2023 CMCA Real Exam with Answers (191 Solved Questions)

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CMCA EXAM 2023 REAL EXAM 170 QUESTIONS ANDCORRECT ANSWERS(VERIFIEDANSWERS)|AGRADEWhy are special membership meetings held? - ANSWER- To conduct specificbusinessExecutive sessions should typically be used for discussing which of the followingissues: - ANSWER- Member's delinquencyWhich of the following is a duty of a manager attending a board meeting? -ANSWER- Be the time keeper.If the governing documents and laws present conflicting notice periods, follow: -ANSWER- State laws.If an owner fails to receive notice of a meeting, the association is not responsible ifthe owner: - ANSWER- Did not notify the association of their current address.Board meeting minutes should include which of the following: - ANSWER- Exactwording of each motion.If a proxy vote needs to be approved, the best option for an approver would be: -ANSWER- The secretary.Where would a manager find guidelines regarding the association's responsibilityfor maintaining physical assets? - ANSWER- Board resolutions.The primary management control tool for identifying whether the associationneeds to maintain a particular property element is: - ANSWER- Maintenanceresponsibility chart.To determine which physical assets must be maintained by the association, themanager should: - ANSWER- Review the association governing documents.lOMoARcPSD|13778330

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Which of the following is a common management control for ensuringmaintenance work is performed in a timely manner? - ANSWER- A workorder/response form.When monitoring maintenance of an association's swimming pool, which of thefollowing should be entered into a permanent log at regular intervals? - ANSWER-Chlorine level readings.Which of the following is an example of an association control system? -ANSWER- Frequent neighborhood inspections.A work order: - ANSWER- Assigns maintenance tasks.Which type of maintenance should be managed with a routine maintenancecontract? - ANSWER- Cutting the grassWhich method is the best alternative to increasing assessments? - ANSWER-Increasing income by charging higher user fees.When the Board reviews the proposed budget for approval, what should itconsider? - ANSWER- The financial position of the association.What is the primary source of requirements when developing the association'sannual maintenance budget? - ANSWER- Governing documents.When an association contracts out all of its service and has no employees, it is abest business practice to: - ANSWER- Negotiate contracts within the biddingprocess.Directors and officers liability insurance is designed to cover claims resultingfrom: - ANSWER- Wrongful acts of employees of the association.A component of building ordinance insurance coverage includes: - ANSWER-Extra demolition.Which of the following types of insurance coverage is one of limited value to acommunity association? - ANSWER- Assessment fee receivable.What section of an insurance policy describes the coverage limits, deductibles,policy period, and premium? - ANSWER- Declaration page(s).lOMoARcPSD|13778330

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To provide for payment of the insurance deductible, you would: - ANSWER-Allow for costs in the operating budget.Liability claims should be sent to the insurer: - ANSWER- Without admittingnegligence.What does "Co-Insurance" obligate the Association to do? - ANSWER- Maintaincertain limits of insurance.Legal review prior to executing a contract will assist the association in the eventthat: - ANSWER- The board has questions or concerns.In older condominiums, an association should have what type of contract coveringmechanical equipment? - ANSWER- Preventive maintenance.Rather than describing the scope of work in detail in the contract, a manager may: -ANSWER- Attach bid specifications.Alternative dispute resolution includes which of the following methods? -ANSWER- Mediation.Employment contracts need not include: - ANSWER- Interests.In terms of compensation, a contract should state: - ANSWER- When and on whatterms payment(s) will be made.Preparing a bid request includes which of the following? - ANSWER- Identifyingpotential contractors.For which project would a board most likely want to use a consultant to helpdevelop bid specifications? - ANSWER- Repairing and/or replacing all roofs.In what type of a contract would a waiver of lien be recommended? - ANSWER-Re-roofing the buildings.When a dispute is mediated, an uninvolved third party facilitates discussion and: -ANSWER- Assists both parties in reaching a mutually acceptable agreement.lOMoARcPSD|13778330

