M-100 THE ESSENTIALS OF COMMUNITY
ASSOCIATION MANAGEMENT WITH ALL CORRECT &
100% VERIFIED ANSWERS|ALREADY GRADED A+
Characteristics of a Community Association ✔Correct Answer-Mandatory membership
Mutually binding documents
Lien-based assessments
Purposes of a Community Association ✔Correct Answer-Business - Not for profit
Government - Runs like a mini-government
Community - Mutual reasons for buying into area
3 Basic Types of Community Associations ✔Correct 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.
Cooperative - Individual owns stock or membership in cooperative and holds a proprietary lease/occupancy
agreement.
Community associations can be grouped into clusters called: ✔Correct 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 ✔Correct 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 ✔Correct Answer-Equal Employment
Opportunity Commission
Fair Debt Collection Practices Act
Fair Labor and Standards Act
Family and Medical Leave Act
FICA
OSHA
Bankruptcy Code
FCC
Fair Housing Act
Types of State Statutes Applying to Community Associations ✔Correct Answer-General - Applies to all
types of associations
Specifics - Applies to only one type of association (takes precedence over any general statutes and
governing documents.
Uniform - National Conference of Commissioners draft generic content-specific wording to encourage
uniformity among the states.
Purpose of Community Association Governing Documents ✔Correct Answer-Provide legal structure and
operation of a community association.
Hierarchy of Governing Documents ✔Correct Answer-Recorded map, plat or plan
Declaration, CC&Rs, proprietary lease or occupancy agreement.
Articles of Incorporation
Bylaws
Board Resolutions
Declaration, CC&Rs, proprietary lease or occupancy agreement. ✔Correct Answer-Declarations - Condo
CC&Rs - Planned Community
Proprietary Lease/Occupancy Agrmt - Coop
ASSOCIATION MANAGEMENT WITH ALL CORRECT &
100% VERIFIED ANSWERS|ALREADY GRADED A+
Characteristics of a Community Association ✔Correct Answer-Mandatory membership
Mutually binding documents
Lien-based assessments
Purposes of a Community Association ✔Correct Answer-Business - Not for profit
Government - Runs like a mini-government
Community - Mutual reasons for buying into area
3 Basic Types of Community Associations ✔Correct 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.
Cooperative - Individual owns stock or membership in cooperative and holds a proprietary lease/occupancy
agreement.
Community associations can be grouped into clusters called: ✔Correct 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 ✔Correct 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 ✔Correct Answer-Equal Employment
Opportunity Commission
Fair Debt Collection Practices Act
Fair Labor and Standards Act
Family and Medical Leave Act
FICA
OSHA
Bankruptcy Code
FCC
Fair Housing Act
Types of State Statutes Applying to Community Associations ✔Correct Answer-General - Applies to all
types of associations
Specifics - Applies to only one type of association (takes precedence over any general statutes and
governing documents.
Uniform - National Conference of Commissioners draft generic content-specific wording to encourage
uniformity among the states.
Purpose of Community Association Governing Documents ✔Correct Answer-Provide legal structure and
operation of a community association.
Hierarchy of Governing Documents ✔Correct Answer-Recorded map, plat or plan
Declaration, CC&Rs, proprietary lease or occupancy agreement.
Articles of Incorporation
Bylaws
Board Resolutions
Declaration, CC&Rs, proprietary lease or occupancy agreement. ✔Correct Answer-Declarations - Condo
CC&Rs - Planned Community
Proprietary Lease/Occupancy Agrmt - Coop
