M-100 The Essentials of Community Association Management Questions with 100% Correct Answers

M-100 The Essentials of Community
Association Management Questions
with 100% Correct Answers
Characteristics of a Community Association Correct Answer: Mandatory
membership


Mutually binding documents


Lien-based assessments


Purposes of a Community Association Correct Answer: Business - Not for profit


Government - Runs like a mini-government


Community - Mutual reasons for buying into area


3 Basic Types of Community Associations Correct 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: Correct 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 Correct
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 Correct 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


Types of State Statutes Applying to Community Associations Correct Answer:
General - Applies to all types of associations