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M-100 The Essentials of Community Association Management Exam Study Guide Solutions $12.49   Add to cart

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M-100 The Essentials of Community Association Management Exam Study Guide Solutions

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M-100 The Essentials of Community Association Management Exam Study Guide Solutions Characteristics of a Community Association - ANSWER-Mandatory membership Mutually binding documents Lien-based assessments Purposes of a Community Association - ANSWER-Business - Not for profit Government - R...

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  • November 19, 2024
  • 12
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • M-100
  • M-100
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SophiaBennett
M-100 The Essentials of Community
Association Management Exam Study
Guide Solutions

Characteristics of a Community Association - ANSWER✔✔-Mandatory membership


Mutually binding documents


Lien-based assessments


Purposes of a Community Association - ANSWER✔✔-Business - Not for profit


Government - Runs like a mini-government


Community - Mutual reasons for buying into area


3 Basic Types of Community Associations - ANSWER✔✔-Planned Community -

Owners owns his lot/living unit and community owns common areas (tennis courts,

basketball courts, etc.).


Condominium - Individual owns unit and undivided interest (percentage) in common

elements.


Cooperative - Individual owns stock or membership in cooperative and holds a

proprietary lease/occupancy agreement.

Copyright ©SOPHIABENNETT 2025 ACADEMIC YEARALL RIGHTS RESERVED. Page 1/12

, Community associations can be grouped into clusters called: - ANSWER✔✔-Master or

Umbrella Associations - More than one residential community.


Mixed-Use Development - Mixture of residential and commercial.


"55 and Older" Communities - 80% of residents are 55+ and at least one per unit.


Name the sources of legal obligations for a Community Association - ANSWER✔✔-

Federal, state and local statutes, regulations and case law.


Governing documents


Standards set by professional bodies (AICPA)


Lender requirements


Types of Federal Law Applying to Community Associations - ANSWER✔✔-Equal

Employment Opportunity Commission


Fair Debt Collection Practices Act


Fair Labor and Standards Act


Family and Medical Leave Act


FICA


OSHA


Bankruptcy Code


FCC

Copyright ©SOPHIABENNETT 2025 ACADEMIC YEARALL RIGHTS RESERVED. Page 2/12

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