M-100 The Essentials of Community Association Management Exam Questions And Answers Already Graded A+

Characteristics of a Community Association - Mandatory membership Mutually binding documents Lien-based assessments Purposes of a Community Association - Business - Not for profit Government - Runs like a mini-government Community - Mutual reasons for buying into area 3 Basic Types of Community Associations - 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: - 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 - 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 - Equal Employment Opportunity CommissionFair 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 - General - Applies to all types of associations Specifics - Applies to only one type of association (takes precedence over any general statutes and governing documents. Uniform - National Conference of Commissioners draft generic content-specific wording to encourage uniformity among the states. Purpose of Community Association Governing Documents - Provide legal structure and operation of a community association.