M100 EXAM 2024 QUESTIONS WITH COMPLETE SOLUTIONS PASSED AND VERIFIED

M100 EXAM 2024 QUESTIONS WITH COMPLETE SOLUTIONS PASSED AND VERIFIED Community Association - ANSWER Legal entity in which the owners enjoy the protection, enhancement, maintenance, and preservation of their homes and property Three defining characteristics of Community Association - ANSWER Mandatory Membership, Mutually Binding Documents, and Lien-Based Assessments Mandatory Membership - ANSWER Membership in the community association is mandatory and automatic for all owners Mutually Binding Documents - ANSWER Certain association governing documents bind the owner and the association to each other through mandated actions Lien-Based Assessments - ANSWER Mandatory lien-based assessments (maintenance fees) are levied on each owner in order to operate and maintain the community association Three types of Community Associations - ANSWER Planned Community, Condominium, Cooperative Planned Community - ANSWER The most common type of community association. Owner owns his/her lot and/or living unit. Community owns any common area for use and benefit of lot owners Condominium - ANSWER An individual owns: (1) His/Her living unit and (2) An undivided interest in the common elements of the community. *Each owner owns a percentage of the common elements Cooperative - ANSWER An individual owns (1) owns stock or membership in the cooperative, (2) holds a proprietary lease or occupancy agreement for his/her living unit. *another name is Stock Cooperative Proprietary lease or occupancy agreement - ANSWER The member or stockholders rights and obligations in relation to the living unit Specialized community associations - ANSWER Master or Umbrella association, mixed-use development, 55 and older communities