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

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Institution Community Association Manager
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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 -

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