- Study guides, Class notes & Summaries

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.). Condomi...

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9 pages

Written in 2022/2023

Grade A+

cracker

Community association manager Exam Questions With 100% Correct Answers A community association is Generally defined as real or personal property,owned by two or more entities, which share the responsibility for the cost of maintenance and administration - answerTrue Purchasers of a timeshare plan have a 10 day contract recision period in which to cancel the purchase - answerTrue Not for-profit corporations are exempt from federal income taxes - answerFalse A condominium and a hospital m...

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7 pages

Written in 2023/2024

Grade A+

Brainbarter

Not due because the agreement was not signed by the owner to be enforceable - Answer A broker and an owner discussed several types of listing agreements and decided upon an exclusive right to sell. The broker drafted the listing, but the owner did not sign. The broker subsequently produced a willing buyer and demanded the commission from the owner based upon the exclusive right to sell. The commission is: a. Not due because the agreement was not signed by the owner to be enforceable b. ...

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15 pages

Written in 2026/2027

Grade A+

COCOSOLUTIONS

A personal holding company is one that derives at least 60% of its revenue from passive sources that include: - Answer taxable interest, dividends, rentals, and royalty income Rules on the requirements of using the M-1 vs M-2 - Answer Total Assets = >10m or more = M-2 Total Assets = <10m = M-1 Charitable Contribution Deduction Limitation - Answer Limitation = 10% of TI computed without regard to: CCD, NOL, NCL, C/B, DRD, DPAD. Excess > Carry-forward 5 years *Must ...

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11 pages

Written in 2026/2027

Grade A+

COCOSOLUTIONS

The primary reason for an audit by an independent, external audit firm is to - Answer provide increased assurance to users as to the fairness of the financial statements. Independent CPA's perform audits on the financial statements of issuers. This type of auditing can best be described as - Answer a discipline that attests to financial information presented by management. Users of an issuer's financial statements demand independent audits because - Answer management may not...

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19 pages

Written in 2026/2027

Grade A+

COCOSOLUTIONS

ad valorem tax - Answer a tax levied on the assessed value of real and personal property Property in Georgia is assessed at ______ of fair market value - Answer 40% Agricultural property is assessed at ______ of the value that other real property is assessed - Answer 75% occupation tax - Answer license or professional tax that may be charged to brokers based on gross receipts of real estate transactions located in the same county transfer tax - Answer Tax stamps requir...

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7 pages

Written in 2026/2027

Grade A+

COCOSOLUTIONS

Identify key difference between law and ethics - Answer Identify specific rights that patients have in relation to health care - Answer Be a patient advocate - Answer A person who intercedes on behalf of another person Report illegal and/or unsafe activities and behaviors affecting patient care to proper authorities - Answer Describe how certain ethical issues generate ethical conflict in society pg. 39 - Answer Describe ways to separate and prioritize personal ...

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4 pages

Written in 2026/2027

Grade A+

COCOSOLUTIONS

Creditor - Answer A person whom a debt is owed by another person (the debtor). Debtor - Answer Under Article 9 of the Uniform Commercial Code, any party who owes payment or performance of a secured obligation. Adequate Protection Doctrine - Answer In bankruptcy law, a doctrine that protects secured creditors from losing their security as a result of an automatic stay on legal proceedings by creditors against the debtor once the debtor petitions for bankruptcy relief. In certain ci...

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4 pages

Written in 2026/2027

Grade A+

COCOSOLUTIONS

describes the relationship between the real estate professional and the person or persons being represented. - Answer Agency Rules governing the relationship between the real estate professional and the person being represented Ex. The law of agency sets forth the expectation that licensees will give their clients their undivided loyalty, obedience, confidentiality, disclosure, reasonable skill and care, and accounting when completing a real estate transaction. - Answer Law of Agency ...

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22 pages

Written in 2026/2027

Grade A+

COCOSOLUTIONS

(1) What Law Applies - Common Law vs. UCC (2) Formation of Contract - Offer/termination/acceptance/consideration (3) Defenses - capacity, ambiguity, mistake, unconscionability, duress, statute of Frauds, etc. (4) Terms - PER, UCC terms, Warranties, etc (5) Excuse for Nonperformance - material breach, impossibility, etc. (6) Remedies - specific performance, expectation interest, etc. (7) Third-Party Problems - beneficiaries, assignments, etc - Answer Love For Dogs: Treat Every Rover Ter...