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You have a proprietary lease in XYZ development. Which of the following bestdescribes your interest in the property? - ANSWER- Stock membership.Management conducts its tasks for the day to day operation of the association inaccordance with the: - ANSWER- Contract.The Board of Directors receives its authority to perform its specific duties throughthe: - ANSWER- Governing documents.Which of the following is within the authority of the Board of Directors? -ANSWER- Establishing programs.In preparing the association's annual financial report, many governing documentsspecify: - ANSWER- Retaining an independent certified public accountant.In an initial letter you send to an owner who has violated one of the association'sadopted rules, which of the following is included? - ANSWER- The offer to meetto hear the owner's viewpoint.In the hierarchy of a community association's governing documents, which of thefollowing is the highest authority? - ANSWER- Declaration.When developing a rule, it must be consistent with: - ANSWER- Applicablestatutes and governing documents.A board exercises its fiduciary responsibility by: - ANSWER- Establishing internalcontrols.The primary purpose of a community association is to: - ANSWER- Deal withgovernance and business.Who has the ultimate responsibility for the care and maintenance of the commonareas, facilities, and physical property? - ANSWER- The Board of Directors.What "duty" do the Board members and the manager have to the members? -ANSWER- Loyalty.Which of the following would impact the operation of a newly installed entrycontrol system? - ANSWER- Communicating the access control policy toresidents.lOMoARcPSD|13778330

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Which of the following has the greatest regulatory influence on the management ofa community association? - ANSWER- Specific state statutes.What are the two essential financial documents the board of directors should use todetermine the amount of funds available for an unbudgeted expense? - ANSWER-Balance sheet and statement of revenue and expense.What is the purpose of a Management Letter? - ANSWER- To note problem areasin an association's financial operations and recommend modifications andimprovements.The interim financial report should, at minimum, include a: - ANSWER- Statementof income and expenses, account balance, and a balance sheet.The manager is not usually responsible for preparing the: - ANSWER- Tax returns.Your association just completed the eighth month of its fiscal year. Whichfinancial report would be most useful to project year end expenses? - ANSWER-Statement of revenue and expense.A significant decline in the amount of investments is most likely the result of: -ANSWER- Expenditures out of reserve funds.If you want to know the difference between actual and budget figures for a revenueaccount, to which documents should you refer? - ANSWER- Statement of Incomeand Expenses and BudgetThe best reasoning for recommending the modified accrual accounting method isthat, compared to cash accounting, it: - ANSWER- More accurately reflects theassociation's financial condition.On what basis is the community association reporting its finances when thefinancial reports indicate income when received and expenses when paid? -ANSWER- Cash basis.Community association managers must be familiar with Federal Income Taxrequirements and options because: - ANSWER- Under Federal Tax code, allorganizations are taxable on their income unless specifically exempted.lOMoARcPSD|13778330

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The purpose of a personnel manual or employee handbook is to: - ANSWER-Explain employee rights and responsibilities.When staff members help to develop policies and procedures, they are more: -ANSWER- Committed to implement them.Which tool is most effective for defining the employee's duties? - ANSWER- Jobdescription.Discipline as part of the HR management can include: - ANSWER- Counseling theemployee.What is the best way to communicate management's expectation for an employeeto complete regular and special tasks during a certain time-period? - ANSWER-Establishing performance goals.In preparing the association's annual financial report, many governing documentsspecify: - ANSWER- Retaining an independent certified public accountantWhen a dispute is mediated, the uninvolved third party facilitates discussion and -ANSWER- Assists both parties in reaching a mutually acceptable agreementWhen developing a rule, it must be consistent with.... - ANSWER- Applicablestatues and governing documentsWhat would impact the operation of a newly installed entry control system? -ANSWER- Communicating the access control policy to residentsThe BOD receives its authority to perform its specific duties through the: -ANSWER- governing documentsWhat has the greatest regulatory influence on the management of a communityassociation? - ANSWER- specific state statutesWhat duty does the BOD and manager have to its members? - ANSWER- Loyaltymanagement conducts its day to day operation of the association in accordancewith: - ANSWER- contractlOMoARcPSD|13778330

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