M100 COMMUNITY ASSOCIATION
MANAGEMENT EXAM 2024 QUESTIONS
WITH CORRECT ANSWERS GRADED A+
What are the 3 other types of communities which can exist by
themselves or can be grouped in clusters called. - ANSWERS-Master
Umbrella association
Mixed Use Development
55 and older Communities
Is membership in the community association is? - ANSWERS-Mandatory
and automatic for all its owners.
Why are mandatory lien based assessments (maintenance fees) levied
on each owner - ANSWERS-In owner in order to operate and maintain
the community association
What is the primary purpose of a community association - ANSWERS-To
provide for the community, business, and governance aspects of the
association.
,What are the three basic types of Community Associations - ANSWERS-
Planned Community
Condominium
Coopperative
The National Conference of Commissioners on Uniform State Laws uses
the term _______________ to refer to the most common type of
community association. - ANSWERS-Planned Community
In a planned community - ANSWERS-Owner owns his or her lot/living
unit and the community owns any common areas such as tennis courts
and roads for the use and benefit of the lot owners.
In a condominium - ANSWERS-An individual owns his or her living unit
and
undivided interest in the common elements of the community.
Each owner owns a percentage of the common elements....pool or
lobby. The community association itself owns no real estate as an
association.
In a Cooperative - ANSWERS-An individual owns stock or membership.
Holds a proprietary lease or occupancy agreement for his or her living
unit.
,For most cooperatives, the community association owns all of the real
estate as a not for profit corporation. There are some that are for profit
entities.
A proprietary lease or occupancy agreement - ANSWERS-defines the
member of or stockholder's rights and obligations in relation to the
living unit.
Community Association - ANSWERS-is a legal entity in which the owners
enjoy the protection enhancement maintenance and preservation of
their homes and property
What are the three characteristics of a Community Association -
ANSWERS-Mandatory Membership
mutually binding documents
lien based assesments
Mixed - Use Developments - ANSWERS-Usually consists of a mixture of
residential and commercial and or industrial uses grouped together...
Their marketing slogan is often live, work, play.
, 55 and older Communities - ANSWERS-Must have one person who is 55
years of age or older living in at least 80% of its occupied units.
SSCRA - ANSWERS-Soldiers and Sailors Civil Relief Act of 1940
impacts American forces on active duty by requiring the delay of all civil
court actions, such as bankruptcy and foreclosure, until the service
member returns from active duty.
FCC - ANSWERS-Stands for Federal Communications Commission. The
Telecommunications Act of 1996.
Rule concerning restriction on viewers ability to view programming
from direct broadcast satellites, wireless cable and television broadcast
stations.
What statue takes precedence over any general statue that applies to
the community association. - ANSWERS-A Specific state statue
Do specific state statues take precedence over a community
associations governing documents? - ANSWERS-Yes, unless it is written
to all for flexibility.
MANAGEMENT EXAM 2024 QUESTIONS
WITH CORRECT ANSWERS GRADED A+
What are the 3 other types of communities which can exist by
themselves or can be grouped in clusters called. - ANSWERS-Master
Umbrella association
Mixed Use Development
55 and older Communities
Is membership in the community association is? - ANSWERS-Mandatory
and automatic for all its owners.
Why are mandatory lien based assessments (maintenance fees) levied
on each owner - ANSWERS-In owner in order to operate and maintain
the community association
What is the primary purpose of a community association - ANSWERS-To
provide for the community, business, and governance aspects of the
association.
,What are the three basic types of Community Associations - ANSWERS-
Planned Community
Condominium
Coopperative
The National Conference of Commissioners on Uniform State Laws uses
the term _______________ to refer to the most common type of
community association. - ANSWERS-Planned Community
In a planned community - ANSWERS-Owner owns his or her lot/living
unit and the community owns any common areas such as tennis courts
and roads for the use and benefit of the lot owners.
In a condominium - ANSWERS-An individual owns his or her living unit
and
undivided interest in the common elements of the community.
Each owner owns a percentage of the common elements....pool or
lobby. The community association itself owns no real estate as an
association.
In a Cooperative - ANSWERS-An individual owns stock or membership.
Holds a proprietary lease or occupancy agreement for his or her living
unit.
,For most cooperatives, the community association owns all of the real
estate as a not for profit corporation. There are some that are for profit
entities.
A proprietary lease or occupancy agreement - ANSWERS-defines the
member of or stockholder's rights and obligations in relation to the
living unit.
Community Association - ANSWERS-is a legal entity in which the owners
enjoy the protection enhancement maintenance and preservation of
their homes and property
What are the three characteristics of a Community Association -
ANSWERS-Mandatory Membership
mutually binding documents
lien based assesments
Mixed - Use Developments - ANSWERS-Usually consists of a mixture of
residential and commercial and or industrial uses grouped together...
Their marketing slogan is often live, work, play.
, 55 and older Communities - ANSWERS-Must have one person who is 55
years of age or older living in at least 80% of its occupied units.
SSCRA - ANSWERS-Soldiers and Sailors Civil Relief Act of 1940
impacts American forces on active duty by requiring the delay of all civil
court actions, such as bankruptcy and foreclosure, until the service
member returns from active duty.
FCC - ANSWERS-Stands for Federal Communications Commission. The
Telecommunications Act of 1996.
Rule concerning restriction on viewers ability to view programming
from direct broadcast satellites, wireless cable and television broadcast
stations.
What statue takes precedence over any general statue that applies to
the community association. - ANSWERS-A Specific state statue
Do specific state statues take precedence over a community
associations governing documents? - ANSWERS-Yes, unless it is written
to all for flexibility.
