CMCA - Governance and Legal Issues Exam Questions & Answers

Bylaws - ANSWER-Formally adopter governing regulations for the administration and management of a community association CC&R's - ANSWER-The governing documents that dictate how the homeowners association operates and what tules the owners, and their tenants and guests, must obey. These legal documents may be called Covenants, Conditions, and Restrictions, the Master Deed, the House Rules, the Declaration, or another name. Community Association - ANSWER-a group of owners who wish to provide a communal basis for preserving, maintaining, and enhancing their homes and property Condominium - ANSWER-a living until 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 - ANSWER-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 - ANSWER-Declaration is used interchangeably with CC&R's Governing Documents - ANSWER-Documents which provide for the legal structure and operation of the community Indemnification - ANSWER-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 - ANSWER-an organization of homeowners in a large condominium or planned unit development (PUD) which includes representatives from other, smaller homeowner organizations Mixed use development - ANSWER-a development which is designed to mix two or more "uses" of land together (i.e. shopping center which offers office space for dentist) Planned community - ANSWER-the most common type of community association, where an owner owns his or her lot and/or living unit and the community owns and common areas, such as tennis courts and roads for the use and benefits of the lot owners