Nevada Community Manager Practice Exam

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• If allocations have been made to reserves but the money was not transferred, what is the implication?
• Who can attend the meetings held by the Commission on Common-Interest Communities and Condominium Hotels?
• What must be transferred to owners by the declarant?
• Which of the following would not be considered a reserve expense?
• What does an update reserve study without on-site inspection usually provide?
• Which document is essential to track budget comparisons in financial statements?
• In Nevada, who is responsible for overseeing the community financials?
• How often must the number of units and the budget be reported to the Ombudsman?
• Who fills vacancies on the board?
• The bylaws of the HOA:
• According to NAC 116.405, what must CIC board members obtain when practicable?
• The annual list of association officers must be filed with whom?
• Which special declarant right allows merging with another CIC?
• What should community managers prioritize in their operations?
• What is the maximum fine for a routine violation of the governing documents?
• What is the minimum recommended funding level for reserves in a community association?
• Which of the following describes monthly financial statements?
• Where must HOA records be kept?
• What governs the installation and use of satellite dishes?
• What is the purpose of collecting fines in community management?
• Before accepting a new client, which of the following must a manager NOT disclose?
• NRS Chapter 118 is often referred to as:
• Which of the following is NOT a requirement for community managers?
• How often must the board report gifts to the homeowners?
• Which local authority deals with the regulation of satellite dish installations?
• Homeowners have a responsibility to do what regarding the governing documents?
• What is the primary function of the Articles of Incorporation?
• What payment method is typically NOT included in standard contracts?
• What must claims made coverage comply with?
• How often must new board members be elected?
• What is required for a "super-majority" of homeowners in a community association?
• What does "All of the above" indicate in a multiple-choice selection?
• Where can the statutes governing condominium hotels be found?
• A handyman may be acceptable for which of the following projects?
• How can a CIC be terminated?
• Which statute governs hours worked and overtime?
• What basis are the expenses budgeted in the operating budget determined?
• What is the minimum value of gifts to the board or the manager that must be reported?
• What term describes budgeting that estimates costs without looking at historical data?
• Which of the following is included in Alternative Dispute Resolution?
• What duty does the Ombudsman have regarding common-interest communities?
• Association records must be kept within how many miles of the Community Interest Community (CIC)?
• What must homeowners do to run for election to the board?
• Who bears the cost for excessive judgment amounts in claims?
• What action can lead to foreclosure under the governing documents?
• NRS 278 is concerned with what topics?
• Which Chapter is NOT typically associated with bankruptcy filing?
• What is NOT a responsibility of community managers when dealing with clients?
• When there is a conflict, which document prevails?
• Laws regulating wind and solar energy fall under which section of Nevada Revised Statutes (NRS)?
• What must a plat be certified by?
• Which of the following actions is considered unprofessional for a community manager?
• Variance in financial reporting can be expressed as:
• What is required for written allegations of governing documents violations?
• When an owner makes a payment, what is the outcome?
• In conducting a reserve study, the lifespan of each component is based on which factor?
• What is an example of a reserve contribution?
• What does "RFP" stand for?
• Rules must comply with all of the following criteria except?
• How is the remaining useful life of a component determined?
• What must an annual budget mailing generally include?
• What is the maximum fee for the first ten pages of association documents?
• What is a common type of maintenance that should be conducted regularly?
• What stipulation must be followed for maintaining HOA records accessibility?
• What is the collection of various records and documents provided to potential buyers known as?
• Workplace safety regulations are primarily enforced by which organization?
• What should be included in a letter to an owner who is 61 days late in paying assessments?
• Which statement is true about potential conflicts of interest for board members?
• A permit for association projects must be obtained when?
• A reserve study is reported on form 609 to whom?
• A contractor is generally needed for projects that involve?
• What must a community manager do regarding gifts?
• A condominium hotel under NRS 116B is intended for what purpose?
• When does control typically pass to homeowners in developments with more than 1,000 units?
• Who must approve amendments to the declaration?
• Which item is included in the resale package?
• What are the common elements typically described as?
• Before purchasing a home in a community interest community, potential owners should review which document?
• Which document must be prepared in the case of collection proceedings for a bankrupt owner?
• Which of the following apply to GAAP?
• Consensus in a meeting indicates:
• Parliamentary procedures:
• To reconcile bank statements, what do you need?
• What is an example of preventative maintenance?
• What constitutes bribery by a community manager or board member?
• Gifts to the board members must be reported to whom?
• Which annual budget amount requires an annual audit under NRS 116?
• HOAs organized under Nevada's Corporate Laws must register annually with which entity?
• Bids must be opened and read aloud at:
• What are some of the duties of the Ombudsman?
• When should an organizational meeting be held following an election?
• Which financial aspect is critical for maintaining a homeowners association?
• What role does the Commission on Common-Interest Communities and Condominium Hotels play in Nevada?
• What will the financial analysis in a reserve study include?
• What type of analysis does a reserve study consist of?
• What should be included in the annual budget for a homeowners association?
• To whom is the public offering statement typically given?
