M-100 Essentials of Community Association Management Exam 2026/2027 – Complete Study Guide Questions and Answers – Instant Download

M-100 The Essentials of Community
Association Management Exam study
guide COMPLETE EXAM Questions and
Answers (Latest Update 2026) UPDATE!!
Characteristics of a Community Association -CORRECTANSWER Mandatory

membership

Mutually binding documents

Lien-based assessments



Purposes of a Community Association -CORRECTANSWER Business - Not for profit

Government - Runs like a mini-government

Community - Mutual reasons for buying into area



3 Basic Types of Community Associations -CORRECTANSWER 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: -CORRECTANSWER

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 -

CORRECTANSWER 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 -CORRECTANSWER 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