M100 Community Association Management Practice Exam Questions and Answers 100% Verified

M100 Community Association Management Practice Exam Questions and Answers 100% Verified Community Association - CORRECT ANSWER -Mandatory memberships, mutually binding contracts, lien -based assements Purpose of community association - CORRECT ANSWER -Provide for the community, business, and governance aspects of the association Basic types of community association - CORRECT ANSWER -Planned communities, condominium, and cooperatives Planned community - CORRECT ANSWER -HOA, owner association Condominium - CORRECT ANSWER -Owner of his/her unit Cooperative - CORRECT ANSWER -Owns stock/holds lease Types of community associations - CORRECT ANSWER -Master/umbrella, Mixed use development, 55 and older Association derives legal obligation from - CORRECT ANSWER -Federal, state and local laws - legal documents, lender requirements, standards set by professional bodies EEOC - CORRECT ANSWER -Equal employment opportunity commission Equal employment opportunity commission - CORRECT ANSWER -Prohibits discrimination in hiring, promoting, etc. FLSA - CORRECT ANSWER -Fair Labor Standards Act Fair Labor Standards Act - CORRECT ANSWER -Dictates standards for minimum wage FMLA - CORRECT ANSWER -Family Medical Leave Act Family Medical Leave Act - CORRECT ANSWER -Provides for unpaid leave for various medical issues FICA - CORRECT ANSWER -Federal Insurance Contributions Act OSHA - CORRECT ANSWER -Occupy Safety Health Act Occupy Safety Health Act - CORRECT ANSWER -Outlines safety guidelines for employees FCC - CORRECT ANSWER -Federal Communications Commission Federal Communications Commission - CORRECT ANSWER -Regulates what restrictions associations have on antennas and satellite dishes State statues - CORRECT ANSWER -General, specific, uniform General state statutes - CORRECT ANSWER -Apply to all organizations Specific state statutes - CORRECT ANSWER -Apply to only one or more types of community associations Uniform state statutes - CORRECT ANSWER -Standardize laws in various states that affect community associations Hierarchy of governing documents - CORRECT ANSWER -Plat Declarations Articles Bylaws Rules Bundle of rights - CORRECT ANSWER -Declaration, CCR, master deed What trumps articles? - CORRECT ANSWER -Declaration Plat/map - CORRECT ANSWER -Shows precise location of each lot or unit Declaration, CCRS, master deed - CORRECT ANSWER -Establish the chain of title and rights of ownership for each piece of real estate Proprietary lease - CORRECT ANSWER -Defines member or stockholders right and obligations in a relative to the living unit Articles of incorporation - CORRECT ANSWER -Documents that establish the corporation Bylaws - CORRECT ANSWER -Formally adopted regulations for the administrative and management of a community association Resolution - CORRECT ANSWER -Motion that follow a swell format and is formally adopted by the BOD