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M-100: The Essentials of Community Association Management Exam Prep Questions with Approved Answers |Latest 2024/2025 -Graded A.

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Community Association a legal entity in which the owners enjoy the PROTECTION, ENHANCEMENT, MAINTENANCE and PRESERVATION of their homes and property. 3 Basic Types of Community Associations 1. Planned Community - An owner owns his lot/unit and the community owns common areas. 2. Condominium...

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  • November 13, 2024
  • 39
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • m 100
  • m 100 the essentials of community association
  • m 100 the essentials of community

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  • M-100

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M-100: The Essentials of Community Association i.- i.- i.- i.- i.- i.-




Management Exam Prep Questions with i.- i.- i.- i.- i.-




Approved Answers |Graded A. i.- i.- i.- i.-




Community Association a legal entity in which the owners enjoy i.- i.-i.- i.- i.- i.- i.- i.- i.- i.- i.- i.-



the PROTECTION, ENHANCEMENT, MAINTENANCE and PRESERVATION
i.- i.- i.- i.- i.- i.-



of their homes and property.
i.- i.- i.- i.-




3 Basic Types of Community Associations
i.- i.-1. Planned Community - i.- i.- i.- i.-i.- i.- i.- i.- i.- i.-



An owner owns his lot/unit and the community owns common areas.
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2. Condominium - Individual owns his living unit and owns an
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undivided interest in the common elements. i.- i.- i.- i.- i.-




3. Cooperative or Stock Cooperative - Individual owns stock or
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membership in the cooperative and owns a proprietary lease or i.- i.- i.- i.- i.- i.- i.- i.- i.- i.-



occupancy agreement for his living unit. i.- i.- i.- i.- i.- i.-




>A proprietary lease or occupancy agreement defines the member or
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stockholder's rights and obligations in relation to the living unit. For i.- i.- i.- i.- i.- i.- i.- i.- i.- i.- i.-



most cooperatives, the community association owns all of the real
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estate as a not-for profit corporation.
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Rule also called a regulation or resolution, is a specific statement
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of required behavior or action, a violation of which carries a penalty.
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,3 Defining Characteristics of a Community Association
i.- i.- 1. i.- i.- i.- i.- i.-i.- i.- i.-



Membership in the community is MANDATORY and automatic for all i.- i.- i.- i.- i.- i.- i.- i.- i.- i.-



owners.
2. Certain association governing documents bind the owners and the
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association to each other through mandated actions. i.- i.- i.- i.- i.- i.-




3. Mandatory lien-based assessments (maintenance fees) are levied on
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each owner in order to operate and maintain the community
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association.


Lien a legal claim by one party (community association) on the
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property of another (delinquent owner) to obtain the payment of a
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debt or the satisfaction of an obligation.
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>Placing a lien on an owner's property protects the community
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association's interest. It encourages payment of the debt. i.- i.- i.- i.- i.- i.- i.-




Purpose of a Community Association to provide for the
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COMMUNITY, BUSINESS, and GOVERNANCE aspects of the association. i.- i.- i.- i.- i.- i.- i.- i.-




>This is achieved by administering, maintaining and enhancing a
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residential real estate development, and through the establishment of
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a system of property rights, binding covenants and restrictions, and
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rules and regulations.
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3 Types of Residential Community Associations that can exist by
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themselves or can be grouped in CLUSTERS called: 1. Master or
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,Umbrella Associations - consists of more than one residential
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community associations. i.-




2. Mixed-Use Development - consists of a mixture of residential and
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commercial and/or industrial uses grouped together. Their marketing
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slogan is often "live, work, play."
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3. "55 and Older" Communities - must have one person who is 55 years
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of age or older living in at least 80% of its occupied units.
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Sources of Legal Obligations of a Community Association
i.- i.- -Federal, i.- i.- i.- i.- i.- i.-i.- i.- i.-



state and local statutes, regulations, and case law (court decisions).
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-Legal documents unique to the community association that bind the
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association and its owners. i.- i.- i.-




-Lender requirements - for example, requirements set by secondary
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mortgage institutions (FHA, Fannie Mac, Freddie Mae, etc.)
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-Standards set by professional bodies - for example, auditing standards
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set by the American Institute of Certified Public Accountants.
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Additional Legal Obligations of Community Associations
i.- -Equal i.- i.- i.- i.- i.-i.- i.- i.-



Employment Opportunity Commission (EEOC) - protects against i.- i.- i.- i.- i.- i.- i.-



discrimination.
-Fair Debt Collection Practices Act (FDCPA) - protects debtors from
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unscrupulous debt collectors and to impose a consistent and fair i.- i.- i.- i.- i.- i.- i.- i.- i.- i.-



method to collect debts. i.- i.- i.-




-Fair Labor and Standards Act (FSLA) - dictates standards for the basic
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minimum wage and overtime pay. i.- i.- i.- i.-

, -Family and Medical Leave Act (FMLA) - requires employers of 50 or
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more employees to provide up to 12 weeks of unpaid, job-protected
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leave to eligible employees for the birth or adoption of a child or
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serious illness. i.-




-Federal Insurance Contributions Act (FICA) - requires employers and
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employees to make matching contributions to social security.
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-Occupational Safety and Health Act (OSHA) - prevents injuries. i.- i.- i.- i.- i.- i.- i.- i.-




-Soldiers' and Sailors' Civil Relief Act of 1940 - delays civil court actions.
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Additional legal Obligations of Community Associations cont.
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Bankruptcy Code - helps honest people and business find a way to pay
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their debt or get a fresh start.
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-Federal Communications Commission (FCC) - overrides a community
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association deed restriction that bans satellite dishes and antennae
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from property that is exclusively used, controlled or owned by the
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resident.
-Fair Housing Act - prohibits discrimination in the sale, rental, financing
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insuring and other housing related services.
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3 Types of State Statutes
i.- 1. General State Statutes - applies to
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community associations, as well as to other types of organizations
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(Regular, corporate or not-for-profit). i.- i.- i.-




2. Specific State Statutes - applies only to one or more types of
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community associations. The specific state statutes take precedence.
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3. Uniform State Statutes - the national conference of commissioners
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on uniform state laws has attempted to standardize specific state
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