M 100 FINAL PAPER TESTED QUESTIONS WITH DETAILED SOLUTIONS STUDY MATERIAL

M 100 FINAL PAPER TESTED QUESTIONS
WITH DETAILED SOLUTIONS STUDY
MATERIAL

●● planned community
Answer: an owner owns his or her lot and or living unit. the community
owns any commons areas, such as tennis courts and the roads for the use
and benefits of the lot owners


●● condominiums
Answer: the individual owns his or her unit and an undivided interest in
the common elements of the community


●● Cooperative
Answer:


●● Spcialized comm. assoc
Answer: master or umbrella
a. made up of more than one residential community association


●● Mixed-use development
Answer: mixture of residential/commercial/ industrial use space

, ●● General state statute
Answer: apply to all organizations including community associations


●● Specific state statute
Answer: apply to one or more types of community associations


●● Uniform state statutes
Answer: crated to standardize laws in various states that affect
community associations


●● States of Authority
Answer: 1. State statues and court decisions
2. governing documents
3. board of directors
4. owners (limited)


●● Due Process Procedure
Answer: A formal process designed to protect the rights of all parties
involved.


●● Alternative dispute resolution