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27 pages

Written in 2026/2027

Grade A+

COCOSOLUTIONS

An assembly is a A. session of an executive board of a larger organization. B. special meeting of the members of an organization. C. body of people who come together as a group. D. series of meetings. - Answer C. body of people who come together as a group The minimum size of a board is A. 4. B. 8. C. 12. D. None of the above. Boards have no minimum size and are usually smaller than assemblies. - Answer D. None of the above. Boards have no minimum size and are usually smalle...

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157 pages

Written in 2026/2027

Grade A+

COCOSOLUTIONS

The manager of a community association has a professional duty to do all of the following except: A. Disclose and account for anything of value he or she receives as a result of managing the community association. B. Delegate more authority than he or she received from the board only under extreme situations. C. Decline to perform services that you are not qualified to perform. D. Make full written disclosure of any matter that presents potential conflict of interest. - Answer B. Delega...

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1 pages

Written in 2026/2027

Grade A+

COCOSOLUTIONS

What elements are found in a division concept of health support, what roles of repair do you most likely see? - Answer Division Level = Location Roles 2 & Location Roles 3 Key sustainment tasks should have and need to include the following: - Answer Time, location, quantities, and purpose How to best describe the ability to establish and operate ports of debarkations of air rail and sea establish a distribution system to facilitate throughput for reception, stationing, and onward mov...

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22 pages

Written in 2026/2027

Grade A+

COCOSOLUTIONS

Community Association - Answer legal entity in which the owners enjoy the protection, enhancement, maintenance and preservation of their homes and property. What're the three defining characteristics of community associations? - Answer 1. Membership in the community association is mandatory and automatic for all owners 2. Certain association governing documents bind the owner and the association to each other through mandated actions. 3. Mandatory lien-based assessments (maintenanc...

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50 pages

Written in 2026/2027

Grade A+

COCOSOLUTIONS

When a conflicting common law rule is inconsistent with an administrative regulation, which prevails? - Answer The administrative regulation What is a statute? - Answer Laws made by Congress or a state legislature Which of the following takes priority over a federal statute? - Answer the US Constitution The doctrine of standing to sue implies that: - Answer the plaintiff has a substantial stake in the litigation. The Bill of Rights to the U.S. Constitution is an example o...

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23 pages

Written in 2026/2027

Grade A+

COCOSOLUTIONS

Why are special membership meetings held? - Answer To conduct specific business Executive sessions should typically be used for discussing which of the following issues: - Answer Member's delinquency Which of the following is a duty of a manager attending a board meeting? - Answer Be the time keeper. If the governing documents and laws present conflicting notice periods, follow: - Answer Follow state laws If an owner fails to receive notice of a meeting, the associatio...

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13 pages

Written in 2026/2027

Grade A+

COCOSOLUTIONS

Which of the following are the four types of intellectual property? - Answer patents, trademarks, copyrights, trade secrets Which of the following laws provide legal protection for confidential proprietary information - Answer trade secret Measures to prevent those who have access to trade secrets from improperly, using, or disclosing them include which of the following - Answer Adopting policies and procedures for identifying, protecting and handling secrets Training employees o...

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4 pages

Written in 2026/2027

Grade A+

COCOSOLUTIONS

This document contains 120 M-100 multiple-choice questions with correct answers and rationales covering community association types, governing documents, board governance, fiduciary duties, meetings, financial management, budgets, reserves, assessments, and insurance. It provides comprehensive practice material for reviewing essential community association management concepts and preparing for the M-100 exam.

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51 pages

Written in 2026/2027

Grade A+

Hosmerit

This document contains M-100 quiz questions with correct answers covering community association management, governance, governing documents, board responsibilities, committees, management plans, rules, architectural guidelines, and enforcement procedures. It provides practice material for reviewing key concepts in community association management.

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11 pages

Written in 2026/2027

Grade A+

Hosmerit

M-100: Community Association Management – Final Exam Questions and Verified Answers with Rationale Latest Edition 2026/2027

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63 pages

Written in 2026/2027

Grade A+

EliteStudyHub

M-100: Community Association Management – Midterm Exam Questions and Verified Answers with Rationale Latest Edition 2026/2027

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62 pages

Written in 2026/2027

Grade A+

EliteStudyHub

M-100: Community Association Management – HOA Governance Exam Questions and Verified Answers with Rationale Latest Edition 2026/2027

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65 pages

Written in 2026/2027

Grade A+

EliteStudyHub