Exam (elaborations)
CMCA Study Guide Exam/160 Questions and Answers/A+ Scores
- Course
- Institution
CMCA Study Guide Exam/160 Questions and Answers/A+ Scores
[Show more]
Seller
Follow
Victorious23
Reviews received
Content preview
CMCA Study Guide Exam/160 Questionsand Answers/A+ Scores
Articles of incorporation - -Bring the corporation into existence, define its
basic
purposes and powers, indicate whether stock will be issued, and indicate
whether there will be a board
of directors
-Bylaws - -Formally adopted governing regulations for the administration
and management of a community association
-CC & Rs (Covenants, Conditions & Restrictions) - -The governing
documents that
dictate how the homeowners association operates and what rules the owners
—and their tenants and guests —
must obey. These legal documents might also be called
the bylaws, the master deed, the houses rules or another name. These
documents and rules are legally enforceable by the homeowners association,
unless a specific provision conflicts with federal, state or local laws
-Community association - -A group of owners who wish to provide a
communal basis for preserving, maintaining, and enhancing their homes and
property
-Condominium - -A living unit fully owned by an individual with an undivided
interest in the common elements of the community. The community
association itself owns no
real estate as an association
-Cooperative - -Wherein an individual owns stock or membership in the
cooperative, and holds a proprietary lease or occupancy agreement for his or
her living unit
-Declaration - -Used interchangeably with CC & Rs
-Governing documents - -Documents which provide for the legal structure
and
operation of the community
-Indemnification - -to exempt an individual or entity from responsibility for
claims made against the organization and to reimburse the individual or
entity for damages or expenses incurred as a result of such claims
, -Master association - -An organization of homeowners in a large
condominium or planned unit development (PUD) which includes
representatives from other, smaller
homeowner organizations
-Mixed use development - -A development which is designed to mix two or
more
"uses" of land together (i.e. a shopping center which offers office space for
dentists)
-Planned community - -the most common type of community association,
where an owner owns his or her lot and/or living unit and the community
owns any common areas, such as tennis courts and roads for the use and
benefit of the lot owners
-Proprietary lease - -A rental agreement between a cooperative housing
corporation and a share holder allowing use of a certain unit in the premises
-Public offering statement - -A disclosure statement prepared by a
developer that
contains all material facts about a property offered for sale and that must be
provided to a prospective purchaser in accordance with applicable state or
federal law
-Resolution - -A motion that follows a set format and is formally adopted by
the board of directors
-Statute - -A formal written enactment of a legislative authority that
governs a country, state, city or county
-Umbrella association - -A cluster of community association types that can
include aspects of homeowners associations, condominiums and
cooperatives
-Ad hoc committee - -Used when an objective needs consideration and no
standing
committee within the organization can absorb that issue into its scope.
Usually these
committees
are used on a short
-
term basis, such as temporary oversight of an issue
or review of the standing rules of that community
-Board liaison system - -Directors are assigned to certain committees to
guide the
, committee on Board policy and procedures and to repo
rt back to the Board.
Directors serving as a liaison must distinguish their role from the role of the
committee chairperson.
-Business judgment rule - -If a board has exercised reasonable business
judgment in
making a decision, the court will generally not c
onsider the board negligent in it
s
fiduciary duty, nor will the court substitute its judgment for that of the board
-Fiduciary duty - -Requires directors to act in the best interests and for the
benefit of
the corporation, thus the community as a whole.
the members are required to avoid conflicts
of interest and acting
out of self-interest;
the members are also required to act as reasonable
people in managing the association's affairs
-Management ethics - -consists of a review of governing
documents and existing policies and procedures, current condition of the
property,
owner/resident satisfaction, and fiscal operations. This review can be done
by the
board and man
ager together, or a third
-
party management consultant can be hired
-Management plan - -a statement of goals and objectives
approved by the board. It includes the yearly cycle of tasks that
management should
perform on the community
association's behalf
-Standing committee - -Committees which have a continued existence and
are not
related to the accomplishment of a specific, once
-
only task. Budget and nomination
committees are examples of standing committees
-Alternative dispute resolution - -Mediation, arbitration and other ways of
resolving
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 Victorious23. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
77254 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now