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M100 EXAM | 157 ACTUAL QUESTIONS AND ANSWERS (100% VERIFIED ANSWERS) | ALREADY GRADED A+
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M100 EXAM | 157 ACTUAL QUESTIONS AND ANSWERS (100% VERIFIED ANSWERS) | ALREADY GRADED A+
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M100 EXAM | 157 ACTUAL QUESTIONS ANDANSWERS (100% VERIFIED ANSWERS) |
ALREADY GRADED A+
Community Association - ANSWER Mandatory memberships, mutually binding
contracts, lien-based assessments
Purpose of community association - ANSWER Provide for the community,
business, and governance aspects of the association
Basic types of community association - ANSWER Planned communities,
condominium, and cooperatives
Planned community - ANSWER HOA, owner association
Condominium - ANSWER Owner of his/her unit
Cooperative - ANSWER Owns stock/holds lease
Types of community associations - ANSWER Master/umbrella,
Mixed use development, 55 and older
Association derives legal obligation from - ANSWER Federal, state and local
laws- legal documents, lender requirements, standards set by professional bodies
,EEOC - ANSWER Equal employment opportunity commission
Equal employment opportunity commission - ANSWER Prohibits discrimination
in hiring, promoting, etc.
FLSA - ANSWER Fair Labor Standards Act
Fair Labor Standards Act - ANSWER Dictates standards for minimum wage
FMLA - ANSWER Family Medical Leave Act
Family Medical Leave Act - ANSWER Provides for unpaid leave for various
medical issues
FICA - ANSWER Federal Insurance Contributions Act
OSHA - ANSWER Occupy Safety Health Act
Occupy Safety Health Act - ANSWER Outlines safety guidelines for employees
FCC - ANSWER Federal Communications Commission
Federal Communications Commission - ANSWER Regulates what restrictions
associations have on antennas and satellite dishes
, State statues - ANSWER General, specific, uniform
General state statutes - ANSWER Apply to all organizations
Specific state statutes - ANSWER Apply to only one or more types of
community associations
Uniform state statutes - ANSWER Standardize laws in various states that affect
community associations
Hierarchy of governing documents - ANSWER Plat
Declarations
Articles
Bylaws
Rules
Bundle of rights - ANSWER Declaration, CCR, master deed
What trumps articles? - ANSWER Declaration
Plat/map - ANSWER Shows precise location of each lot or unit
Declaration, CCRS, master deed - ANSWER Establish the chain of title and
rights of ownership for each piece of real estate
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