CMC EXAM PRACTICE EXAM AND STUDY GUIDE LATEST 2023-2024 ACTUAL EXAM QUESTIONS AND CORRECT DETAILED ANSWERS GRADED A+

CMC EXAM PRACTICE EXAM AND
STUDY GUIDE LATEST 2023-2024
ACTUAL EXAM QUESTIONS AND
CORRECT DETAILED ANSWERS
GRADED A+
Quorum requirements conflicts are resolved by:
a. state statute
b. the board of directors
c. a vote of those present at a meeting
d. appointment of a person as a proxy - ANSWER-A
Fidelity insurance provides coverage to ensure that the:
a. board will meet its fiduciary obligations.
b. manager will faithfully follow all document provisions.
c. association will be covered for shortfalls in the reserve accounts.
d. association will recover any funds lost through employee dishonesty - ANSWER-D
Which types of management is the process of operating, maintaining, repairing, and
replacing common property?
a. human resources
b. facilities
c. financial
d. risk - ANSWER-B
The higher a document's place in the hierarchy, the:
a. harder it is to implement
b. greater its power with the board
c. more it is regulated legally
d. great its legal weight in a court of law - ANSWER-D
Based on which type of requirements would you choose a contractor over the
association to complete work?
a. low urgency, cost adequate tools available
b. high urgency, low supervision and training possibly needed
c. requires supervision, expertise required and low urgency
d. low costs, high urgency and borrowed tools - ANSWER-C
Who is required to be present for an annual association membership meeting to
conduct business?
a. the treasurer and the secretary
b. a quorum of the board of directors
c. all members of the board of directors
d. a quorum of the members - ANSWER-D
Which of the following would a condominium unit member's personal insurance policy
cover when it is the primary insurance policy?
a. wind damage to the roof of the member's unit.
b. bodily injury due to a slip and fall in the common area in front of the member's unit.
c. bodily injury due to the association using the member's automobile.
d. bodily injury due to a slip and fall within a member's unit. - ANSWER-D
Community association governing documents and state statutes may require who to be
involved in preparing annual reports?
a. a CPA
b. the owners
c. an ad hoc committee
d. the management company - ANSWER-A
What is a typical management control used to identify physical assets?
a. checklist
b. chart of information
c. inventory
d. calendar or schedule - ANSWER-C
When a contractor fails to perform to the terms of the contract, which provision in the
contract allows the association to terminate?
a. default provisions
b. warranty provisions
c. insurance provisions
d. performance provisions - ANSWER-A
Where can an individual find the owner and association's maintenance responsibilities?
a. the plat map
b. the declaration
c. the state statute
d. the lease - ANSWER-B
At the monthly board meeting, it is the role of the manger to do all of the following
except:
a. implement the decisions of the board
b. call for a vote on an issue
c. keep discussions on target
d. act as a resource to the board - ANSWER-B
All of the following are goals of maintenance in a community association except:
a. meeting the needs of the residences
b. preserving and enhancing the common property
c. limiting injury to residences, guests and employees
d. increasing the association's profits - ANSWER-D
The use of parliamentary procedure during meetings helps to ensure that:
a. quorum requirements are met
b. only effective motions are made
c. the board considers one item of business at a time
d. the presiding officer is knowledgeable of meeting procedures - ANSWER-C
GAAP requires which statement for year-end reports for a community association?