M100 Exam Latest Update -

M100 Exam Latest Update - Exam 160 Questions and 100% Verified Correct Answers Guaranteed A+

Acceleration - CORRECT ANSWER: Pay assessments ahead (entire year)

Accrual based - CORRECT ANSWER: Income- when earned

Expense- when incurred

Administrative resolution - CORRECT ANSWER: Affects internal operations of the

community association (i.e.: where board meetings are held)

Aggregate limits - CORRECT ANSWER: Limits to the total amount that the insurer will pay out under the policy

Alternative dispute resolution (ADR) - CORRECT ANSWER: Encouraging people to

comply with rules and regulations by using trained uninvolved 3rd party

Arbitration - CORRECT ANSWER: Win lose- lose lose

Articles of incorporation - CORRECT ANSWER: Documents that establish the

corporation

Assessments receivable insurance - CORRECT ANSWER: Applies to situations in

which a covered loss happens to the property in the community association is unable to collect assessments from the owner

Assets - CORRECT ANSWER: Anything owned that has value

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Association derives legal obligation from - CORRECT ANSWER: Federal, state and

local laws- legal documents, lender requirements, standards set by professional bodies

Audit - CORRECT ANSWER: Examination of the accounting records and procedures of

an organization for the purpose of verifying the accuracy and completeness of financial records

Authority to collect assessments - CORRECT ANSWER: Federal laws and regulations

State statutes Governing documents

Bad debt right off - CORRECT ANSWER: Uncollectible debts

Balance sheet - CORRECT ANSWER: Summary or snapshot of the financial condition

of the association at a specific point in time

Basic form - CORRECT ANSWER: Property insurance that provides the least property coverage.

Basic types of community association - CORRECT ANSWER: Planned communities,

condominium, and cooperatives

Benefits of incorporating - CORRECT ANSWER: Limits liability

Makes it easier to deal with contractors

Bid specifications - CORRECT ANSWER: Detailed instructions about the products or services requested

Broad form - CORRECT ANSWER: Property insurance coverage that only ensures

specified perils.

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Budget components - CORRECT ANSWER: Revenue

Expenses

Bundle of rights - CORRECT ANSWER: Declaration, CCR, master deed

Business income insurance - CORRECT ANSWER: Covers the loss of certain types of

business income

Bylaws - CORRECT ANSWER: Formally adopted regulations for the administrative and management of a community association

Cash based - CORRECT ANSWER: Income - when received

Expense- when paid

Chapter 11 bankruptcy - CORRECT ANSWER: Corporate reorganization

Chapter 13 bankruptcy - CORRECT ANSWER: Personal re-organization (make a deal

to pay back a cetain amount)

Chapter 7 bankruptcy - CORRECT ANSWER: Straight bankruptcy or liquidation for an individual or corporation

Claims made - CORRECT ANSWER: Whatever company is ensuring the association

one at the claim is made it will cover the loss even though the wrongful act may have occurred one another carrier was insuring the association

Coinsurance - CORRECT ANSWER: Standard element and 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%.

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