Sample Questions

1. Cooperative ownership means _____.

Question 1 of 12

2. Condominiums are established by recording the Declaration of Condominium with the _____.

Question 2 of 12

3. A quorum is usually _____.

Question 3 of 12

4. Condominium board members may be chosen to serve by _____.

Question 4 of 12

5. Which of the following is not true regarding allowable charges for copies of the official records of the association?

Question 5 of 12

6. Budgets must be separated by month and year and listed by _____ and _____.

Question 6 of 12

7. The Board of Directors of Happy Place Condominium approved a budget for 2017 for $125,000.  The budget included installing a new spa for $20,000.  Last year’s budget was $95,000.  Which of the following statements is true?

Question 7 of 12

8. Which of the following statements is not true regarding the association’s rights to collect rent from the tenant of a delinquent owner?

Question 8 of 12

9. An association has quarterly assessments of $500.  On December 31, 2012, they foreclosed on a lot that owed two-years worth of assessments.  On June 30, 2013, the bank foreclosed their $300,000 mortgage on the lot.  How much does the bank owe in assessments?

Question 9 of 12

10. Within _____ days after the end of the fiscal year or annually on the date provided in the bylaws, associations shall prepare and complete or contract for the preparation and completion of a financial report for the preceding year.

Question 10 of 12

11. The liability insurance for directors and officers provides protection from personal liability for actions taken on behalf of the association if _____.

Question 11 of 12

12. Which statement is false concerning swimming pool operations?

Question 12 of 12