M-100, Module 1 Questions and Answers

Types of Community Associations Pg. 19 - Answer- 1. Planned Community 2. Condo Community 3. Cooperative Cooperative Pg. 19 - Answer- An individual: 1. Owns stock or membership in the co-op 2. Holds a proprietary lease or occupancy agreement for his/her living unit Two Legal Relationships: 1. As someone who shares in ownership of the corporation 2. As someone who holds a lease for a living unit Proprietary Lease Pg. 19 - Answer- Defines the member or stockholder's rights and obligations in relation to the living unit. Purposes of a Community Association Pg. 17 - Answer- 1. Community 2. Business 3. Government Lien Pg. 17 - Answer- Legal claim by one party on the property of another to obtain the payment of a debt or the satisfaction of an obligation. The owner can't sell or transfer the unit w/o settling the debt. Characteristics of a Community Association Pg. 15 - Answer- 1. Mandatory Membership 2. Mutually Binding Documents 3. Lien-Based Assessments Mutually Binding Documents Pg. 15 - Answer- Certain association governing documents bind the owner and the association to each other through mandated actions. Types of Association Clusters Pg. 21 - Answer- 1. Master or Umbrella Associations 2. Mixed-Use Developments 3. "55 and Older" Communities Master or Umbrella Associations Pg. 21 - Answer- A master or umbrella association consists of more than one residential community association. Mixed-Use Developments Pg. 21 - Answer- A mixed-use development usually consists of a mixture of residential and commercial/industrial uses grouped together. Their marketing slogan is often "live, work, play" "55 and Older" Communities