Community Association | Questions and Correct Answers | Latest Update 2024/2025

Community Association | Questions and Correct Answers | Latest Update 2024/2025 Community Association - Answer -Is real or personal property, owned by two or more entities, with a legal binding agreement (covenant) to share responsibility for and costs of maintenance and administration of the property, assets,and association, and with specific rights granted to the members. Real property - Answer -Land and anything permanently affixed to it, such as buildings and structural components Personal property - Answer -Things that are movable, property that is not real estate. Residential Community Association - Answer -Is an association whose primary purpose is for dwelling. It doesn't prohibit use part of Community Association for non-residential. Non-residential Community Association - Answer -Is an association on which all units are restricted to Non-residential use (commercial space, office space and warehouses)Mixed-Use Community Association - Answer -May have residential, nonresidential, commercial space Legal binding agreement - Answer -Is structured by formal legal documents that defines property rights, rules and restrictions. Grants rights and or imposes liabilities and responsibilities on the community association and members. Provides for governance, business and communal aspects of administering, maintai