CMCA Study Guide Questions With Correct Answers

CMCA Study Guide Questions With Correct
Answers

Articles /of /incorporation /- /verified /answer(s)-✔✔Bring /the /corporation /into /existence, /define
/its /basic /



purposes /and /powers, /indicate /whether /stock /will /be /issued, /and /indicate /whether /there /will
/be /a /board /



of /directors



Bylaws /- /verified /answer(s)-✔✔Formally /adopted /governing /regulations /for /the
/administration /and /management /of /a /community /association




CC /& /Rs /(Covenants, /Conditions /& /Restrictions) /- /verified /answer(s)-✔✔The /governing
/documents /that /



dictate /how /the /homeowners /association /operates /and /what /rules /the /owners—and /their
/tenants /and /guests /—



must /obey. /These /legal /documents /might /also /be /called /

the /bylaws, /the /master /deed, /the /houses /rules /or /another /name. /These /documents /and /rules
/are /legally /enforceable /by /the /homeowners /association, /unless /a /specific /provision /conflicts


/with /federal, /state /or /local /laws




Community /association /- /verified /answer(s)-✔✔A /group /of /owners /who /wish /to /provide /a
/communal /basis /for /preserving, /maintaining, /and /enhancing /their /homes /and /property




Condominium /- /verified /answer(s)-✔✔A /living /unit /fully /owned /by /an /individual /with /an
/undivided /interest /in /the /common /elements /of /the /community. /The /community /association


/itself /owns /no /

,real /estate /as /an /association



Cooperative /- /verified /answer(s)-✔✔Wherein /an /individual /owns /stock /or /membership /in /the
/cooperative, /and /holds /a /proprietary /lease /or /occupancy /agreement /for /his /or /her /living /unit




Declaration /- /verified /answer(s)-✔✔Used /interchangeably /with /CC /& /Rs



Governing /documents /- /verified /answer(s)-✔✔Documents /which /provide /for /the /legal
/structure /and /



operation /of /the /community



Indemnification /- /verified /answer(s)-✔✔to /exempt /an /individual /or /entity /from /responsibility
/for /claims /made /against /the /organization /and /to /reimburse /the /individual /or /entity /for


/damages /or /expenses /incurred /as /a /result /of /such /claims




Master /association /- /verified /answer(s)-✔✔An /organization /of /homeowners /in /a /large
/condominium /or /planned /unit /development /(PUD) /which /includes /representatives /from


/other, /smaller /



homeowner /organizations



Mixed /use /development /- /verified /answer(s)-✔✔A /development /which /is /designed /to /mix
/two /or /more /



"uses" /of /land /together /(i.e. /a /shopping /center /which /offers /office /space /for /dentists)



Planned /community /- /verified /answer(s)-✔✔the /most /common /type /of /community
/association, /where /an /owner /owns /his /or /her /lot /and/or /living /unit /and /the /community /owns


/any /common /areas, /such /as /tennis /courts /and /roads /for /the /use /and /benefit /of /the /lot


/owners

, Proprietary /lease /- /verified /answer(s)-✔✔A /rental /agreement /between /a /cooperative /housing
/corporation /and /a /share /holder /allowing /use /of /a /certain /unit /in /the /premises




Public /offering /statement /- /verified /answer(s)-✔✔A /disclosure /statement /prepared /by /a
/developer /that /



contains /all /material /facts /about /a /property /offered /for /sale /and /that /must /be /provided /to /a
/prospective /purchaser /in /accordance /with /applicable /state /or /federal /law




Resolution /- /verified /answer(s)-✔✔A /motion /that /follows /a /set /format /and /is /formally
/adopted /by /the /board /of /directors




Statute /- /verified /answer(s)-✔✔A /formal /written /enactment /of /a /legislative /authority /that
/governs /a /country, /state, /city /or /county




Umbrella /association /- /verified /answer(s)-✔✔A /cluster /of /community /association /types /that
/can /include /aspects /of /homeowners /associations, /condominiums /and /cooperatives




Ad /hoc /committee /- /verified /answer(s)-✔✔Used /when /an /objective /needs /consideration /and
/no /standing /



committee /within /the /organization /can /absorb /that /issue /into /its /scope. /Usually /these /

committees /

are /used /on /a /short

-

term /basis, /such /as /temporary /oversight /of /an /issue /

or /review /of /the /standing /rules /of /that /community



Board /liaison /system /- /verified /answer(s)-✔✔Directors /are /assigned /to /certain /committees /to
/guide /the /