M-100 Community Association Management Exam 2023

Community Association - Answer- is a legal entity in which the owners enjoy the protection enhancement maintenance and preservation of their homes and property What are the three characteristics of a Community Association - Answer- Mandatory Membership mutually binding documents lien based assesments Is membership in the community association is? - Answer- Mandatory and automatic for all its owners. Why are mandatory lien based assessments (maintenance fees) levied on each owner - Answer- In owner in order to operate and maintain the community association What is the primary purpose of a community association - Answer- To provide for the community, business, and governance aspects of the association. What are the three basic types of Community Associations - Answer- Planned Community Condominium Coopperative The National Conference of Commissioners on Uniform State Laws uses the term _______________ to refer to the most common type of community association. - Answer- Planned Community In a planned community - Answer- Owner owns his or her lot/living unit and the community owns any common areas such as tennis courts and roads for the use and benefit of the lot owners. In a condominium - Answer- An individual owns his or her living unit and undivided interest in the common elements of the community. Each owner owns a percentage of the common elements....pool or lobby. The community association itself owns no real estate as an association. In a Cooperative - Answer- An individual owns stock or membership. Holds a proprietary lease or occupancy agreement for his or her living unit. For most cooperatives, the community association owns all of the real estate as a not for profit corporation. There are some that are for profit entities. A proprietary lease or occupancy agreement - Answer- defines the member of or stockholder's rights and obligations in relation to the living unit. What are the 3 other types of communities which can exist by themselves or can be grouped in clusters called. - Answer- Master Umbrella association Mixed Use Development 55 and older Communities Mixed - Use Developments - Answer- Usually consists of a mixture of residential and commercial and or industrial uses grouped together... Their marketing slogan is often live, work, play. 55 and older Communities - Answer- Must have one person who is 55 years of age or older living in at least 80% of its occupied units. SSCRA - Answer- Soldiers and Sailors Civil Relief Act of 1940