CMCA CMCA - Certified Manager of Community Associations Assessments and Collections Questions and Answers 2

Question 1

Under most state statutes, how far in advance must a homeowner be notified before a lien is filed for delinquent assessments?

Accepted Answer

30 days

Answer

10 days

Answer

60 days

Answer

90 days

Question 2

Which collection method allows an association to intercept a delinquent owner's rental income to satisfy unpaid assessments?

Accepted Answer

Rent intercept

Answer

Foreclosure

Answer

Receivership

Answer

Wage garnishment

Question 3

What is the primary purpose of an association's collection policy?

Accepted Answer

To establish consistent, legally compliant procedures for pursuing unpaid assessments

Answer

To punish delinquent owners

Answer

To maximize late fee revenue

Answer

To discourage new homeowners from purchasing

Question 4

Special assessments differ from regular assessments primarily because they are:

Accepted Answer

Levied for extraordinary or unanticipated expenses beyond the regular budget

Answer

Collected monthly

Answer

Exempt from homeowner notification

Answer

Capped at $100 per unit

Question 5

A payment plan agreement between an association and a delinquent homeowner should include which essential element?

Accepted Answer

An acknowledgment of the total debt owed and clear repayment terms

Answer

A clause waiving all future assessments

Answer

A guarantee from the owner's employer

Answer

A release of the association's lien upon signing

Question 6

When an association pursues judicial foreclosure on a delinquent unit, the process typically begins with:

Accepted Answer

Filing a complaint in court after the lien has been recorded

Answer

Changing the door locks on the unit

Answer

Contacting the mortgage lender to assume the mortgage

Answer

Obtaining a board resolution to evict the owner immediately