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M100 QUESTIONS AND ANSWERS WITH VERIFIED SOLUTIONS 100% CORRECT
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M100 QUESTIONS AND ANSWERS WITH VERIFIED SOLUTIONS 100% CORRECT
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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
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