M100 Community Association Management Exam
Updated Actual Question and Answer (2026/2027) |
A+ Verified
• Characteristics of a Community Association -✓✓ Mandatory membership
Mutually binding documents
Lien-based assessments
• Purposes of a Community Association -✓✓ Business - Not for profit
Government - Runs like a mini-government
Community - Mutual reasons for buying into area
• 3 Basic Types of Community Associations -✓✓ 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.
• Community associations can be grouped into clusters called: -✓✓ 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 -✓✓ 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 -✓✓ Equal
Employment Opportunity Commission
Fair Debt Collection Practices Act
Fair Labor and Standards Act
Family and Medical Leave Act
FICA
OSHA
Bankruptcy Code
FCC
Fair Housing Act
• Types of State Statutes Applying to Community Associations -✓✓ General -
Applies to all types of associations
Specifics - Applies to only one type of association (takes precedence over any
general statutes and governing documents.
Uniform - National Conference of Commissioners draft generic content-specific
wording to encourage uniformity among the states.
• Purpose of Community Association Governing Documents -✓✓ Provide legal
structure and operation of a community association.
• Hierarchy of Governing Documents -✓✓ Recorded map, plat or plan
Declaration, CC&Rs, proprietary lease or occupancy agreement.
Articles of Incorporation
Updated Actual Question and Answer (2026/2027) |
A+ Verified
• Characteristics of a Community Association -✓✓ Mandatory membership
Mutually binding documents
Lien-based assessments
• Purposes of a Community Association -✓✓ Business - Not for profit
Government - Runs like a mini-government
Community - Mutual reasons for buying into area
• 3 Basic Types of Community Associations -✓✓ 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.
• Community associations can be grouped into clusters called: -✓✓ 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 -✓✓ 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 -✓✓ Equal
Employment Opportunity Commission
Fair Debt Collection Practices Act
Fair Labor and Standards Act
Family and Medical Leave Act
FICA
OSHA
Bankruptcy Code
FCC
Fair Housing Act
• Types of State Statutes Applying to Community Associations -✓✓ General -
Applies to all types of associations
Specifics - Applies to only one type of association (takes precedence over any
general statutes and governing documents.
Uniform - National Conference of Commissioners draft generic content-specific
wording to encourage uniformity among the states.
• Purpose of Community Association Governing Documents -✓✓ Provide legal
structure and operation of a community association.
• Hierarchy of Governing Documents -✓✓ Recorded map, plat or plan
Declaration, CC&Rs, proprietary lease or occupancy agreement.
Articles of Incorporation
