M-100 QUIZ (ALL SECTIONS) WITH COMPLETE SOLUTIONS 100%
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Course
M100
Institution
M100
M-100 QUIZ (ALL SECTIONS) WITH COMPLETE SOLUTIONS 100%
Each of the following are key characteristics of a community association EXCEPT:
A. Mandatory lien-based economic charges or assessments are levied on each owner in order to operate and maintain the community association.
B. Membership in th...
M-100 QUIZ (ALL SECTIONS) WITH COMPLETE
SOLUTIONS 100%
Each of the following are key characteristics of a community association EXCEPT:
A. Mandatory lien-based economic charges or assessments are levied on each owner in order to
operate and maintain the community association.
B. Membership in the ca is mandatory and automatic for all owners.
C. A requirement of ca ownership is attending board meetings
D. Certain documents bind all owners to be governed by the community.
C. A requirement of community association ownership is attending board meetings.
True or False. The primary purpose of a community association is to provide for the governance,
business, and communal aspects of the association.
True
Each of the following are basic types of residential community associations
EXCEPT:
a. Planned community
b. Townhouse
c. Cooperative
d. Condominium
b. Townhouse
Adoption of the annual budget is an example of which of the following type of resolution?
a. policy resolution
b. administrative resolution
c. special resolution
d. general resolution
D. General
True or false. The purpose of a community association's governing documents is to
provide for the legal structure and operation of the community.
True
True or false. According to the general hierarchy of authority for governing documents, the bylaws
would control in a conflict with the recorded map, plat, or
plan.
False
Complete the following sentence: A __________ state statute is one that applies only
to one or more types of community associations.
a. general
b. complex
c. specific
d. uniform
C. Specific
True or false. A proprietary lease or occupancy agreement in a cooperative defines
the member or stockholder's rights and obligations in relation to the living unit.
True
, Complete the following sentence: The __________ bring the community association into existence,
define its basic purposes and powers, and indicate whether stock will be issued.
a. recorded map, plat, or plan
b. declaration, CC&Rs, or master deed
c. proprietary lease or occupancy agreement
d. articles of incorporation
d. Articles of incorporation
True or False. The public offering statement is a governing document, as it often distributed along
with the governing documents.
False
Each of the following legal sources specify management authority and responsibilities
for community associations EXCEPT:
a. survey data
b. state statutes
c. community association governing documents
d. court decisions
A. Survey data
True or false. The basic authority in a community association lies with the developer.
False. It lies with the owners
Complete the following sentence: The board of directors in a community association has a
_____________ to act in the best interests and for the benefit of the community as a whole.
a. bond
b. fiduciary duty
c. ballot
d. quorum
b. fiduciary duty
True or false. The "business judgment rule" means that if a board has exercised reasonable business
judgment in making a decision, the court will generally not consider the board negligent in its
fiduciary duty.
True
Which of the following community association committees typically are assigned
responsibilities related to elections, nominations, and architectural standards?
a. standing committees
b. professional committees
c. ad hoc committees
d. mandatory committees
d. mandatory committees
True or false. The role of the professional community association manager is to make all decisions
for the association and to delegate information-gathering and fact finding support to the board of
directors.
False
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