CMCA Test Preparation | Questions and Correct Answers | Latest Update 2024/2025

CMCA Test Preparation | Questions and Correct Answers | Latest Update 2024/2025 Community Association - Answer -A legal entity in which the owners enjoy the protection, enhancement, maintenance and preservation of their homes and property. 3 Characteristics of a Community Association - Answer -Membership is mandatory, mutually binding documents and lien based assessments. Purposes of a Community Association - Answer -Community, Business and Government. Types of Community Associations - Answer -Planned Unit Development (PUD), Condominium and Cooperative. Planned Communities - Answer -Owner owns lot and living unit, community owns common areas such as roads, tennis courts, pool, etc Condominium - Answer -Owner owns unit and undivided interest in the common elements of the community.Cooperative - Answer -Owner owns stock in the cooperative and holds a proprietary lease for the living unit. Other Types of Community Associati