M-100 The Essentials Of Community Association Management Questions And Correct Revised Answers

M-100 The Essentials Of Community Association Management Questions And Correct Revised Answers 1. Community association - ANSWER : legal entity in which the owners enjoy the protection, enhancement, maintenance & preservation of their homes & property 2. Community association has 3 defining characteristics - ANSWER : Membership in the community is mandatory & automatic for all owners; certain association docs bind the owner & the association to each other through mandated actions; mandatory lien-based assessments (maintenance fees) are levied on each owner in order to operate & maintain the community assocation 3. Lien - ANSWER : legal claim by one party (community association) on the property of another (delinquent owner) to obtain the payment of a debt or the satisfaction of an obligation. 4. What does the lien do? - ANSWER : Placing a lien on an owner's property protects the community association's interests. It encourages payment of the debt. Consequence of lien is the owner cant sell or transfer the unit without settling the debt. 5. Purpose of a community assocation - ANSWER : to provide for the community, business, & governance aspects of the association. This is achieved by administering, maintaining, & enhancing a residential real estate development, and through the establishment of a system of property rights, binding covenants & restrictions, & rules & regulations.