CMCA PRACTICE EXAM (ACTUAL 2025)150
QUESTIONS WITH CORRECT ANSWERS
What authority creates the right to vote by proxy?
a. association rules and regulations
b. state statutes
c. common law
d. owner's rights - <<<Answers>>>B
Periodic maintenance performed to avoid disruptive
breakdowns and to prolong the useful life of a physical asset
is considered:
a. routine maintenance
b. requested maintenance
c. emergency service maintenance
d. preventative maintenance - <<<Answers>>>D
Complete the following sentence: a(n)
______________________ is a year-end financial report
prepared by a CPA without the assurance that the information
conforms to GAAP.
a. compilation
b. review
c. audit
,d. opinion letter - <<<Answers>>>A
True or false: community associations must file a federal
income tax return every year. - <<<Answers>>>T
True or false: requiring a single signature to withdraw funds
from an investment account is a good example of a system of
internal checks and balances to protect association
investments. - <<<Answers>>>F
Which of the following investment objectives for community
associations refers to the ease with which an investment can
be converted into cash or a cash equivalent?
a. safety
b. liquidity
c. yield
d. treasury bills - <<<Answers>>>B
Complete the following sentence: for a community
association, ___________________ is the process of
operating, maintaining, repairing, and replacing common
property.
a. preventative maintenance
b. facilities management
c. maintenance record
,d. scheduled replacement - <<<Answers>>>B
True or false: one of the goals of maintenance for a
community association is to limit injury to residences, guests,
and employees. - <<<Answers>>>T
Each of the following includes steps in establishing a
maintenance system for a community association except:
a. assign blame to staff not adequately fulfilling maintenance
responsibilities
b. develop maintenance management controls
c. analyze your assets' maintenance needs
d. evaluate your maintenance system and efforts -
<<<Answers>>>A
Which of the following is not an example of a maintenance
management control?
a. work orders
b. chart of information
c. response forms
d. public offering statements - <<<Answers>>>D
True or false: the declaration or master deed often includes a
description of maintenance responsibilities for both the owner
and the association. - <<<Answers>>>T
, True or false: a management control used to keep track of
who is responsible for the maintenance of various property
elements or areas is the analysis sheet. - <<<Answers>>>F
Cleaning problem sewer lines every month to avoid backups
is an example of which of the following types of
maintenance?
a. emergency services maintenance
b. requested or corrective maintenance
c. routine maintenance
d. preventative maintenance - <<<Answers>>>D
True or false: Surveying residents is a common method
community association managers use to evaluate their
maintenance systems and implementation efforts. -
<<<Answers>>>T
True or false: a contract is an agreement between two or more
parties, enforceable by law, by which each party promises to
do, or not do, something. - <<<Answers>>>T
When deciding whether to have staff members or a contractor
perform a task, a manager should consider each of the
following except:
a. supervision
QUESTIONS WITH CORRECT ANSWERS
What authority creates the right to vote by proxy?
a. association rules and regulations
b. state statutes
c. common law
d. owner's rights - <<<Answers>>>B
Periodic maintenance performed to avoid disruptive
breakdowns and to prolong the useful life of a physical asset
is considered:
a. routine maintenance
b. requested maintenance
c. emergency service maintenance
d. preventative maintenance - <<<Answers>>>D
Complete the following sentence: a(n)
______________________ is a year-end financial report
prepared by a CPA without the assurance that the information
conforms to GAAP.
a. compilation
b. review
c. audit
,d. opinion letter - <<<Answers>>>A
True or false: community associations must file a federal
income tax return every year. - <<<Answers>>>T
True or false: requiring a single signature to withdraw funds
from an investment account is a good example of a system of
internal checks and balances to protect association
investments. - <<<Answers>>>F
Which of the following investment objectives for community
associations refers to the ease with which an investment can
be converted into cash or a cash equivalent?
a. safety
b. liquidity
c. yield
d. treasury bills - <<<Answers>>>B
Complete the following sentence: for a community
association, ___________________ is the process of
operating, maintaining, repairing, and replacing common
property.
a. preventative maintenance
b. facilities management
c. maintenance record
,d. scheduled replacement - <<<Answers>>>B
True or false: one of the goals of maintenance for a
community association is to limit injury to residences, guests,
and employees. - <<<Answers>>>T
Each of the following includes steps in establishing a
maintenance system for a community association except:
a. assign blame to staff not adequately fulfilling maintenance
responsibilities
b. develop maintenance management controls
c. analyze your assets' maintenance needs
d. evaluate your maintenance system and efforts -
<<<Answers>>>A
Which of the following is not an example of a maintenance
management control?
a. work orders
b. chart of information
c. response forms
d. public offering statements - <<<Answers>>>D
True or false: the declaration or master deed often includes a
description of maintenance responsibilities for both the owner
and the association. - <<<Answers>>>T
, True or false: a management control used to keep track of
who is responsible for the maintenance of various property
elements or areas is the analysis sheet. - <<<Answers>>>F
Cleaning problem sewer lines every month to avoid backups
is an example of which of the following types of
maintenance?
a. emergency services maintenance
b. requested or corrective maintenance
c. routine maintenance
d. preventative maintenance - <<<Answers>>>D
True or false: Surveying residents is a common method
community association managers use to evaluate their
maintenance systems and implementation efforts. -
<<<Answers>>>T
True or false: a contract is an agreement between two or more
parties, enforceable by law, by which each party promises to
do, or not do, something. - <<<Answers>>>T
When deciding whether to have staff members or a contractor
perform a task, a manager should consider each of the
following except:
a. supervision
