CMCA - Governance and Legal Issues
Articles of Incorporation correct answersBrings the cooperation 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 adopter governing regulations for the
administration and management of a community association
CC&R's correct answersThe governing documents that dictate how the
homeowners association operates and what tules the owners, and their
tenants and guests, must obey. These legal documents may be called
Covenants, Conditions, and Restrictions, the Master Deed, the House Rules,
the Declaration, or another name.
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 until 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 answersDeclaration is used interchangeably with
CC&R's
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. shopping center which offers
office space for dentist)
Articles of Incorporation correct answersBrings the cooperation 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 adopter governing regulations for the
administration and management of a community association
CC&R's correct answersThe governing documents that dictate how the
homeowners association operates and what tules the owners, and their
tenants and guests, must obey. These legal documents may be called
Covenants, Conditions, and Restrictions, the Master Deed, the House Rules,
the Declaration, or another name.
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 until 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 answersDeclaration is used interchangeably with
CC&R's
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. shopping center which offers
office space for dentist)
