M100 COMMUNITY ASSOCIATION
MANAGEMENT FINAL REVIEW 2026 BUNDLED
QUESTIONS ANSWERS GUARANTEED PASS
◉ What are the three defining characteristics of a community
association? Answer: 1. Membership in the community association is
mandatory and automatic for all owners.
2. Certain association governing documents bind the owner and the
association to each other through mandated actions.
3. Mandatory lien-based assessments (maintenance fees) are levied
on each owner in order to operate and maintain the community
association.
◉ What is a lien? Answer: A legal claim by one party (community
association) on the property of another (deliquent owner) to obtain
the payment of a debt or the satisfaction of an obligation.
◉ What is the purpose of a community association? Answer: The
primary purpose of a community association is to provide for the
community, business, and governance aspects of the association.
◉ What are the types of community associations? Answer: 1.
Planned community
2. Condominiums
,3. Cooperative
◉ Planned Community Answer: An owner owns:
- Their lot and/or living unit
- The community owns any common areas, such as tennis courts and
roads for the use and benefit of the lot owners.
◉ What are other names used for Planned community? Answer: -
Homeowner Association (HOA)
- Owner Association
- Townhouse Association
- Property Owners Association (POA)
- Planned Unit Development (PUD)
◉ Condominium Answer: An owner owns:
- Their living unit
- An undivided interest in the common elements of the community
Each owner owns a percentage of the common elements.
◉ Cooperative Answer: An owner owns:
- Stock or membership in the cooperative
, - Holds a proprietary lease or occupancy agreement for their living
unit
A proprietary lease or occupancy agreement defines the member or
stockholder's rights and obligations in relation to the living unit.
◉ What are the other types of communities? Answer: 1. Master
(Umbrella) Association
2. Mixed-Use Development
3. 55 and older communities
◉ Master (Umbrella) Association Answer: More than one residential
community association
◉ Mixed-Use Development Answer: Mixture of residential and
commercial and/or industrial use grouped together
◉ "55 and Older" Communities Answer: Must have one person who
is 55 years of age or older living in at least 80% of its occupied units.
◉ Where does a community association derive its legal obligations
from? Answer: - Federal, state, and local statutes, regulations, and
case law (court decisions)
MANAGEMENT FINAL REVIEW 2026 BUNDLED
QUESTIONS ANSWERS GUARANTEED PASS
◉ What are the three defining characteristics of a community
association? Answer: 1. Membership in the community association is
mandatory and automatic for all owners.
2. Certain association governing documents bind the owner and the
association to each other through mandated actions.
3. Mandatory lien-based assessments (maintenance fees) are levied
on each owner in order to operate and maintain the community
association.
◉ What is a lien? Answer: A legal claim by one party (community
association) on the property of another (deliquent owner) to obtain
the payment of a debt or the satisfaction of an obligation.
◉ What is the purpose of a community association? Answer: The
primary purpose of a community association is to provide for the
community, business, and governance aspects of the association.
◉ What are the types of community associations? Answer: 1.
Planned community
2. Condominiums
,3. Cooperative
◉ Planned Community Answer: An owner owns:
- Their lot and/or living unit
- The community owns any common areas, such as tennis courts and
roads for the use and benefit of the lot owners.
◉ What are other names used for Planned community? Answer: -
Homeowner Association (HOA)
- Owner Association
- Townhouse Association
- Property Owners Association (POA)
- Planned Unit Development (PUD)
◉ Condominium Answer: An owner owns:
- Their living unit
- An undivided interest in the common elements of the community
Each owner owns a percentage of the common elements.
◉ Cooperative Answer: An owner owns:
- Stock or membership in the cooperative
, - Holds a proprietary lease or occupancy agreement for their living
unit
A proprietary lease or occupancy agreement defines the member or
stockholder's rights and obligations in relation to the living unit.
◉ What are the other types of communities? Answer: 1. Master
(Umbrella) Association
2. Mixed-Use Development
3. 55 and older communities
◉ Master (Umbrella) Association Answer: More than one residential
community association
◉ Mixed-Use Development Answer: Mixture of residential and
commercial and/or industrial use grouped together
◉ "55 and Older" Communities Answer: Must have one person who
is 55 years of age or older living in at least 80% of its occupied units.
◉ Where does a community association derive its legal obligations
from? Answer: - Federal, state, and local statutes, regulations, and
case law (court decisions)
