
, A). A new account must be created for post bankruptcy charges
B). All collection proceedings must be presented to the judge
C). The owner does not have to make future payments
D). There is nothing the association can do to collect.
Answer: A). A new account must be created for post bankruptcy charges
⩥ Which of the following is the most thorough?
A). An audit
B). A Review
C). A compilation
D). A interim report.
Answer: A). An Audit
⩥ Which of the follwing annual budget amounts require an annual audit
under NRS 116?
A). $45,000
B). $75,000
C). $150,000
TEST PAPER 2026 FULL ANSWERS GRADED
A+
⩥ Electronic transfers may be made only for:
A). Transfers to the reserves
B). Automatic utility payments
C). Automatic payments to the U.S. Government
D). Any of the above.
Answer: D). Any of the above
⩥ Reserve account checks must be signed by:
A). A board memberor a board officer
B). The president and the treasurer
C). Two board members or one board member and one office
D). An officer and the Community manager.
Answer: C). Two board members or one board member and one office
,⩥ Each owner has two accounts:
A). One for operating assessments and one for reserve assessments
B). One for assessments, special assessments, fines, and construction
penalties and one for reserve assessments
C). One for assessments, special assessments, reserve assessments, and
fines and one for construction penalties
D). One for assessments, special assessments, reserve assessments and
construction penalties and one for fines.
Answer: D). One for assessments, special assessments, reserve
assessments and construction penalties and one for fines
⩥ Interes rates on delinquent assessments are:
A). Published by the Financial Institutions Division
B). Based on the prime rate at the largest bank in Nevada, plus 2%
C). Adjusted January 1 and July 1
D). All of the above.
Answer: D). All of the above
,⩥ Delinquent fines for violations of the governing documents
A). Cannot include collection costs
B). Cannot include interest
C). Can be report to the Division
D). Can result in foreclosure.
Answer: B). Cannot include interest
⩥ An owner is 61 Days late in paying his/her assessments. What will
you include in a letter to him/her?
A). A schedule of fees that may be charged for non-payment
B). A proposed repayment plan
C). Notice of owner's right to contest the amount owed at a hearing
D). All of the above.
Answer: D). All of the above
⩥ When an owner declares bankruptcy:
, A). A new account must be created for post bankruptcy charges
B). All collection proceedings must be presented to the judge
C). The owner does not have to make future payments
D). There is nothing the association can do to collect.
Answer: A). A new account must be created for post bankruptcy charges
⩥ Which of the following is the most thorough?
A). An audit
B). A Review
C). A compilation
D). A interim report.
Answer: A). An Audit
⩥ Which of the follwing annual budget amounts require an annual audit
under NRS 116?
A). $45,000
B). $75,000
C). $150,000
