M100 Study guides, Class notes & Summaries

Each of the following are key characteristics of community associations EXCEPT: a. Mandatory lien-based economic charges or assessments are levied on each owner in order to operate and maintain the community association. b. Membership in the community association is mandatory and automatic for all owners. c. A requirement of community association ownership is serving on the board of directors. d. Certain documents bind all owners to be governed by the community association. - Answer- c. A r...

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

1. Each of the following are key characteristics of community associations EXCEPT a. Mandatory lien-based economic charges or assessments are levied on each owner in order to operate and maintain the community association. b. Membership in the community association is mandatory and automatic for all owners. c. A requirement of community association ownership is serving on the board of directors. d. Certain documents bind all owners to be governed by the community association. ANS c. A req...

2. Does a condo owner who manages his own community on a part-time basis need a real estate license? ANS No 3. Does a CPA who collects association assessments need a real estate li- cense? ANS No 4. Does a person working for a management company and managing only one association need a real estate license? ANS Yes 5. Does a developer's employee who manages all of the developer's commu- nities until turnover need a real estate license? ANS No 6. Does a homeowner hired by two communities...

1. Community Association: Mandatory memberships, mutually binding contracts, lien-based assements 2. Purpose of community association: Provide for the community, business, and governance aspects of the association 3. Basic types of community association: Planned communities, condominium, and cooperatives 4. Planned community: HOA, owner association 5. Condominium: Owner of his/her unit 6. Cooperative: Owns stock/holds lease 7. Types of community associations: Master/umbrella, Mixed use dev...

1. Characteristics of a Community Association: Mandatory membership Mutually binding documents Lien-based assessments 2. Purposes of a Community Association: Business - Not for profit Government - Runs like a mini-government Community - Mutual reasons for buying into area 3. 3 Basic Types of Community Associations: Planned Community - Owners owns his lot/living unit and community owns common areas (tennis courts, basket- ball courts, etc.). Condominium - Individual owns unit and undivided i...

1. Each of the following are key characteristics of a community association EXCEPT A. Mandatory lien-based economic charges or assessments are levied on each owner in order to operate and maintain the community association. B. Membership in the ca is mandatory and automatic for all owners. C. A requirement of ca ownership is attending board meetings D. Certain documents bind all owners to be governed by the community ANS C. A requirement of community association ownership is attending boa...

1. When is a CIC created? ANS A CIC is created when the declaration (CC&Rs) is recorded with the county. No later than the date the first unit is conveyed 2. How many elected board members are required under NRS 116B, once the declarant's control of a condominium hotel terminates? ANS 3 3. A common interest community is? ANS Real estate described in a declaration in which individual unit owners are required to pay a portion of the expenses related to the common elements. 4. in addition to...

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