Exam 1 Questions And Answers 2024

Incurred {Ans: brought upon oneself}RFP {Ans: primarily for large projects, bid specs, inform on association, work conditions, surveys/outline job, dates, warranty reqs}Immediate exposers to risk {Ans: Severe weather, deficiencies, negligence}Robert's Rules of Order {Ans: A book that provides common rules and procedures for deliberation and debate in order to place the whole membership on the same footing and speaking the same language}Community Manager Role {Ans: lead board in making decisions, give practical/technical/admin advise, maintain records}Insurance Premium Calculation: Commercial Gen Liability {Ans: # of units x rate + features}Balance Sheet {Ans: what is owed, owned, and network/assets}Board liaison system {Ans: Directors are assigned to certain committees to guide the committee on Board policy and procedures and to report back to the Board. Directors serving as a liaison must distinguish their role from the role of the committee chairperson.}ad hoc committee {Ans: a committee created for a specific short-term purpose}Accounting Methods: Accrual Basis {Ans: More accurate, Revenue earned, expenses incurred}Deficit {Ans: the amount by which something, especially a sum of money, is too small.}Fair Debt Collection Practices Act {Ans: Prohibits unfair, abusive, and deception methods of collecting debt. Must be