Definitions & Roles
A. Any employee of a management company
B. A person with a certificate or temporary certificate who manages a common-interest community
C. A volunteer board member
D. An owner serving on a committee
What is B. A person with a certificate or temporary certificate who manages a common-interest community?
NAC 116A.120 outlines requirements for:
A. Continuing education
B. Educational prerequisites for certification
C. Licensing attorneys
D. Reserve fund audits
What is B. Educational prerequisites for certification?
A community manager must always act as:
A. A notary for board documents
B. A fiduciary in client relationships and exercise reasonable care
C. A mediator in all disputes
D. The board’s financial guarantor
What is B. A fiduciary in client relationships and exercise reasonable care?
Which is a prohibited act?
A. Providing continuing education
B.Recommending client compliance with laws
C. Uniformly enforcing governing documents
D. Commingling client funds with personal funds
What is D. Commingling client funds with personal funds?
NAC 116A.070 defines “Management of a common-interest community” as:
A. Serving as the HOA president
B. Handling physical, administrative, or financial maintenance for compensation
C. Performing only financial audits
D. Overseeing legal disputes
What is B. Handling physical, administrative, or financial maintenance for compensation?
NAC 116A.110 requires that:
A. The Division must issue certificates within 60 days
B.Board approval is required before application
C. Provisional managers cannot apply
D. Applicants bear the burden of proof for certification requirements
What is D. Applicants bear the burden of proof for certification requirements?
A manager must advise a client to obtain expert advice when:
A. The board requests legal counsel
B. Matters are beyond the manager’s expertise
C. Preparing annual budgets
D.Both A and B
What is D.Both A and B?
Community managers may not:
A. Sign withdrawals from reserve accounts
B. Recommend a reserve study specialist
C. Provide budgets to owners
D. Serve as a witness in hearings
What is A. Sign withdrawals from reserve accounts?
A Supervising Community Manager (NAC 116A.090) is responsible for:
A. All reserve studies
B. Serving as board president
C. Signing reserve withdrawals
D.Supervision of one or more provisional or certified managers
What is D.Supervision of one or more provisional or certified managers?
NAC 116A.340 requires managers to notify the Division of changes in name, address, or association within:
A. 30 calendar days
B. 15 business days
C. 10 business days
D. 60 days
?What is C. 10 business days?
Community managers must ensure financial transactions are:
A. Reviewed quarterly by the board
B. Current, accurate, and properly documented
C. Outsourced to a CPA at all times
D. Approved only by the Ombudsman
What is B. Current, accurate, and properly documented?
Accepting compensation or gifts is permitted only if:
A. It is under $50
B. It complies with NRS 116.31185 and is disclosed in writing with client consent
C. The board verbally approves
D. It is from a vendor with whom the manager has no contract
What is B. It complies with NRS 116.31185 and is disclosed in writing with client consent?
What is a Temporary Certificate under NAC 116A.093?
A. Valid for 5 years
B. Issued only to supervising managers
C. Valid for 1 year, issued under NRS 116A.410
D. Available only for timeshare managers
What is C. Valid for 1 year, issued under NRS 116A.410?
NAC 116A.330 requires written disclosure of:
A. Compensation from vendors, affiliations, and personal relationships with owners or board members
B. Reserve study results
C. Upcoming board meeting agendas
D. Confidential board deliberations
What is A. Compensation from vendors, affiliations, and personal relationships with owners or board members?
A manager must obtain:
A. At least one bid for major services
B.Written consent before talking to a homeowner
C. At least three bids for capital improvements when practicable
D. Pre-approval from the Division for contracts
What is C. At least three bids for capital improvements when practicable?
Under NAC 116A.345, managers cannot:
A. Provide services outside their field of competence unless disclosed and supported by a qualified authority
B. Provide training to board members
C. Review governing documents
D. Use Division-issued forms
What is A. Provide services outside their field of competence unless disclosed and supported by a qualified authority?
A Provisional Community Manager may:
A. Operate independently without oversight
B. Manage only single-family homes
C. Work under the supervision of a supervising community manager
D. Skip educational requirements
What is C. Work under the supervision of a supervising community manager?
NAC 116A.335 requires community managers to:
A. Provide homeowners with a copy of the management contract
B. Display their certificate or temporary certificate in their office
C. Submit quarterly reports to the Ombudsman
D. Report gift receipts over $100
What is B. Display their certificate or temporary certificate in their office?
Community managers must maintain:
A. Combined financial accounts for efficiency
B. Client funds in separate accounts in the association’s name
C. All records in a locked filing cabinet only
D. Reserve funds in personal trust accounts
What is B. Client funds in separate accounts in the association’s name?
Failure to notify the Division of a change of supervising community manager for a provisional manager may result in:
A. A fine of $50
B. Involuntary inactivation of the certificate
C. Permanent revocation of all licenses
D. No consequence if corrected within 90 days
What is B. Involuntary inactivation of the certificate?