M-100 Questions & Revised Correct Answers

M-100 Questions & Revised Correct Answers Types of Community Associations Pg. 19 - ANSWER : 1. Planned Community 2. Condo Community 3. Cooperative Cooperative Pg. 19 - ANSWER : An individual: 1. Owns stock or membership in the co-op 2. Holds a proprietary lease or occupancy agreement for his/her living unit Two Legal Relationships: 1. As someone who shares in ownership of the corporation 2. As someone who holds a lease for a living unit Proprietary Lease Pg. 19 - ANSWER : Defines the member or stockholder's rights and obligations in relation to the living unit. Purposes of a Community Association Pg. 17 - ANSWER : 1. Community 2. Business 3. Government Lien Pg. 17 - ANSWER : Legal claim by one party on the property of another to obtain the payment of a debt or the satisfaction of an obligation. The owner can't sell or transfer the unit w/o settling the debt.