M-100 Focus Questions: LEGAL BASIS with 100% correct answers
Define a community association and its 3 characteristics correct answersA community association is a legal entity in which the owners enjoy the protection, enhancement, maintenance and preservation of their homes and property. - Membership is mandatory - Governing documents bind the owner and the association to each other through mandated actions - Mandatory lien-based assessments (maintenance fees) are levied on each owner in order to operate and maintain the community association List the basic governing documents for a community association correct answersL- (ling) laws, fed, state, local M- (mark) maps, records, plot plans D - (Dad) Declaration of CC&R, P - (Pete)proprietary lease (L) or occupancy agreement A - (And) Articles of Incorporation B- (Bonnie) Bylaws R - (Rule) Rules, Regulations, Board resolution Define the 3 basic types of residential community associations in terms of ownership rights. correct answers- Planned Community - Condominium - Cooperative What sources create legal obligations for community associations? correct answers- Federal, state, and local statutes, regulations and case law (court decisions) - Legal documents unique to the community association that bind the association and its owners - Lender requirements - for example (FHA, FANNIE MAE, FREDDIE MAC, etc)
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