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 unit owner repeatedly parks in a visitor space in violation of association rules. After written notices fail, the board wants to tow. What is required before authorizing towing?
Answer: Compliance with state towing statutes, which typically require signage and notice requirements
Most states regulate towing from private property and require specific signage, notice, and authorized towing company registration before vehicles can be removed.
What is a 'special assessment' in condominium management?
Answer: A one-time charge levied on unit owners for expenses not covered by reserves or the operating budget
A special assessment is an extraordinary charge imposed on unit owners to fund unanticipated or large expenses that exceed available operating and reserve funds.
Which body is primarily responsible for day-to-day operational decisions in a condominium association?
Answer: The board of directors
The board of directors is elected by owners and holds fiduciary authority to manage the association's daily operations within the framework of governing documents.
A condominium property manager discovers mold in a common area storage room. The immediate priority should be:
Answer: Engage a licensed mold remediation professional and notify the board immediately
Mold is a health hazard requiring prompt professional remediation; delayed action can worsen conditions, expand liability, and endanger residents.
The business judgment rule protects condominium board members when they:
Answer: Act in good faith, with due care, and in the association's best interest
The business judgment rule shields directors from personal liability when they act in good faith, make informed decisions, and have no personal conflict of interest.
A condominium association's operating budget is best described as:
Answer: An annual financial plan estimating income and expenses for day-to-day operations
The operating budget is a forward-looking annual plan that projects routine income (assessments) and expenses (maintenance, utilities, insurance) for the coming year.
What is the purpose of an 'estoppel certificate' (or estoppel letter) in a condominium sale transaction?
Answer: To confirm the current balance of assessments owed and any violations on the unit being sold
An estoppel certificate is an official document issued by the association confirming the unit's assessment status, outstanding balances, and any pending violations as of a specific date.