M100 QUESTIONS AND ANSWERS

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M100 QUESTIONS AND ANSWERS

Community Association - correct answer- Mandatory | || || || ||


memberships, mutually binding contracts, lien-based
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assements
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Purpose of community association - correct answer- Provide for
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the community, business, and governance aspects of the
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association
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Basic types of community association - correct answer-
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Planned communities, condominium, and cooperatives
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Planned community - correct answer- HOA, owner association
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Condominium - correct answer- Owner of his/her unit || || || || || || ||




Cooperative - correct answer- Owns stock/holds lease || || || || || ||

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Types of community associations - correct answer-
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Master/umbrella,
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Mixed use development, 55 and older
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Association derives legal obligation from - correct answer- || || || || || || ||


Federal, state and local laws- legal documents, lender
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requirements, standards set by professional bodies
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EEOC - correct answer- Equal employment opportunity
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commission
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Equal employment opportunity commission - correct answer-
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Prohibits discrimination in hiring, promoting, etc.
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FLSA - correct answer- Fair Labor Standards Act
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Fair Labor Standards Act - correct answer- Dictates standards for
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minimum wage
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FMLA - correct answer- Family Medical Leave Act
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Family Medical Leave Act - correct answer- Provides for unpaid
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leave for various medical issues
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FICA - correct answer- Federal Insurance Contributions Act
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OSHA - correct answer- Occupy Safety Health Act
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Occupy Safety Health Act - correct answer- Outlines safety
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guidelines for employees
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FCC - correct answer- Federal Communications Commission
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Federal Communications Commission - correct answer-
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Regulates what restrictions associations have on antennas and
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satellite dishes
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State statues - correct answer- General, specific, uniform
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