• Which of the following is not typically a responsibility of a community manager?
• How often must the annual list of association officers be filed?
• Groungs for disciplinary action against community managers include?
• A subsidiary motion:
• Two methods for reserve analysis are:
• To review the difference between budgeted amounts and actual expenditures, which metric should be analyzed?
• What does claims made coverage include?
• Which statement accurately describes the rules of the association?
• What is primarily defined in a reserve study?
• Which of the following items is not included in the operating budget?
• If a bill is received but a check is not written to pay it, what occurs?
• According to the Fair Housing Act of 1968, it is a prohibited act to discriminate based upon:
• What is NOT a key component of governance in community management?
• NRS 116.1113 mandates which of the following?
• Which one of the following is NOT typically considered a common element in a reserve study?
• Homeowner approval is not required to:
• What scenarios may special assessments be levied for?
• Who oversees the filing of reserve studies?
• Which type of maintenance involves regular checks to avoid future issues?
• Which of the following would NOT be found in the resale package?
• What is one major function of bylaws for a Homeowners Association (HOA)?
• Where must a summary of the reserves be submitted?
• Under what condition can a budget summary be sent instead of the complete budget?
• If a client violates NRS 116, what should the manager do?
• The budget is deemed ratified at a budget ratification meeting unless:
• Executive Board Meetings must be held at least:
• What must be included in a management agreement?
• NRS 117 is applicable to which type of communities?
• Which statement is true regarding fines for violating governing documents?
• When must the association be organized according to NRS 116.3101?
• What must community managers report?
• Under certain conditions, owners may need to maintain which items according to community guidelines?
• If a judgment exceeds the insurance policy amount, who is responsible for the difference?
• If NRS 116 is changed, the declaration:
• If towing is allowed in a Community Interest Community (CIC), where are the specific procedures found?
• Which statement must be included in financial statements?
• Homeowners must be given an opportunity to speak:
• What does moral turpitude refer to?
• The Virginia Graeme Baker Act pertains to which of the following?
• Where must bids be opened and read aloud according to the regulations?
• What is the primary purpose of a variance analysis?
• What is required to be included in the Commission?
• What signifies the creation of the HOA/Corporation?
• Negligence can be defined as a failure to:
• What is the main purpose of fund accounting?
• According to NRS 116A.070, a community manager is:
• What happens when the association bills owners?
• How much can homeowners be charged for paper copies of association documents?
• How often does the Commission on Common-Interest Communities and Condominium Hotels meet?
• What is the primary function of annual assessments?
• Who has the authority to amend the declaration of the community association?
• The notice of an executive board meeting must be sent:
• An executive session may be held to:
• What does NRS 116 require the executive board to do with the reserve study?
• What is required for legislative changes in association rules?
• When assessing risks, which action is typically taken?
• What must community managers comply with?
• What role does the community manager typically play in board meetings?
• What type of hearings can homeowners request regarding violations?
• In which time frame must a provisional manager report a change in supervisor to the Division?
• What determines the interest rates on delinquent assessments?
• What cannot be included in delinquent fines for violations of the governing documents?
• Under the Americans with Disabilities Act (ADA), a Disability/Handicap includes:
• What does the Fair Debt Collection Practices Act primarily aim to do?
• Who is known as the declarant in a community?
• Typical contracts provide for which of the following payment structures?
• Electronic transfers in the community association may be made only for which of the following?
• Which document is necessary for a CIC's resale package regarding financial transparency?
• Unit owners meetings may be held:
• What is one of the standards of practice for community managers?
• The protection of purchasers is found in:
• NRS 118A primarily addresses which issues?
• A large amount accrued but not transferred to the reserve account may indicate:
• Within how many days can a potential purchaser cancel after receiving the resale package?
• For how much can homeowners be charged for viewing association records?
• A certificate is:
• Which of the following is NOT a ground for disciplinary action?
• What is the composition of the Commission?
• What is a complaint against a community manager referred to as?
• What should community managers do regarding capital improvements?
• NRS 116 requires bids for projects exceeding which amount?
• What role do aging reports play in financial management?
• Each owner maintains how many accounts?
• An HOA that is part of a master association is known as what?
• The bylaws of an association are subordinate to which of the following?
• The management agreement must:
• Which financial review method is considered the most thorough?
• The purpose of homeowner meetings is primarily to:
• Which area is typically included in an association's maintenance responsibilities?
• What is the authority of the Commission on Common-Interest Communities and Condominium Hotels?
• What is one of the duties of the Ombudsman in Nevada?
• What does the Reserve study identify?
• What action should community managers avoid, according to ethical standards?
• The governing documents of a community interest community typically include which of the following?
• What is required for reserve assessments to be imposed?
• What protection does the Corporate Veil provide?
• Which percentage is required for homeowner approval to amend the declaration?
• In the context of community management, what does ADR stand for?
• Which document should be reviewed to understand an association's responsibilities?
• Which entity must associations register with annually?
• What is a duty of community managers related to governance?
• Which document should community managers strictly adhere to in their practice?
