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