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M-100 The Essentials of community association management Knowledge Check with Correct Answers| Latest 2024/2025.

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Cooperative An individual owns (1) owns stock or membership in the cooperative, (2) holds a proprietary lease or occupancy agreement for his/her living unit. *another name is Stock Cooperative General resolutions Involve routine events such as approving the meeting minutes Sources of auth...

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  • November 13, 2024
  • 16
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • m 100
  • m 100 the essentials of community association mana
  • m 100 the essentials of community

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  • M100

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M-100 The Essentials of community association
management Knowledge Check with Correct
Answers.


Cooperative An individual owns (1) owns stock or membership in
i.-i.- i.- i.- i.- i.- i.- i.- i.- i.- i.- i.-



the cooperative, (2) holds a proprietary lease or occupancy agreement
i.- i.- i.- i.- i.- i.- i.- i.- i.- i.-



for his/her living unit. *another name is Stock Cooperative
i.- i.- i.- i.- i.- i.- i.- i.-




General resolutions
i.- i.-i.- Involve routine events such as approving the
i.- i.- i.- i.- i.- i.- i.- i.-



meeting minutes i.-




Sources of authority
i.- State statutes and court decisions, governing
i.- i.-i.- i.- i.- i.- i.- i.- i.- i.-



documents, Board of Directors, owners (limited)
i.- i.- i.- i.- i.-




Proprietary lease or occupancy agreement
i.- The member or
i.- i.- i.- i.-i.- i.- i.- i.- i.-



stockholders rights and obligations in relation to the living unit
i.- i.- i.- i.- i.- i.- i.- i.- i.-




Specialized community associations i.-Master or Umbrella i.- i.-i.- i.- i.- i.- i.-



association, mixed-use development, 55 and older communities
i.- i.- i.- i.- i.- i.-




Master or umbrella associations
i.- i.- i.- i.-i.- i.- Consist of more than one i.- i.- i.- i.- i.-



residential community association
i.- i.-

,Mixed-use development Consists of a mixture of residential and
i.- i.-i.- i.- i.- i.- i.- i.- i.- i.- i.-



commercial and/or industrial uses group together. "Live. Work. Play"
i.- i.- i.- i.- i.- i.- i.- i.-




55 and older communities
i.- i.- Must have one person who is 55 years
i.- i.-i.- i.- i.- i.- i.- i.- i.- i.- i.- i.-



of age or older living in at least 80% of its occupied units
i.- i.- i.- i.- i.- i.- i.- i.- i.- i.- i.- i.-




Community Association Legal entity in which the owners enjoy the
i.- i.-i.- i.- i.- i.- i.- i.- i.- i.- i.- i.-



protection, enhancement, maintenance, and preservation of their
i.- i.- i.- i.- i.- i.- i.-



homes and propertyi.- i.-




Three defining characteristics of Community Association
i.- i.- i.- i.- i.- i.-i.- i.-



Mandatory Membership, Mutually Binding Documents, and Lien-Based
i.- i.- i.- i.- i.- i.- i.-



Assessments


Mandatory Membership Membership in the community
i.- i.-i.- i.- i.- i.- i.- i.-



association is mandatory and automatic for all owners
i.- i.- i.- i.- i.- i.- i.-




Mutually Binding Documents
i.- Certain association governing i.- i.-i.- i.- i.- i.- i.-



documents bind the owner and the association to each other through
i.- i.- i.- i.- i.- i.- i.- i.- i.- i.- i.-



mandated actions i.-




Lien-Based Assessments Mandatory lien-based assessments
i.- i.-i.- i.- i.- i.- i.-



(maintenance fees) are levied on each owner in order to operate and
i.- i.- i.- i.- i.- i.- i.- i.- i.- i.- i.- i.-



maintain the community association
i.- i.- i.-

, Three types of Community Associations
i.- i.- i.- i.- i.-i.- i.- Planned Community, i.- i.-



Condominium, Cooperative i.-




Planned Community The most common type of community
i.- i.-i.- i.- i.- i.- i.- i.- i.- i.-



association. Owner owns his/her lot and/or living unit. Community
i.- i.- i.- i.- i.- i.- i.- i.- i.-



owns any common area for use and benefit of lot owners
i.- i.- i.- i.- i.- i.- i.- i.- i.- i.-




Condominium An individual owns: (1) His/Her living unit and (2) i.-i.- i.- i.- i.- i.- i.- i.- i.- i.- i.- i.-



An undivided interest in the common elements of the community.
i.- i.- i.- i.- i.- i.- i.- i.- i.- i.-



*Each owner owns a percentage of the common elements
i.- i.- i.- i.- i.- i.- i.- i.-




Sources of legal obligation
i.- (1) Federal, state and local statutes,
i.- i.- i.-i.- i.- i.- i.- i.- i.- i.- i.-



regulations and case law (2) legal documents unique to the community
i.- i.- i.- i.- i.- i.- i.- i.- i.- i.- i.-



association that find the association in owners (3) lender requirements
i.- i.- i.- i.- i.- i.- i.- i.- i.- i.-



(4) Standard set professional bodies
i.- i.- i.- i.-




Federal laws i.- i.-i.- i.- (1) EEOC, (2) FLSA, (3) FMLA, (4) FICA, (5) OSHA
i.- i.- i.- i.- i.- i.- i.- i.- i.-




EEOC i.-i.- i.- The Equal Employment Opportunity Commission.
i.- i.- i.- i.- i.-




Prohibits discrimination in hiring promotion dismissal etc.
i.- i.- i.- i.- i.- i.-




FLSA The Fair Labor Standards Act dictates standards for the basic
i.-i.- i.- i.- i.- i.- i.- i.- i.- i.- i.- i.- i.-



minimum wage and overtime pay i.- i.- i.- i.-

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