M100 The Essentials of Community
Association Management Exam With
Correct Answers
Characteristics of a Community Association - CORRECT ANSWER✔✔-Mandatory
| | | | | | | |
membership
Mutually binding documents
| |
Lien-based assessments
|
Purposes of a Community Association - CORRECT ANSWER✔✔-Business - Not for
| | | | | | | | | | |
profit
Government - Runs like a mini-government
| | | | |
Community - Mutual reasons for buying into area
| | | | | | |
3 Basic Types of Community Associations - CORRECT ANSWER✔✔-Planned
| | | | | | | | |
Community - Owners owns his lot/living unit and community owns common
| | | | | | | | | | |
areas (tennis courts, basketball courts, etc.).
| | | | |
Condominium - Individual owns unit and undivided interest (percentage) in
| | | | | | | | | |
common elements.
|
Cooperative - Individual owns stock or membership in cooperative and holds a
| | | | | | | | | | | |
proprietary lease/occupancy agreement.
| |
, Community associations can be grouped into clusters called: - CORRECT
| | | | | | | | | |
ANSWER✔✔-Master or Umbrella Associations - More than one residential | | | | | | | | |
community.
Mixed-Use Development - Mixture of residential and commercial.
| | | | | | |
"55 and Older" Communities - 80% of residents are 55+ and at least one per unit.
| | | | | | | | | | | | | | |
Name the sources of legal obligations for a Community Association - CORRECT
| | | | | | | | | | | |
ANSWER✔✔-Federal, state and local statutes, regulations and case law. | | | | | | | |
Governing documents |
Standards set by professional bodies (AICPA)
| | | | |
Lender requirements
|
Types of Federal Law Applying to Community Associations - CORRECT
| | | | | | | | | |
ANSWER✔✔-Equal Employment Opportunity Commission | | |
Fair Debt Collection Practices Act
| | | |
Fair Labor and Standards Act
| | | |
Family and Medical Leave Act
| | | |
FICA
OSHA
Bankruptcy Code |
FCC
Fair Housing Act
| |
Types of State Statutes Applying to Community Associations - CORRECT
| | | | | | | | | |
ANSWER✔✔-General - Applies to all types of associations | | | | | | |
Association Management Exam With
Correct Answers
Characteristics of a Community Association - CORRECT ANSWER✔✔-Mandatory
| | | | | | | |
membership
Mutually binding documents
| |
Lien-based assessments
|
Purposes of a Community Association - CORRECT ANSWER✔✔-Business - Not for
| | | | | | | | | | |
profit
Government - Runs like a mini-government
| | | | |
Community - Mutual reasons for buying into area
| | | | | | |
3 Basic Types of Community Associations - CORRECT ANSWER✔✔-Planned
| | | | | | | | |
Community - Owners owns his lot/living unit and community owns common
| | | | | | | | | | |
areas (tennis courts, basketball courts, etc.).
| | | | |
Condominium - Individual owns unit and undivided interest (percentage) in
| | | | | | | | | |
common elements.
|
Cooperative - Individual owns stock or membership in cooperative and holds a
| | | | | | | | | | | |
proprietary lease/occupancy agreement.
| |
, Community associations can be grouped into clusters called: - CORRECT
| | | | | | | | | |
ANSWER✔✔-Master or Umbrella Associations - More than one residential | | | | | | | | |
community.
Mixed-Use Development - Mixture of residential and commercial.
| | | | | | |
"55 and Older" Communities - 80% of residents are 55+ and at least one per unit.
| | | | | | | | | | | | | | |
Name the sources of legal obligations for a Community Association - CORRECT
| | | | | | | | | | | |
ANSWER✔✔-Federal, state and local statutes, regulations and case law. | | | | | | | |
Governing documents |
Standards set by professional bodies (AICPA)
| | | | |
Lender requirements
|
Types of Federal Law Applying to Community Associations - CORRECT
| | | | | | | | | |
ANSWER✔✔-Equal Employment Opportunity Commission | | |
Fair Debt Collection Practices Act
| | | |
Fair Labor and Standards Act
| | | |
Family and Medical Leave Act
| | | |
FICA
OSHA
Bankruptcy Code |
FCC
Fair Housing Act
| |
Types of State Statutes Applying to Community Associations - CORRECT
| | | | | | | | | |
ANSWER✔✔-General - Applies to all types of associations | | | | | | |
