CMCA PRACTICE EXAM STUDY QUESTIONS AND 100% VERIFIED ANSWERS GUARANTEED PASS | RATED A+

CMCA PRACTICE EXAM STUDY QUESTIONS AND 100% VERIFIED ANSWERS GUARANTEED PASS | RATED A+
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 - Answer>>>A
What are the two essential financial documents the board of directors should use to determine the
amount of funds available for an unbudgeted expense?
A. Statement of cash flows and accounts receivable report
B. Balance sheet and statement of revenue and expenses
C. Statement of cash flows and check registers
D. Replacement reserve report and general ledger - Answer>>>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 - Answer>>>D
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 - 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 - Answer>>>C