M100 Community Association Management Exam &
Practice Exam Questions and Answers Practice
Questions with Solutions Newest | Already Graded
A+|Just Released!!
Characteristics of a Community Association - ANSWER-
Mandatory membership
Mutually binding documents
Lien-based assessments
Name Two Main Budget Components - ANSWER-
Revenue & Expenses
,Revenue - Owner assessments, Interest, late fees, fines,
usage fees.
Expenses - Operating, major improvements, reserves
Budget Line Items - ANSWER-Mandatory & Discretionary
Mandatory - Community and owner needs and obligations
(maintenance, utilities, repairs, taxes).
Discretionary - Owner, board and committee desires
(social and recreational expenses, picnic areas, patrol,
pool towels).
, Budgeting Methods - ANSWER-Zero-Based - all line items
are set to zero.
Historical trend - Item assumed to be justified and prior
information adjusted for planned changes.
Reserve - ANSWER-Funds set aside for future
replacement of major components of communities
common property.
Extra-Judicial (nonjudicial) Remedies - ANSWER-Late
charge/interest penalty
Security deposit requirement
Acceleration
Practice Exam Questions and Answers Practice
Questions with Solutions Newest | Already Graded
A+|Just Released!!
Characteristics of a Community Association - ANSWER-
Mandatory membership
Mutually binding documents
Lien-based assessments
Name Two Main Budget Components - ANSWER-
Revenue & Expenses
,Revenue - Owner assessments, Interest, late fees, fines,
usage fees.
Expenses - Operating, major improvements, reserves
Budget Line Items - ANSWER-Mandatory & Discretionary
Mandatory - Community and owner needs and obligations
(maintenance, utilities, repairs, taxes).
Discretionary - Owner, board and committee desires
(social and recreational expenses, picnic areas, patrol,
pool towels).
, Budgeting Methods - ANSWER-Zero-Based - all line items
are set to zero.
Historical trend - Item assumed to be justified and prior
information adjusted for planned changes.
Reserve - ANSWER-Funds set aside for future
replacement of major components of communities
common property.
Extra-Judicial (nonjudicial) Remedies - ANSWER-Late
charge/interest penalty
Security deposit requirement
Acceleration
