1
CMCA LATEST 2024 – 2025 ACTUAL PRACTICE
EXAM QUESTIONS WITH CORRECT DETAILED
(VERIFIED) ANSWERS/ RATED A+
Which contract covers the costs of all labor and materials?
- cost and fees
- repair service
- lump sum
- time and materials - Correct Answer - D
Your community association should have established dismissal policies and procedures
in its:
- performance evaluation program
- interview process
- employee handbook
- employment records and files - Correct Answer - C
A community association wants to develop a RFP to repair or replace roofs of properties that were damaged in a recent storm. Who should prepare the extensive specifications for the job?
- board members
- association manager
- third-party expert
- possible contractor - Correct Answer - C
- / 3
2
Each of the following agencies are federally established secondary mortgage
institutions except:
- Environmental Protection Agency
- Federal National Mortgage Assocation
- Veterans' Administration
- Federal Home Loan Mortgage Corporation - Correct Answer - A
True or false: the two main components of a community budget are revenue and
expenses. - Correct Answer - T
Which of the following is not a typical source of revenue for a community association?
- owner assessments
- major improvement expenses
- penalty fees
- interest - Correct Answer - B
Each of the following are reasons for maintaining a reserve account except:
- maintaining a reserve account meets legal, fiduciary, and professional requirements
- maintaining a reserve account increases the likelihood that an association will require
- maintaining a reserve account equalizes the contributions of old and new owners
- maintaining a reserve account enhances resale values - Correct Answer - B
a special assessment
Which of the following is an example of a discretionary line item in a community budget?
- newsletter
- income taxes
- utilities
- maintenance - Correct Answer - A 2 / 3
3
Annual meetings are intended to prove a forum:
- in which owners expand their power
- for all business, elections and reports stated
- for owners to decide special issues
- to allow the board to take action at a special meeting - Correct Answer - B
A job description should include:
- required duties of the position
- a list of paydays and holidays
- salary and benefits
- reporting relationships - Correct Answer - A
When an organization is interested in receiving proposals for a particular project, what should it develop?
- bid specification
- bid request
- bid qualifications sheet
- bid statement of work - Correct Answer - B
Who is entitled to vote when more than one person owns a unit or lot?
- all owners are entitled and their vote is split
- all owners are entitled and each gets a vote
- neither owner is entitled and they must have a proxy in order to vote
- owners should vote in concert, with one owner designated to cast the vote - Correct
Answer - D
The process of reviewing the extent to which a person has met established goals and
standards is called:
- / 3