M-100 The Essentials of Community Association Management Questions &Revised Correct Answers

M-100 The Essentials of Community Association Management Questions &Revised Correct Answers 1. Characteristics of a Community Association - ANSWER : Mandatory membership Mutually binding documents Lien-based assessments 2. Purposes of a Community Association - ANSWER : Business - Not for profit Government - Runs like a mini-government Community - Mutual reasons for buying into area 3. 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. 4. 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.