Community Association questions with correct answer

Community Association CORRECT ANSWER Is real or personal property, owned by two or more entities, with a legal binding agreement (covenant) to share responsibility for and costs of maintenance and administration of the property, assets, and association, and with specific rights granted to the members. Real property CORRECT ANSWER Land and anything permanently affixed to it, such as buildings and structural components Personal property CORRECT ANSWER Things that are movable, property that is not real estate. Residential Community Association CORRECT ANSWER Is an association whose primary purpose is for dwelling. It doesn't prohibit use part of Community Association for non-residential. Non-residential Community Association CORRECT ANSWER Is an association on which all units are restricted to Non-residential use (commercial space, office space and warehouses) Mixed-Use Community Association CORRECT ANSWER May have residential, non-residential, commercial space Legal binding agreement CORRECT ANSWER Is structured by formal legal documents that defines property rights, rules and restrictions. Grants rights and or imposes liabilities and responsibilities on the community association and members. Provides for governance, business and communal aspects of administering, maintaining, enhancing property. Is referred to as a "covenant" in certain types of Community Association. What is the concept of a Community Association CORRECT ANSWER Maximizes land use, shares responsibilities among members, shares expenses among members, collectively protects the community and its value.