CMCA Study Guide Questions and Answers Already Passed

CMCA Study Guide Questions and Answers Already Passed Articles of incorporation Bring the corporation 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 Formally adopted governing regulations for the administration and management of a community association CC & Rs (Covenants, Conditions & Restrictions) The governing documents that dictate how the homeowners association operates and what rules the owners—and their tenants and guests — must obey. These legal documents might also be called the bylaws, the master deed, the houses rules or another name. These documents and rules are legally enforceable by the homeowners association, unless a specific provision conflicts with federal, state or local laws Community association A group of owners who wish to provide a communal basis for preserving, maintaining, and enhancing their homes and property Condominium A living unit 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 Wherein an individual owns stock or membership in the cooperative, and holds a proprietary lease or occupancy agreement for his or her living unit Declaration Used interchangeably with CC & Rs Governing documents Documents which provide for the legal structure and operation of the community Indemnification to 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 An organization of homeowners in a large condominium or planned unit development (PUD) which includes representatives from other, smaller homeowner organizations Mixed use development A development which is designed to mix two or more "uses" of land together (i.e. a shopping center which offers office space for dentists) Planned community the most common type of community association, where an owner owns his or her lot and/or living unit and the community owns any common areas, such as tennis courts and roads for the use and benefit of the lot owners Proprietary lease A rental agreement between a cooperative housing corporation and a share holder allowing use of a certain unit in the premises Public offering statement A disclosure statement prepared by a developer that contains all material facts about a property offered for sale and that must be provided to a prospective purchaser in accordance with applicable state or federal law Resolution A motion that follows a set format and is formally adopted by the board of directors Statute A formal written enactment of a legislative authority that governs a cou