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13 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Which of the following is within the authority of the board of directors? |
A. Creating bylaws B. Being paid for their service C. Establishing programs D. Amending the declaration |
C. The board has the I authority to establish programs, committees, etc. |
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In the hierarchy of a community association’s governing documents, which of the following is the highest? |
A. Bylaws B. Articles of Incorporation C. Declaration D. Mortgage lender requirements |
C. Declaration, correct order is DABR- declaration, articles, bylaws, rules & regs |
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Who has the ultimate responsibility for the care and maintenance of the common areas, facilities, and physical property? |
A. Board of directors B. The association manager C. The developer until turnover D. The executive committee |
A. The board of directors as specified in the documents. |
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What “duty” do board members and the manager have to the members? |
A. Accountability B. Loyalty C. Service D. Conduct |
B. Loyalty, the board and manager have the fiduciary duty of loyalty to the members. |
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A board exercises it’s fiduciary responsibility by: |
A. Authorizing the manager to enforce rules B. Establishing internal controls C. Authorizing of a committee to adopt due process procedures D. Voting to eliminate parking rules |
B. Internal controls helps avoid theft. Learning tested- ability to define understanding of fiduciary |
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Which of the following has the greatest regulatory influence on the management of a community association? |
A. Federal statutes B. Articles of incorporation C. Specific state statutes D. General state statutes |
C. Specific state statutes |
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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 association’s insurance agent. |
A. If residents know the policy ahead of time they will be able to govern themselves accordingly. |
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In an initial letter you send to an owner who has violated one of the association’s adopted rules, which of the following is included? |
A. The amount of the fine assessed B. Steps to amend the rules C. The offer to meet to hear the owner’s viewpoint D. What the outcome of similar cases have been |
C. Offer to meet-best way to get compliance is to let the owner be heard and explain the rule to the owner. |
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When developing a rule, it must be consistent with: |
A. Fine schedules as approved by the courts B. Board recommendations and resolutions C. Guidelines established within the governing documents D. Applicable statutes and governing documents |
D. Rules cannot conflict with statutes and governing documents |
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Management conducts its tasks for the day to day operation of the association in accordance with the: |
A. Minutes B. Contract C. Board President’s instruction D. Resolutions |
B. Contract-the management contract specifies the duties and responsibilities related to the day to day operation of the community |
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When a dispute is mediated, an uninvolved third party facilitates discussion and: |
A. Makes the final judgement for both parties B. Presents a decision which the parties are free to reject C. Assists both parties in reaching a mutually acceptable agreement D. Decision is binding upon both parties |
C. Assists in reaching a mutually acceptable agreement |
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The primary purpose of a community association is to: |
A. Guarantee property tax benefits B. Protect the financial health of the owners C. Provide owner’s protection from municipal laws D. Deal with governance and business |
D. Primary function is business |
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You have a proprietary lease in XYZ development. Which of the following best describes your interest in the property? |
A. A time share interest B. A divided interest C. An undivided interest D. Stock membership |
D. Only in a cooperative corporation does the shareholder receive stock membership |
