2024 CMCA Exam Preparation Facilities/ Property Maintenance New Latest Version, Exams of Nursing

Download 2024 CMCA Exam Preparation Facilities/ Property Maintenance New Latest Version and more Exams Nursing in PDF only on Docsity! 2024 CMCA Exam Preparation Facilities/ Property Maintenance New Latest Version with All Questions and 100% Correct Answers When a dispute is mediated, an uninvolved third party facilitates discussion and: A. Makes the final judgement fr both parties B. Presents a decision which the parties are free to reject C.Assist both parties in reaching a mutually acceptable agreement D. Decision is binding upon both parties ---------- Correct Answer ---------- C A significant decline in the amount of investments is most likely the result of: A. Failure to invest association funds properly B. Seasonal timing of expenses C. Expenditures out of reserve funds D. Failure to collect delinquent assessments ---------- Correct Answer ---------- C The best reasoning for recommending the modified accrual accounting method is that, compared to cash accounting, it: A. Will make future audit work more accurate B. More accurately reflects the associations financial condition C. Is more easily understood by board members D. Can be accomplished more quickly ---------- Correct Answer ---------- B You have a proprietary lease in XYZ development. Which of the following best describes your interest in the property? A. A time-share interest B. A divided interest C. An undivided interest D. Stock membership ---------- Correct Answer ---------- D Management conducts its tasks for the day to day operation of the association in accordance with the: A. Minutes B. Contract C. Board Presidents instructions D. Resolutions ---------- Correct Answer ---------- B A board exercises its fiduciary responsibility by: A. Authorizing the manager to enforce rules B. Establishing internal controls C. Authorizing of a committee to adopt due process procedures D. Voting to eliminate parking rules ---------- Correct Answer ---------- B Which of the following has the greatest regulatory influence on the management of a community association? A. Federal statutes B. Articles of incorporation C. Specific State Statutes D. General State Statutes ---------- Correct Answer ---------- C Which of the following types of insurance coverage is one of limited value to a community association? A. Liability B. Assessment fee receivable C. Workers compensation D. Commercial umbrella ---------- Correct Answer ---------- B A component of building ordinance insurance coverage includes: A. Glass damage B. Extra Demolition C. Water damage D. Power failure ---------- Correct Answer ---------- B When an association contracts out all of its service and has no employees, it is a best business practice to: A. Negotiate contracts within the bidding process B. purchase employment practices liability insurance C. Assume the contractors carry their own insurance coverage D. Increase the coverage under the D&O insurance policy ---------- Correct Answer ------- --- A Directors ad Officers liability insurance is designed to cover claims resulting from: A. Theft of funds by an association board member B. Wrongful acts of employees of the association C. Bodily injury of directors and officers D. Damage to board owner property ---------- Correct Answer ---------- B What section of an insurance policy describes the coverage limits, deductible, policy period, and premium? A. Policy conditions B. Policy Endorsements C. Policy definitions D. Declaration page(s) ---------- Correct Answer ---------- D What does "Co-Insurance" obligate the association to do? A. Pay the deductible B. Maintain certain limits of insurance C. Cover the depreciated value of all association buildings D. Provide insurance for homeowners ---------- Correct Answer ---------- B B. Job Description C. Routine performance reviews D. State or local labor regulations ---------- Correct Answer ---------- B The purpose of a personnel manual or employee handbook is to: A. Provide the format for job evaluations B. Define individual job descriptions C. Detail the programs the company offers D. Explain he employee rights and responsibilities ---------- Correct Answer ---------- D What "duty" do the Board members and the manager have to the members? A. Accountability B. Loyalty C. Service D. Conduct ---------- Correct Answer ---------- B Which of the following would impact the operation of a newly installed entry control system? A. Communicating the access control policy to residents B. Identifying warranty procedures C. Developing a capital replacement budget line item D.Informing the associations insurance agent ---------- Correct Answer ---------- A Who has the ultimate responsibility for the care and maintenance of the common areas, facilities and physical property? A. The board of directors B. The association manager C. The developer until turnover D. The executive committee ---------- Correct Answer ---------- A In an initial letter you end to an owner who has violated one of the associations adopted rules, which of the following is included? A. The amount of fine assessed B. Steps to amend the rules C. The offer to meet to hear the owners viewpoint D. What the outcome of similar cases has been ---------- Correct Answer ---------- C When developing a rule, it must be consistent with: A. Fine schedules as approved by the courts B. Board recommendations and resolutions C. Guidelines established within the governing documents D. Applicable statutes and governing documents ---------- Correct Answer ---------- D The primary purpose of a community association is to: A. Guarantee property tax benefits B. Protect the financial health of the owners C. Provide owners protection from municipal laws D. Deal with governance and business ---------- Correct Answer ---------- D The Board of directors receives its authority to perform its specific duties through the: A. Community charter B. Governing Documents C. Board resolutions D. Board member job descriptions ---------- Correct Answer ---------- B In preparing the associations annual financial report, many governing documents specify: A. Retaining a independent tax specialist. B. Retaining an independent certified public accountant. C. The establishment of a finance committee D. The use of he management company's accountant ---------- Correct Answer ---------- B Which of the following is within the authority of the Board of Directors? A. Creating By-laws B. Being paid for their service C. Establishing programs D. Amending the declaration ---------- Correct Answer ---------- C In the hierarchy of a community associations governing documents , which of the following is the highest authority? A. Bylaws B. Articles of Incorporation C. Declaration D. Mortgage lender requirements ---------- Correct Answer ---------- C Where would a manager find guidelines regarding the associations