Property Management Practices Flashcards
7 cards from real CCS practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Property Management Practices flashcards as text
A condominium association's insurance policy does not cover a water damage loss caused by a unit owner's negligent act. Which concept describes the coverage gap between association and owner policies?
Answer: The 'bare walls-in' versus 'all-in' distinction
The 'bare walls-in' policy covers only the structure while 'all-in' covers fixtures and improvements, and the difference determines what the unit owner's policy must cover.
Which type of meeting requires proper notice to all unit owners and is used to conduct the annual election of board members?
Answer: Annual membership meeting
Annual membership meetings are formal gatherings requiring advance notice where owners elect board members and address major association business.
A property manager notices that the association has been paying a vendor without a written contract for three years. The best course of action is to:
Answer: Execute a written vendor agreement that defines scope, price, and terms
Written contracts protect the association by clearly defining deliverables, pricing, liability, and termination rights.
Under the Americans with Disabilities Act (ADA), which condominium buildings are most likely to have public accommodation obligations?
Answer: Condominiums with commercial units or amenities open to the public
ADA public accommodation requirements apply to commercial portions and publicly accessible amenities within condominium developments, not typically to residential-only areas.
What does 'quorum' mean in the context of a condominium association meeting?
Answer: The minimum number of members needed to conduct official business
A quorum is the minimum attendance threshold set in the bylaws that must be present for the meeting to legally conduct business and votes to be valid.
A condominium association wants to prohibit short-term rentals (e.g., Airbnb). The most legally defensible approach is to:
Answer: Amend the declaration through the required owner vote process
Rental restrictions embedded in the declaration carry the strongest legal weight and typically require an owner supermajority vote to adopt or amend.
Which financial statement shows a condominium association's assets, liabilities, and equity at a specific point in time?
Answer: Balance sheet
The balance sheet (statement of financial position) presents the association's assets, liabilities, and fund balances as of a specific date.