FREE CMCA Beginner’s Questions and Answers
The board performs its fiduciary duties by:
Protects against theft. Ability to define and comprehend fiduciary is tested.
The purpose of directors' and officers' liability insurance is to cover claims that come from:
They are only protected by the D&O if such personnel are included in the definition of "insured party".
Contracts of employment are NOT required to include:
In a work contract, interests are irrelevant.
Which of the following is included in the initial letter you write to an owner who broke one of the regulations the organization has established?
The best strategy to ensure compliance is to give the owner a voice and clarify the regulation in question. The Test of Knowledge: Methods for effectively enforcing regulations.
If a member does not get notice of a meeting, the association is not liable if the member:
Owner is responsible for giving Management up-to-date contact information.
Board members and the manager have what "duty" to members?
A fiduciary "duty" of loyalty to the owners is provided by the board members and manager.
What obligations does "Co-Insurance" place upon the Association?
Co-insurance pertains to the insurance limitations in effect at the time of a loss and the insurance obligations of the parties involved in the claim.
Which is an example of an association control system?
The answer is "control" and frequent neighborhood inspections are the only response that shows a control system.
Where could a manager find rules about how the association should take care of the physical assets?
Board action is required to set maintenance guidelines.
Which project would a board be most likely to hire a consultant for assistance in creating bid specifications?
The management of a community organization may be governed by specific state statutes pertaining to regulations.
As part of HR management, discipline might include:
Part of the disciplinary procedure involves counseling the employee and setting goals for them to reach (along with consequences for falling short of them).