• Which of the following is NOT included in the standards of practice for community managers?
• Which of the following is prohibited by the Federal Fair Housing Act?
• Homeowners can be charged ___________ for electronic records.
• Homeowners may be fined for what specific reason?
• Which type of financial statement provides a snapshot of an organization’s assets and liabilities?
• A balance sheet shows which of the following?
• What should be done when records are being transferred between managers or management companies?
• The common elements are:
• According to the Americans with Disabilities Act, what must employers do?
• Which entity is NOT part of the common-interest community oversight?
• Which of the following actions is considered a prohibited act?
• Which of the following statements is true about components included in a reserve study?
• What must homeowners accused of violating governing documents be given?
• In addition to federal regulations, what does NRS 118 prohibit discrimination based on?
• What is the primary purpose of conducting a reserve study?
• What can homeowners request in response to governing documents violations?
• The installation of a satellite dish is governed by which law?
• What is required for homeowners to maintain to be eligible for board elections?
• Board members must disclose what potential issues?
• During the board's review of financial statements, which aspect should be included?
• What is another name for the statement of revenue and expenses?
• When is a Common-Interest Community (CIC) officially created?
• Homeowners can be charged how much to view association records?
• Which entity enforces the Fair Housing Act?
• What type of judgments should be disclosed in a resale package?
• Nonfeasance is defined as:
• Under what circumstance can an HOA foreclose on a property?
• What is included in the resale package for a community interest community?
• Which document is NOT part of standard financial statements?
• Community managers are expected to cooperate with which entity?
• How long must the demand letter be valid for?
• What is excluded from the annual budget mailing?
• What is typically required to pass changes to the association's bylaws?
• What requirement must a Reserve Study Specialist meet?
• Who typically creates a Common-Interest Community (CIC)?
• Which of the following cannot be included in a violations report?
• Compliance with community management standards primarily helps to ensure:
• Which of the following acts is prohibited for community managers?
• Which of the following statements is true about HOA assessments?
• Committees are typically defined in:
• When a community manager becomes aware of any misconduct, what must they do?
• What authority typically does the association have?
• Which of the following is not considered a type of maintenance?
• Who must sign reserve account checks?
• What task is NOT allowed for unlicensed staff members?
• A member of the executive board may not:
• Which of the following documents is written by elected officials?
• Which method is effective in identifying potential hazards within a property?
• Newly-elected board members must file with which of the following?
• Under the ADA, what major life activities are included?
• What is a common consequence for violating fair housing laws?
• What governs the requirement for disclosing board member items valued over $15?
• Which of the following is a potential benefit of having regular financial audits?
• Which of the following is NOT a requirement for a provisional manager?
• Under which NRS can Homeowners' Associations be organized?
• What is a type of reserve study?
• The ADR process primarily addresses which type of disputes?
• Which of the following projects may require bidding?
• Which statute governs the requirements for towing in Nevada?
• Which of the following will not lead to foreclosure?
• Under NRS 116, what must management do to ensure compliance?
• What fee is charged for paper documents beyond the first 10 pages?
• Which document sets forth the statutes governing condominium hotels?
• What is an example of professional incompetence that could lead to disciplinary action?
• What must usually happen if the budget is not ratified at the meeting?
• Who is responsible for regulating contractors in Nevada?
• What might be a sign of mismanagement in community funds?
• What does NRS 118A primarily cover?
• What must a declarant provide for the proper functioning of a CIC?
• What is the maximum fine amount for resolutions of routine violations?
• What document outlines the roles and responsibilities of a community manager?
• Which statute requires Alternative Dispute Resolution (ADR)?
• Which document must the association's rules comply with?
• What does the third degree of consanguinity refer to?
• A general contractor may be required in which of the following circumstances?
• What is the minimum number of board members required by NRS 116?
• Which document should you consult to find the current amount in accounts receivable?
• What financial threshold necessitates an audit according to NRS 116?
• Homeowner Meetings must be held at least:
• Homeowners in a community association have the right to which type of hearing?
• Which of the following is considered a strong threshold?
• When a case is heard by the Commission:
• Where are construction defect statutes primarily found?
• What is included in the interim financial statements?
• What type of bond must CIC board members typically post?
• What is the primary role of community assessments?
• Under Fair Housing regulations, reasonable modifications can be made to the unit:
• How often is a reserve study required according to NRS 116?
• What is the maximum amount that can be charged for routine production of a demand letter?
• When should a community association obtain a permit for construction projects?
• Management of a CIC is codified in:
• What does a change in fund balance reflect?
• What action may a declarant take to entice buyers?
• What is a potential penalty for bribery in community management?
• In a condominium hotel, owners must elect a minimum of how many Executive board members?
• What action can homeowners take regarding board member election processes?
• Who determines the maximum fine for a health and safety violation?
• If the buyer requests expedited delivery of the demand letter, what is the total charge?
• Which of the following best describes a "Common Interest Community"?
• The duty of loyalty specifically prohibits:
• What is a requirement for a demand letter in terms of notification?