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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 c$9.99
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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 c
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Course
M-100
Institution
M-100
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:
Mandatory lien-based economic charges or assessments are levied on each owner in order to operate and
maintain the community association.
Membership in the ca is mandatory and automatic for all owners.
A requirement of ca ownership is attending board meetings
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:
o Planned community
o Townhouse
o Cooperative
o Condominium
b. Townhouse
Adoption of the annual budget is an example of which of the following type of resolution?
policy resolution
administrative resolution
special resolution
general resolution
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.
, o general
o complex
o specific
o 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.
recorded map, plat, or plan
declaration, CC&Rs, or master deed
proprietary lease or occupancy agreement
articles of incorporation
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:
survey data
state statutes
community association governing documents
court decisions
o 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.
bond
fiduciary duty
ballot
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
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