M-100 QUIZ (all sections) Exam Questions And Complete Solutions
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Course
M-100
Institution
M-100
Each of the following are key characteristics of a community association EXCEPT:
A. Mandatory lien-based economic charges or assessments are levied on each owner in order to operate and maintain the community association.
B. Membership in the ca is mandatory and automatic for all owners.
C. A re...
M-100 QUIZ (all sections) Exam Questions And
Complete Solutions
Each of the following are key characteristics of a community association EXCEPT:
A. Mandatory lien-based economic charges or assessments are levied on each owner in order to operate
and maintain the community association.
B. Membership in the ca is mandatory and automatic for all owners.
C. A requirement of ca ownership is attending board meetings
D. Certain documents bind all owners to be governed by the community.
Each of the following are key characteristics of a community association EXCEPT:
A. Mandatory lien-based economic charges or assessments are levied on each owner in order to operate
and maintain the community association.
B. Membership in the ca is mandatory and automatic for all owners.
C. A requirement of ca ownership is attending board meetings
D. Certain documents bind all owners to be governed by the community. - Correct Answer C. A
requirement of community association ownership is attending board meetings.
True or False. The primary purpose of a community association is to provide for the governance,
business, and communal aspects of the association. - Correct Answer True
Each of the following are basic types of residential community associations
EXCEPT:
a. Planned community
b. Townhouse
c. Cooperative
d. Condominium - Correct Answer b. Townhouse
Adoption of the annual budget is an example of which of the following type of resolution?
a. policy resolution
b. administrative resolution
, c. special resolution
d. general resolution - Correct Answer D. General
True or false. The purpose of a community association's governing documents is to
provide for the legal structure and operation of the community. - Correct Answer True
True or false. According to the general hierarchy of authority for governing documents, the bylaws would
control in a conflict with the recorded map, plat, or
plan. - Correct Answer False
Complete the following sentence: A __________ state statute is one that applies only
to one or more types of community associations.
a. general
b. complex
c. specific
d. uniform - Correct Answer C. Specific
True or false. A proprietary lease or occupancy agreement in a cooperative defines
the member or stockholder's rights and obligations in relation to the living unit. - Correct Answer True
Complete the following sentence: The __________ bring the community association into existence,
define its basic purposes and powers, and indicate whether stock will be issued.
a. recorded map, plat, or plan
b. declaration, CC&Rs, or master deed
c. proprietary lease or occupancy agreement
d. articles of incorporation - Correct Answer d. Articles of incorporation
True or False. The public offering statement is a governing document, as it often distributed along with
the governing documents. - Correct Answer False
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