responsibility for maintaining the physical assets? A. Equipment warranties B. Real estate sales contract C. Governing documents D. Board resolutions ---------- Correct Answer ---------- D Which type of maintenance should be manage with a routine maintenance contract? A. Replacing dead shrubs B. Painting building hallways C. Cutting the grass D. Cleaning sewer lines ---------- Correct Answer ---------- C To determine which physical assets must be maintained by the association, the manager should: A. Consult the local building codes B. Review the association governing documents C. Ask the developer to identify assets D. Walk the property to inventory assets ---------- Correct Answer ---------- B Which of the following is an example of an association control system? A. Frequent neighborhood inspections B. Owner garage door locks C. Telephone entry system D. Posting police department information on building bulletin boards ---------- Correct Answer ---------- A A work order: A. Documents current maintenance standards B. Identifies what needs to be done during the year C. Assigns maintenance tasks D. Is a punch-list of maintenance needs ---------- Correct Answer ---------- C Which of the following is a common management control for ensuring maintenance work is performed in a timely manner? A. A purchase order system B. An equipment warranties C. A work order/response form D. A contractors invoice ---------- Correct Answer ---------- C When monitoring maintenance of an associations swimming pool, which of the following should be entered into a permanent log at regular intervals? A. Chlorine level readings B. Facility usage statistics C. Pump motor inspections D. umber of accidents or incidents ---------- Correct Answer ---------- A The primary management control tool for identifying whether the association needs to maintain a particular property element is: A. Physical inspections B. Association Bylaws C. Maintenance responsibility chart D. Community asset inventory ---------- Correct Answer ---------- C On what basis is the community association reporting its finances when the financial reports indicate income when received and expenses when paid? A. Cash basis B. Modified accrual basis C. Accrued basis D. Modified cash basis ---------- Correct Answer ---------- A B. summary of board remarks C. exact wording of each motion D. summary of owner comments ---------- Correct Answer ---------- C What is the primary source of requirements when developing the associations annual maintenance budget? A. Governing Documents B. State Law C. Annual Audit D. Reserve study ---------- Correct Answer ---------- A When the board reviews the proposed budget for approval, what should it consider? A. The financial effect on the owners B. The economic impact on tenants C. The financial position of the association D. The physical condition of the association members ---------- Correct Answer ---------- C Which method is the best alternative to increasing assessments? A. Reducing maintenance expenses by deferring repairs. B. Increasing income by charging higher user fees. C. Reducing maintenance expenses by selling common areas. D. Increasing income by opening a line of credit ---------- Correct Answer ---------- B b. facilities management --------- Correct Answer --------- 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 1. d 2. b 3. c 4. a --------- Correct Answer --------- MATCH 1. The process of operating, maintaining, repairing, and replacing common property - that is, the common elements or areas. 2. This is periodic maintenance to avoid disruptive breakdowns and to prolong the useful life of the physical asset in question. 3. While the maintenance calendar tells you when maintenance ought to be done, the record tells you when it actually was done. 4. This consists of replacing physical assets as they wear out or break. It is considered a part of maintenance because it addresses the useful life of a physical asset. a. scheduled replacement b. preventative maintenance c. maintenance record d. facilities management TRUE --------- Correct Answer --------- TRUE OR FALSE: One of the goals of maintenance for a community association is to limit injury to residents, guests and employees. a. assign blame to staff for not adequately fulfilling maintenance responsibilities --------- Correct Answer --------- Each of the following include steps in establishing a maintenance system for a community association EXCEPT: a. assign blame to staff for not adequately fulfilling maintenance responsibilities b. develop maintenance management controls c. analyze your assets' maintenance needs d. evaluate your maintenance system and efforts d. public offering statements --------- Correct Answer --------- Which of the following is NOT an example of a maintenance management control? a. work orders b. charts of information c. response forms d. public offering statements c. Responsibility Chart and Maintenance Contact Sheet A Responsibility Chart helps keep track of who is responsible for the maintenance of various property elements or areas. A Maintenance Contact Sheet records the contacts for various maintenance services and any pertinent information needed during an emergency. --------- Correct Answer ----- ---- What are two useful tools that will help in managing specific responsibilities? a. Work Orders and Charts of Information b. Checklists and Calendars c. Responsibility Chart and Maintenance Contact Sheet d. Maintenance Contact Sheet and Work Orders 1. d 2. a 3. e 4. c 5. b --------- Correct Answer --------- MATCH UP: 1. Regular, recurring upkeep that must be done. 2. Periodic maintenance to avoid disruptive breakdowns and to prolong the useful life of the physical asset in question. 3. Responding to unpredictable problems. 4. Maintenance requested by an owner, a tenant, or the board, or recommended by a contractor, or identified during a routine site visit of the property. 5. Replacing physical assets as they wear out or break. a. Preventive maintenance b. Reserve replacement c. Requested maintenance d. Routine maintenance e. Emergency maintenance 1. c 2. e 3. f 4. a 5. g 6. b 7. d --------- Correct Answer --------- MATCH: 1. While the maintenance calendar tells you when maintenance ought to be done, this tells you when it actually was done. 2. A management control you can use to keep track of who is responsible for the maintenance of various property elements or areas. 3. This consists of replacing physical assets as they wear out or break. Scheduled replacement is considered a part of maintenance because it addresses the useful life of a physical asset. 4. Also called a "punch list" is a compilation of all the maintenance needs identified during an inspection. 5. A form for assigning work to be done to any one of the five maintenance programs. 6. A useful management control to record various maintenance services and information need in case of an emergency.