CMCA EXAM, PRACTICE EXAM AND STUDY GUIDE LATEST
ACTUAL EXAM
Quorum requirements conflicts - ANSWER: Conflicts are resolved by state statute,
the board of directors, a vote of those present at a meeting, or appointment of a
person as a proxy.
Fidelity insurance - ANSWER: Provides coverage to ensure that the board will meet
its fiduciary obligations, the manager will faithfully follow all document provisions,
the association will be covered for shortfalls in the reserve accounts, or the
association will recover any funds lost through employee dishonesty.
Type of management - ANSWER: The process of operating, maintaining, repairing,
and replacing common property includes Human Resources, Facilities, Financial, or
Risk management.
Hierarchy of a document - ANSWER: The higher a document's place in the
hierarchy, the greater its legal weight in a court of law, power with the board, legal
regulation, and difficulty of implementation.
Contractor selection criteria - ANSWER: Based on requirements like urgency,
supervision, expertise, costs, and tool availability, you may choose a contractor
over the association to complete work.
Annual association membership meeting - ANSWER: Requires a quorum of the
members to conduct business, not just the treasurer, secretary, or board of
directors.
Condominium unit member's insurance - ANSWER: Covers incidents like wind
damage to the roof, bodily injury in common areas, bodily injury due to
association's use of member's automobile, but not bodily injury due to a slip and
fall within a member's unit.
Community association annual reports - ANSWER: May require involvement of a
CPA, owners, an ad hoc committee, or the management company in preparation.
Management control for physical assets - ANSWER: Typically involves using a
checklist, charts of information, inventory, or a calendar/schedule to identify
physical assets.
Contract termination provision - ANSWER: When a contractor fails to perform, the
association can terminate based on default, warranty, insurance, or performance
provisions in the contract.
ACTUAL EXAM
Quorum requirements conflicts - ANSWER: Conflicts are resolved by state statute,
the board of directors, a vote of those present at a meeting, or appointment of a
person as a proxy.
Fidelity insurance - ANSWER: Provides coverage to ensure that the board will meet
its fiduciary obligations, the manager will faithfully follow all document provisions,
the association will be covered for shortfalls in the reserve accounts, or the
association will recover any funds lost through employee dishonesty.
Type of management - ANSWER: The process of operating, maintaining, repairing,
and replacing common property includes Human Resources, Facilities, Financial, or
Risk management.
Hierarchy of a document - ANSWER: The higher a document's place in the
hierarchy, the greater its legal weight in a court of law, power with the board, legal
regulation, and difficulty of implementation.
Contractor selection criteria - ANSWER: Based on requirements like urgency,
supervision, expertise, costs, and tool availability, you may choose a contractor
over the association to complete work.
Annual association membership meeting - ANSWER: Requires a quorum of the
members to conduct business, not just the treasurer, secretary, or board of
directors.
Condominium unit member's insurance - ANSWER: Covers incidents like wind
damage to the roof, bodily injury in common areas, bodily injury due to
association's use of member's automobile, but not bodily injury due to a slip and
fall within a member's unit.
Community association annual reports - ANSWER: May require involvement of a
CPA, owners, an ad hoc committee, or the management company in preparation.
Management control for physical assets - ANSWER: Typically involves using a
checklist, charts of information, inventory, or a calendar/schedule to identify
physical assets.
Contract termination provision - ANSWER: When a contractor fails to perform, the
association can terminate based on default, warranty, insurance, or performance
provisions in the contract.
