Exam (elaborations)
M100 QUESTIONS AND ANSWERS WITH VERIFIED SOLUTIONS 100% CORRECT
- Course
- Institution
M100 QUESTIONS AND ANSWERS WITH VERIFIED SOLUTIONS 100% CORRECT
[Show more]
Content preview
M100 QUESTIONS AND ANSWERS WITHVERIFIED SOLUTIONS 100% CORRECT
Mandatory Membership
Mutually Binding Documents
Lien-Based Assessments - ANSWER Characteristics of a community association
To deal with the community, business, and government aspects of the community.
- ANSWER Purpose of a community association
3 Types of Community Associations - ANSWER Planned Communities (Sun City,
etc.)
Condos
Co-ops
Master or Umbrella Association (Specialized C.A.'s) - ANSWER ... is made up of
more than residential community association.
Mixed Use Development (Specialized C.A.'s) - ANSWER A mix of residential
with commercial and/or industrial use space.
"55 and older" Community (Specialized C.A.'s) - ANSWER Legal designation -
must be one person 55 or older living in at least 80% of the units.
Sources of Legal Obligations for Community Associations - ANSWER Federal,
state (Stirling Davis), local statutes, regulations and case law.
, HOA binding documents
Lender Requirements - FHA, Fannie Mae, Etc.
Standards set by professional bodies - ie. auditing CPA standards
Lien - ANSWER A legal claim by one party (CA) on the property of another.
Other names for planned communities - ANSWER HOA
Owner Association
Townhouse Association
Prop. Owners Association (POA)
Planned Unit Development (PUD)
Cooperative - ANSWER CA where an individual owns stock or membership, and
a proprietary lease or occupancy agreement for his or her living unit.
Proprietary Lease or Occupancy Agreement - ANSWER Defines the member or
stockholder's rights and obligations in relation to the living unit.
Equal Employment Opportunity Commission (EEOC) - ANSWER Prohibits
discrimination
Federal Laws applying to CA's - ANSWER EEOC, FDCPA, FSLA, FMLA, FHA, FCC,
FICA, OSHA, SSCRA, US Bankruptcy Code
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller StudySet. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
72042 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now