M-100 Community Association Management Exam Solved 100% Correct!!

Community Association - 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 - Mandatory Membership mutually binding documents lien based assesments Is membership in the community association is? - Mandatory and automatic for all its owners. Why are mandatory lien based assessments (maintenance fees) levied on each owner - In owner in order to operate and maintain the community association What is the primary purpose of a community association - To provide for the community, business, and governance aspects of the association. What are the three basic types of Community Associations - 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. - Planned Community In a planned community - 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 - An individual owns his or her living unit andundivided 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 - An individual owns stock or membership. Holds a proprietary lease or occupancy agreement for his or her living unit