M100 COMMUNITY ASSOCIATION MANAGEMENT EXAM 2024 QUESTIONS WITH CORRECT ANSWERS GRADED A+
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Course
M100 COMMUNITY ASSOCIATION MANAGEMENT
Institution
M100 COMMUNITY ASSOCIATION MANAGEMENT
M100 COMMUNITY ASSOCIATION
MANAGEMENT EXAM 2024 QUESTIONS WITH
CORRECT ANSWERS GRADED A+
M100 COMMUNITY ASSOCIATION
MANAGEMENT EXAM 2024 QUESTIONS WITH
CORRECT ANSWERS GRADED A+
M100 COMMUNITY ASSOCIATION
MANAGEMENT EXAM 2024 QUESTIONS WITH
CORRECT ANSWERS GRADED A+
Characteristics of a Community Association - ANSWER--Mandatory membership
Mutually binding documents
Lien-based assessments
Purposes of a Community Association - ANSWER--Business - Not for profit
Government - Runs like a mini-government
Community - Mutual reasons for buying into area
3 Basic Types of Community Associations - ANSWER--Planned Community -
Owners owns his lot/living unit and community owns common areas (tennis
courts, basketball courts, etc.).
Condominium - Individual owns unit and undivided interest (percentage) in
common elements.
Cooperative - Individual owns stock or membership in cooperative and holds a
proprietary lease/occupancy agreement.
Community associations can be grouped into clusters called: - ANSWER--Master
or Umbrella Associations - More than one residential community.
Mixed-Use Development - Mixture of residential and commercial.
"55 and Older" Communities - 80% of residents are 55+ and at least one per
unit.
, M100 COMMUNITY ASSOCIATION
MANAGEMENT EXAM 2024 QUESTIONS WITH
CORRECT ANSWERS GRADED A+
Name the sources of legal obligations for a Community Association - ANSWER--
Federal, state and local statutes, regulations and case law.
Governing documents
Standards set by professional bodies (AICPA)
Lender requirements
Types of Federal Law Applying to Community Associations - ANSWER--Equal
Employment Opportunity Commission
Fair Debt Collection Practices Act
Fair Labor and Standards Act
Family and Medical Leave Act
FICA
OSHA
Bankruptcy Code
FCC
Fair Housing Act
Types of State Statutes Applying to Community Associations - ANSWER--General -
Applies to all types of associations
Specifics - Applies to only one type of association (takes precedence over any
general statutes and governing documents.
Uniform - National Conference of Commissioners draft generic content-specific
wording to encourage uniformity among the states.
, M100 COMMUNITY ASSOCIATION
MANAGEMENT EXAM 2024 QUESTIONS WITH
CORRECT ANSWERS GRADED A+
Purpose of Community Association Governing Documents - ANSWER--Provide
legal structure and operation of a community association.
Hierarchy of Governing Documents - ANSWER--Recorded map, plat or plan
Declaration, CC&Rs, proprietary lease or occupancy agreement.
Articles of Incorporation
Bylaws
Board Resolutions
Articles of Incorporation - ANSWER--Brings corporation into existence.
Coops must incorporate because the the corporation owns all the property.
Other types of communities may incorporate.
Benefits of incorporating - ANSWER--Limit liability of individual owners.
Right granted all corporations
Easier to deal with utility companies, vendors, etc.
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