M100 THE ESSENTIALS OF COMMUNITY ASSOCIATION MANAGEMENT 2024 QUESTIONS WITH COMPLETE SOLUTIONS PASSED AND VERIFIED

M100 THE ESSENTIALS OF COMMUNITY ASSOCIATION MANAGEMENT 2024 QUESTIONS WITH COMPLETE SOLUTIONS PASSED AND VERIFIED Characteristics of a Community Association - ANSWER Mandatory membership Mutually binding documents Lien-based assessments Purposes of a Community Association - ANSWER Business - Not for profit Government - Runs like a mini-government Community - Mutual reasons for buying into area 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. 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. Name the sources of legal obligations for a Community Association - ANSWER 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 - ANSWER 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