M100 COMMUNITY ASSOCIATION MANAGEMENT EXAM|COMPREHENSIVE Q&A FOR CERTIFICATION SUCCESS

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M100 COMMUNITY ASSOCIATION
MANAGEMENT EXAM|COMPREHENSIVE
Q&A FOR CERTIFICATION SUCCESS

Suspension of recreational facility usage
Fines
Eviction
Self help




External Resources for Enforcing Rules - correct-answer -Local Health Department
Local Zoning Department
Local Fire Department
Local Police Department
Local Building Department
Local Animal Shelter




Sources of Budget Requirements - correct-answer -Federal Laws
State Statutes
Local Laws
Governing Documents

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Name Two Main Budget Components - correct-answer -Revenue & Expenses


Revenue - Owner assessments, Interest, late fees, fines, usage fees.


Expenses - Operating, major improvements, reserves




Budget Line Items - correct-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 - correct-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 - correct-answer -Funds set aside for future replacement of major
components of communities common property.