M100 COMMUNITY ASSOCIATION MANAGEMENT EXAM ACTUAL EXAM 2 VERSIONS (VERSION A AND B) COMPLETE ACCURATE EXAM QUESTIONS WITH DETAILED VERIFIED ANSWERS (100% CORRECT ANSWERS) /ALREADY GRADED A+/ LATEST EXAM!!!

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M100 COMMUNITY ASSOCIATION MANAGEMENT
EXAM ACTUAL EXAM 2 VERSIONS (VERSION A AND
B) COMPLETE ACCURATE EXAM QUESTIONS WITH
DETAILED VERIFIED ANSWERS (100% CORRECT
ANSWERS) /ALREADY GRADED A+/ LATEST EXAM!!!


Characteristics of a Community Association - Answer-
Mandatory membership
Mutually binding documents
Lien-based assessments


Purposes of a Community Association - Answer-Business
- Not for profit
Government - Runs like a mini-government
Community - Mutual reasons for buying into area


3 Basic Types of Community Associations - Answer-
Planned Community - Owners owns his lot/living unit and
community owns common areas (tennis courts, basketball
courts, etc.).
Condominium - Individual owns unit and undivided interest
(percentage) in common elements.

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Cooperative - Individual owns stock or membership in
cooperative and holds a proprietary lease/occupancy
agreement.


Community associations can be grouped into clusters
called: - Answer-Master or Umbrella Associations - More
than one residential community.
Mixed-Use Development - Mixture of residential and
commercial.
"55 and Older" Communities - 80% of residents are 55+
and at least one per unit.


Name the sources of legal obligations for a Community
Association - Answer-Federal, state and local statutes,
regulations and case law.
Governing documents
Standards set by professional bodies (AICPA)
Lender requirements


Types of Federal Law Applying to Community Associations
- Answer-Equal Employment Opportunity Commission
Fair Debt Collection Practices Act