M-100 The Essentials of Community Association Management | Questions and Correct Answers | Latest Update 2024/2025
M-100 The Essentials of Community Association Management | Questions and Correct Answers | Latest Update 2024/2025 Characteristics of a Community Association - Answer -Mandatory membership Mutually binding documents Lien-based assessments Purposes of a Community Association - Answer -Business - Not for profit Government - Runs like a mini-government Community - Mutual reasons for buying into area 3 Basic Types of Community Associations - Answer -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: - Answer - 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 p
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