Property Management
A Colorado property manager managing an HOA must ensure that the HOA's budget includes adequate reserves for:
AOnly emergency repairs
BFuture major capital repairs and replacements of common elements (roofs, elevators, pools)✓ Correct
COnly ongoing operating expenses
DOnly the management company's fee
Explanation
Under CCIOA, Colorado HOAs are required to conduct reserve studies and maintain adequate reserves for future major repairs and replacements of common elements. Inadequate reserves can lead to large special assessments and affect property values.
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