M-100 The Essentials of Community Association Management – HOA Management Study
Guide, Key Concepts and Exam Review
Characteristics of a Community Association - ANS ✔✔Mandatory membership
Mutually binding documents
Lien-based assessments
Purposes of a Community Association - ANS ✔✔Business - Not for profit
Government - Runs like a mini-government
Community - Mutual reasons for buying into area
3 Basic Types of Community Associations - ANS ✔✔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: - ANS ✔✔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 - ANS ✔✔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 - ANS ✔✔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 - ANS ✔✔General - Applies to all
types of associations
Specifics - Applies to only one type of association (takes precedence over any general statutes
and governing documents.
Uniform - National Conference of Commissioners draft generic content-specific wording to
encourage uniformity among the states.
Purpose of Community Association Governing Documents - ANS ✔✔Provide legal structure and
operation of a community association.
Hierarchy of Governing Documents - ANS ✔✔Recorded map, plat or plan
Declaration, CC&Rs, proprietary lease or occupancy agreement.
Articles of Incorporation
Bylaws
Board Resolutions
Declaration, CC&Rs, proprietary lease or occupancy agreement. - ANS ✔✔Declarations - Condo
Guide, Key Concepts and Exam Review
Characteristics of a Community Association - ANS ✔✔Mandatory membership
Mutually binding documents
Lien-based assessments
Purposes of a Community Association - ANS ✔✔Business - Not for profit
Government - Runs like a mini-government
Community - Mutual reasons for buying into area
3 Basic Types of Community Associations - ANS ✔✔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: - ANS ✔✔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 - ANS ✔✔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 - ANS ✔✔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 - ANS ✔✔General - Applies to all
types of associations
Specifics - Applies to only one type of association (takes precedence over any general statutes
and governing documents.
Uniform - National Conference of Commissioners draft generic content-specific wording to
encourage uniformity among the states.
Purpose of Community Association Governing Documents - ANS ✔✔Provide legal structure and
operation of a community association.
Hierarchy of Governing Documents - ANS ✔✔Recorded map, plat or plan
Declaration, CC&Rs, proprietary lease or occupancy agreement.
Articles of Incorporation
Bylaws
Board Resolutions
Declaration, CC&Rs, proprietary lease or occupancy agreement. - ANS ✔✔Declarations - Condo
