CMCA EXAM PRACTICE
QUESTIONS WITH 100%
VERIFIED ANSWERS ALREADY
GRADED A+ NEWEST UPDATE
In what type of contract would a waiver of lien be recommended?
A. Repair of the HVAC system
B. Re-roofing the buildings
C. Repair of the pool pump
D. Annual tree pruning - ANS✔✔-B
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 - ANS✔✔-B
To provide for payment of the insurance deductible, you would:
A. Pass the cost directly on to owners
B. Negotiate with the hired contractor
C. Allow for costs in the operating budget
D. Budget as a reserve expense - ANS✔✔-C
Liability claims should be sent to the insurer:
A. Requesting a public adjuster be assigned
B. Without admitting negligence
C. By the insurance trustee
D. Within 72 hours of the incident - ANS✔✔-B
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 - ANS✔✔-D
In terms of compensation, a contract should state:
A. Who provides insurance coverage
B. Each employee’s rate to perform work
C. When and on what terms payment(s) will be made
D. Requirement for a payment bond - ANS✔✔-C
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