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Legal Basis
Financial Management
Facilities Management
Management & Leadership
Meetings
100
1. Planned Community 2. Condominium 3. Cooperative
What are the three basic types of Residential Community Associations?
100
1. Zero Based 2. Historical Trend
What are the two basic methods of budgeting preparation?
100
Maintenance that is done on a regularly scheduled time.
What is Routine Maintenance?
100
To act in the best interest of the community as a whole.
What is Fiduciary Responsibility?
100
The document that is created to keep the meeting on topic and on schedule.
What is an agenda?
200
Defines the rights and obligations of both the Community Association and the owners.
What are the Governing Documents?
200
Owner Assessments
What is the major source of income for a community association?
200
A tool that is used to ensure that you will get an "apples to apples" bid from your contractors.
What is a Request for Proposal?
200
1. Mandatory 2. Standing 3. AD Hoc
What are the three types of committees?
200
Agenda, Prior Minutes, Financial information, bids, contracts and other pending items are included in this.
What is a Board Package?
300
Recorded Map, plat or plan
What is the most first document listed in the hierarchy of Authority for Governing Documents?
300
This method of accounting records revenue when it is collected and expenses when they are paid.
What is Cash Basis Accounting.
300
The process of making and carrying out decisions that will minimize the adverse effects of accidental losses upon the community association.
What is Risk Management?
300
This person is charged with assisting the Board of Directors in their decision making process by means of providing information gathering and fact finding support, implementing the decisions of the board and administering the services, programs and operations of the community association within the policies and guidelines.
Who is the Community Association Manager?
300
A board member that does not cast a vote is doing this.
What is to abstain?
400
A motion that follows a set format and is formally adopted by the Board of Directors.
What is a resolution?
400
A tool to assist the Board of Directors in preparing for future community repairs and replacements.
What is a Reserve Study?
400
This policy covers a unit owner for their individual units, upgrades and personal effects.
What is an HO6 Policy?
400
A statement of goals and objectives approved by the Board. It includes a yearly cycle of tasks that management should perform on the community association's behalf.
What is a management plan?
400
A set of rules for conduct at a meeting.
What is Parliamentary procedure?
500
This includes the formal procedures for administration and management of the community.
What are the By-laws?
500
A presentation of financial statements by a CPA without the assurance that the information is conforms to GAAP.
What is a Compilation and/or a review
500
Periodic maintenance to avoid disruptive breakdowns and to prolong the useful life of a physical asset.
What is Preventative Maintenance?
500
A meeting called for a specific purpose or reason.
What is a Special Meeting?
500
A proposal that the board takes a stand or takes action on a specific matter.
What is a motion?