M100 Community Association Management Exam | Questions with 100% Correct Answers | Verified | Latest Update

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 requirement of community association ownership is serving on the board of directors. This is one of the three key characteristics common to all community associations. Members of an association are not legally required to serve on the board of directors; however, the overall success on the community is dependent upon the members' involvement its affairs. 2. True or False. The primary purpose of a community association is to provide for the governance, business, and communal aspects of the association. ANS True Providing for the governance, business, and communal aspects of the association is achieved by administering, maintaining, and enhancing a residential real estate development, and through the establishment of a system of property rights, binding covenants and restrictions, and rules and regulations