CMCA questions and answers latest top score.

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CMCA questions and answers latest top
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Resolution a- a a a aANS. aIs aa amotion athat afollows aa aset aformat aand ais aformally aadopted
aby athe a
a
board aof

adirectors.
a
a
Community aAssociation a- a a a aANS. aIs aa alegal aentity ain awhich athe aowners
aenjoy athe


protection, aenhancement, amaintenance aand apreservation aof atheir ahomes aand
aproperty.
a

Characteristics aof aa aCommunity aAssociation a- a a a a ANS. aMandatory amembership,
amutually a
a
binding adocuments aand alien-based

aassessments.
a

Lien a- a a a aANS. aIs aa alegal aclaim aby aone aparty a(community aassociation) aon athe
aproperty aof a
a
another a(delinquent aowner) ato aobtain athe apayment aof aa adebt aor athe asatisfaction
aof aan
a
obligation.
a

Types aof aCommunity aAssociations a- a a a aANS. aPlanned aCommunity, aCondominium
aand a
a
Cooperative.
a

Proprietary aLease aor aOccupancy aAgreement a- a a a aANS. aDefines athe
amember aor a
a
stockholder's arights aand aobligations ain arelation ato athe aliving
aunit.
a

Master aor aUmbrella aAssociations a- a a a aANS. aA amaster aor aumbrella aassociation
aconsists aof a
a
more athan aone aresidential acommunity
aassociation.
a

,Mixed-use aDevelopments a- a a a aANS. aA amixed-use adevelopment ausually aconsists
aof aa a
a
mixture aof aresidential aand acommercial aand/or aindustrial
auses.
a

"55 aand aOlder" aCommunities a- a a a aANS. aMust ahave aone aperson awho ais a55 ayears aof
aage aor a
a
older aliving ain aat aleast a80% aof aits aoccupied
aunits.
a

Legal aObligations afor aa aCommunity aAssociation a- a a a aANS. aFederal, astate, aand alocal
astatues, aregulations, aand acase alaw; aGoverning aDocuments; aLender aRequirements

a(FHA, aFannie aMae, aFreddie aMac); aStandards aset aby aprofessional abodies a(AICPA). a
a

General aState aStatutes a- a a a aANS. aApplies ato aall atypes aof aassociations, aincluding
acommunity aassociations a(for aexample, aregular acorporate aor anot-for-profit acorporate

astatutes). a
a

Specific aState aStatutes a- a a a aANS. aApplies ato aonly aone aof athe atypes aof acommunity
aassociations, atakes aprecedence aover aany ageneral astatute aand atakes aprecedence

aover athe aassociation's agoverning adocuments a(for aexample, acondominium aact,

aplanned acommunity aact). a
a

Uniform aState aStatutes a- a a a aANS. aNational aConference aof aCommissioners aon
aUniform a
a
State aLaws adraft ageneric, acontent-specific awording afor atopical aissues ato
aencourage
a
uniformity aamong athe

astates.
a

Purpose aof aGoverning aDocuments a- a a a aANS. aTo aprovide afor athe alegal astructure
aand a
a
operation aof aa acommunity

aassociation.
a

Governing aDocuments a- a a a aANS. aDefine athe arights aand aobligations aof aboth athe
acommunity aassociation aand aits aowners; acreate aa abinding arelationship abetween aeach

aowner aand athe acommunity aassociation; aestablish athe amechanisms afor agoverning aand

afunding athe acommunity aassociation's aoperations; aset aforth arules aand astandards. a
a

General aHierarchy aof aAuthority aof aGoverning aDocuments a- a a a aANS. aRecorded amap,
aplat,


or aplan; aDeclaration, aCC&Rs, amaster adeed; aProprietary alease aor aoccupancy
aagreement;
a
Articles aof aIncorporation; aBylaws; aBoard aResolutions a(cannot aconflict awith
adocuments

, a
above ait a in a the
ahierarchy).
a

The aArticles aof aIncorporation a- a a a aANS. aBring athe acorporation ainto aexistence; adefine
aits abasic apurposes aand apowers; aindicate awhether astock awill abe aissued; aindicate athe

anumber aof aboard amembers aand aidentify athe ainitial aboard. a
a

Benefits aof aincorporating a- a a a aANS. aLimit aliability aof aindividual aowners; aright agranted
aall acorporations; aeasier ato adeal awith autility acompanies, avendors, aetc; agrants athe

aboard aof adirectors athe asame arights aas aall aboard amembers aof aincorporated aentities

aunder astate astatutes. a
a

Bylaws a- a a a aANS. aFormal aprocedures afor athe aadministration aand amanagement aof aa
acommunity aassociation a(for aexample, ameeting aprocedures a- aincluding avoting arights,

aboard apowers aand aduties, aindemnification aof aofficers aand adirectors). a
a

Public aOffering aStatement a- a a a aANS. aProvides aassociation ainformation ato afirst
aprospective a
a
buyers ain aa anew acommunity; arequired aby astate astatute; anot aconsidered aa
agoverning
a
document.
a
a
Rule, aalso acalled aa arule aor aregulation a- a a a aANS. aIs aa aspecific astatement aof
arequired


behavior aor aaction, aa aviolation aof awhich acarries aa apenalty a(sometimes acalled aa
asanction).
a

Architectural aGuideline a- a a a aANS. aIs aa arule athat aapplies ato athe aappearance aof aan
aowner's a
a
lot aof athe aexterior aof ahis aor aher aunit aor
aimprovements.
a

Resolution aFormat a- a a a aANS. aPurpose, aAuthority, aScope aand aIntent, aand
aSpecifications. a
a

Due aProcess aProcedure a- a a a aANS. aA aformal aprocess ato aprotect athe arights aof aall
aparties. a
a

Alternative aDispute aResolution a- a a a aANS. aIt ainvolves asubmitting aa adispute ato aa
atrained, a
a
uninvolved athird aparty afor aassistance awith asolving aa
aproblem.
a

Arbitration a- a a a aANS. aIs aa aprocess ain awhich aa athird aparty a- acalled athe aarbitrator a-
arenders aa a
a
decision aas ato athe arespective aliabilities aof aall
aparties.
a