CMCA Study
Articles of incorporation correct answersBring the corporation into
existence, define its basic
purposes and powers, indicate whether stock will be issued, and indicate
whether there
will be a
board of
directors
Bylaws correct answersFormally adopted governing regulations for the
administration and management of a community association
CC & Rs (Covenants, Conditions & Restrictions) correct answersThe
governing documents that
dictate how the homeowners association operates and what rules the
owners—and their tenants and guests —
must obey. These legal documents might also be called
the bylaws, the master deed, the houses rules or another name. These
documents and rules are legally enforceable by the homeowners association,
unless a specific provision conflicts with federal, state or local laws
Community association correct answersA group of owners who wish to
provide a communal basis for preserving, maintaining, and enhancing their
homes and property
Condominium correct answersA living unit fully owned by an
individual with an undivided interest in the common elements of the
community. The community association itself owns no
real estate as an association
Cooperative correct answersWherein an individual owns stock or
membership in the cooperative, and holds a proprietary lease or occupancy
agreement for his or her living unit
Declaration correct answersUsed interchangeably with CC & Rs
Governing documents correct answersDocuments which provide for the
legal structure and
operation of the community
Indemnification correct answersto exempt an individual or entity from
responsibility for claims made against the organization and to reimburse
the individual or entity for damages or expenses incurred as a result of
such claims
, Master association correct answersAn organization of homeowners in a
large condominium or planned unit development (PUD) which includes
representatives from other, smaller
homeowner organizations
Mixed use development correct answersA development which is designed to
mix two or more
"uses" of land together (i.e. a shopping center which offers office space for
dentists)
Planned community correct answersthe most common type of community
association, where an owner owns his or her lot and/or living unit and the
community owns any common areas, such as tennis courts and roads for
the use and benefit of the lot owners
Proprietary lease correct answersA rental agreement between a
cooperative housing corporation and a share holder allowing use of a
certain unit in the premises
Public offering statement correct answersA disclosure statement
prepared by a developer that
contains all material facts about a property offered for sale and that must be
provided to a prospective purchaser in accordance with applicable state or
federal law
Resolution correct answersA motion that follows a set format and is formally
adopted by the board of directors
Statute correct answersA formal written enactment of a legislative authority
that governs a country, state, city or county
Umbrella association correct answersA cluster of community association
types that can include aspects of homeowners associations, condominiums
and cooperatives
Ad hoc committee correct answersUsed when an objective needs
consideration and no standing
committee within the organization can absorb that issue into its scope.
Usually these committees
are used on a short
-
term basis, such as temporary oversight of
an issue or review of the standing rules of
that community
Board liaison system correct answersDirectors are assigned to certain
committees to guide the
committee on Board policy and procedures and to repo
rt back to the Board.
Directors serving as a liaison must distinguish their role from the role of
the
Articles of incorporation correct answersBring the corporation into
existence, define its basic
purposes and powers, indicate whether stock will be issued, and indicate
whether there
will be a
board of
directors
Bylaws correct answersFormally adopted governing regulations for the
administration and management of a community association
CC & Rs (Covenants, Conditions & Restrictions) correct answersThe
governing documents that
dictate how the homeowners association operates and what rules the
owners—and their tenants and guests —
must obey. These legal documents might also be called
the bylaws, the master deed, the houses rules or another name. These
documents and rules are legally enforceable by the homeowners association,
unless a specific provision conflicts with federal, state or local laws
Community association correct answersA group of owners who wish to
provide a communal basis for preserving, maintaining, and enhancing their
homes and property
Condominium correct answersA living unit fully owned by an
individual with an undivided interest in the common elements of the
community. The community association itself owns no
real estate as an association
Cooperative correct answersWherein an individual owns stock or
membership in the cooperative, and holds a proprietary lease or occupancy
agreement for his or her living unit
Declaration correct answersUsed interchangeably with CC & Rs
Governing documents correct answersDocuments which provide for the
legal structure and
operation of the community
Indemnification correct answersto exempt an individual or entity from
responsibility for claims made against the organization and to reimburse
the individual or entity for damages or expenses incurred as a result of
such claims
, Master association correct answersAn organization of homeowners in a
large condominium or planned unit development (PUD) which includes
representatives from other, smaller
homeowner organizations
Mixed use development correct answersA development which is designed to
mix two or more
"uses" of land together (i.e. a shopping center which offers office space for
dentists)
Planned community correct answersthe most common type of community
association, where an owner owns his or her lot and/or living unit and the
community owns any common areas, such as tennis courts and roads for
the use and benefit of the lot owners
Proprietary lease correct answersA rental agreement between a
cooperative housing corporation and a share holder allowing use of a
certain unit in the premises
Public offering statement correct answersA disclosure statement
prepared by a developer that
contains all material facts about a property offered for sale and that must be
provided to a prospective purchaser in accordance with applicable state or
federal law
Resolution correct answersA motion that follows a set format and is formally
adopted by the board of directors
Statute correct answersA formal written enactment of a legislative authority
that governs a country, state, city or county
Umbrella association correct answersA cluster of community association
types that can include aspects of homeowners associations, condominiums
and cooperatives
Ad hoc committee correct answersUsed when an objective needs
consideration and no standing
committee within the organization can absorb that issue into its scope.
Usually these committees
are used on a short
-
term basis, such as temporary oversight of
an issue or review of the standing rules of
that community
Board liaison system correct answersDirectors are assigned to certain
committees to guide the
committee on Board policy and procedures and to repo
rt back to the Board.
Directors serving as a liaison must distinguish their role from the role of
the
