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CMCA - M100 Latest Update -

Exam (elaborations) Dec 14, 2025 ★★★★★ (5.0/5)
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CMCA - M100 Latest Update - Exam 250 Questions and 100% Verified Correct Answers Guaranteed A+

55 and older community - CORRECT ANSWER: Must have one person who is 55 years

of age or older living in at least 80% of its occupied units. The community must be designated "55 and older" to qualify as this type of housing that legally prohibits children and limits occupancy to a certain age span. The designation process involves submitting applications and obtaining approval before any enforcement of the ages of residents commences. Approval from the Department of Housing and Urban Development (HUD) must be received before construction begins.

Abstention - CORRECT ANSWER: Is to not cast a vote. Board members should abstain from voting only for clearly stated reasons such as a conflict of interest or ignorance of the matter at hand.

Acceleration - CORRECT ANSWER: The collection of all assessments due through the end of the fiscal year. Acceleration is a technique used to collect assessments from habitually delinquent owners.

Accrual basis of accounting - CORRECT ANSWER: Records revenue when it is earned

and expenses when they are incurred. It provides an accurate picture of the association's financial condition. GAAP (Generally Accepted Accounting Principles) requires the use of accrual accounting.

Action item list - CORRECT ANSWER: A list of actions to be taken before the next board of directors meeting as a result of decisions made at the current one or between meetings. An action item list contains the decisions to be implemented together with the names of those assigned implementation responsibility. Excel, Google Docs and Microsoft Outlook Tasks may be useful programs for helping you compile your action item list.

Actual cash value (ACV) - CORRECT ANSWER: ACV is the depreciated value of an

item, commonly used in property insurance coverage. 1 / 4

Ad hoc committees - CORRECT ANSWER: This committee's purpose is to deal with a

one-time issue and make recommendations to the board within a specific time frame.The board should use a resolution to establish an ad hoc committee and clearly state the charge and expected outcome to the committee. Ad hoc committees may be formed to review parking regulations, develop investment guidelines, or to renovate a lobby, for example.

Advertising injury - CORRECT ANSWER: Advertising injury provisions in commercial general liability insurance (CGL)include language providing coverage to the community association with respect to damages resulting in "misappropriation of advertising ideas or style of doing business" or "infringement of copyright, slogan, or title." Community associations with newsletters, directories, and websites that contain advertising and use online, magazine or newspaper articles without reprint permission have this exposure.

Agenda - CORRECT ANSWER: An agenda is more than an announcement of the order

of business for a meeting. It is a meeting management tool. Meeting agendas follow a standard format, largely based on parliamentary procedure

Aggregate amount - CORRECT ANSWER: The total amount that the insurer will pay out under an insurance policy. This is a common feature of liability insurance policy.

Agreed amount endorsement - CORRECT ANSWER: Provides for an agreed upon limit

of property insurance. An "agreed amount" endorsement can also suspend the coinsurance clause. Coinsurance is a standard element in most property policies that obligates the insured to maintain a certain amount of property insurance on the entire property or per structure, based on a stated percentage, usually 80% - 90%. If the insured does not maintain this percentage, the insured will not be reimbursed for the full loss of the property.

Alternative dispute resolution (ADR) - CORRECT ANSWER: An effective way to resolve alleged violations. It involves submitting the alleged violation to a disinterested third party who helps the parties reach an amicable solution. This person is not a judge or an expert in community association law, but can assist in the resolution of the alleged violation.

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Appeal - CORRECT ANSWER: An appeal is a request for a review of a case by a higher authority—if permitted by the governing documents, resolution or state statute. For example— if the hearing panel is a committee, the board of directors acts as the higher authority. If the board of directors is the hearing panel, the alleged rule violator must appeal to an authority outside the community association—for example, alternative dispute resolution.

Arbitration - CORRECT ANSWER: A process in which a third party—called the

arbitrator—renders a decision as to the respective liabilities of all parties. The object is not to reach a settlement; instead the arbitrator ultimately makes a ruling. It is an adversarial process that results in the same "win-lose" or "lose-lose" that you would see in litigation. Arbitration can be binding or non-binding. A binding arbitration typically cannot be appealed. Once the decision is rendered, unless you can prove fraud, the decision will be forever binding. A non-binding arbitration is advisory in nature. The decision that the arbitrator makes does not have to be followed. In that respect, it is like getting an opinion of your case from a neutral party, which could result in a fair settlement figure.

Architectural guideline - CORRECT ANSWER: A rule that applies to the appearance or exterior of a lot, home, or unit. Community associations frequently develop architectural guidelines that address fencing, decks and patios, landscaping, doors and windows, color of exterior surfaces, and location of improvements upon lots, for example.

Articles of incorporation - CORRECT ANSWER: Document that brings a corporation into existence. The document also defines its basic purposes and powers and indicates whether stock will be issued. The articles must be filed with a state in order to incorporate. Among the things it typically must include are the name and address of the corporation, its general purpose and the number and type of shares of stock to be issued.

Assessment - CORRECT ANSWER: The owner's financial obligation to the community

association during a given period of time—usually one year. Also commonly known as a maintenance fee. It covers the owner's share of the common expense (known as "common expense liabilities" in some states). An annual assessment may be paid on a monthly, quarterly, or annual basis, or however the governing documents dictate. Most of a community's revenue will come from owner assessments.

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Assessments receivable insurance - CORRECT ANSWER: This insurance actually has

a certain limited value. It applies to situations in which a covered loss happens to the property (for example, a fire destroys a unit) and the community association is unable to collect assessments from the owner. Housing cooperatives can protect their assessments through "Loss of Rents" coverage, a type of business income.

Assets - CORRECT ANSWER: include anything owned that has value. Unlike

commercial businesses, however, the actual land and buildings of the community association are not generally shown as an asset, although the association may include assets that can be sold without an owner vote. For cash basis reports, cash usually is the only asset.

Assignability provision - CORRECT ANSWER: A contract provision stating that neither party may assign its obligations under the contract to any other person without the express written consent of the other party. The contract should specifically state that the contractor cannot use subcontractors without the association's permission.

Association-employed manager - CORRECT ANSWER: An individual who is directly

employed by the association to manage the community's operations. The role of the manager is to: • Provide information, training, and leadership on community association operations to the board, committees, and the community at large • Foster a sense of community awareness and spirit within the residents • Develop a body of leadership through the committee structure • Provide the necessary administrative tools to the board to enable it to make wise, informed decisions on both short-term and long-term actions and goals.

Audit - CORRECT ANSWER: An examination of the accounting records and procedures

of an organization by a certified public accountant (CPA) for the purpose of verifying the accuracy and completeness of financial records. An annual audit may be required by your community association's governing documents and/or your state's statutes.External verification of the accuracy and completeness of your community's financial records is a sound business practice.

Bad debt write-off - CORRECT ANSWER: When a community association determines

that a debt cannot be collected from an owner after a reasonable effort has been made, it should write off the debt. A bad debt write-off consists of recording an uncollectible debt as an expense that the association must absorb. This usually requires a resolution of the board.

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Category: Exam (elaborations)
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CMCA - M100 Latest Update - Exam 250 Questions and 100% Verified Correct Answers Guaranteed A+ 55 and older community - CORRECT ANSWER: Must have one person who is 55 years of age or older living i...

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