M-100 Community Association Management exam fully solved & verified for accuracy

Community Association is a legal entity in which the owners enjoy the protection enhancement maintenance and preservation of their homes and property What are the three characteristics of a Community Association Mandatory Membership mutually binding documents lien based assesments Is membership in the community association is? Mandatory and automatic for all its owners. Why are mandatory lien based assessments (maintenance fees) levied on each owner In owner in order to operate and maintain the community association What is the primary purpose of a community association To provide for the community, business, and governance aspects of the association. What are the three basic types of Community Associations Planned Community Condominium Coopperative The National Conference of Commissioners on Uniform State Laws uses the term _______________ to refer to the most common type of community association. Planned Community In a planned community Owner owns his or her lot/living unit and the community owns any common areas such as tennis courts and roads for the use and benefit of the lot owners. In a condominium An individual owns his or her living unit and undivided interest in the common elements of the community. Each owner owns a percentage of the common elements....pool or lobby. The community association itself owns no real estate as an association. In a Cooperative An individual owns stock or membership. Holds a proprietary lease or occupancy agreement for his or her living unit. For most cooperatives, the community association owns all of the real estate as a not for profit corporation. There are some that are for profit entities. A proprietary lease or occupancy agreement defines the member of or stockholder's rights and obligations in relation to the living unit. What are the 3 other types of communities which can exist by themselves or can be grouped in clusters called. Master Umbrella association Mixed Use Development 55 and older Communities Mixed - Use Developments Usually consists of a mixture of residential and commercial and or industrial uses grouped together... Their marketing slogan is often live, work, play. 55 and older Communities Must have one person who is 55 years of age or older living in at least 80% of its occupied units. SSCRA Soldiers and Sailors Civil Relief Act of 1940 impacts American forces on active duty by requiring the delay of all civil court actions, such as bankruptcy and foreclosure, until the service member returns from active duty. FCC Stands for Federal Communications Commission. The Telecommunications Act of 1996. Rule concerning restriction on viewers ability to view programming from direct broadcast satellites, wireless cable and television broadcast stations. What statue takes precedence over any general statue that applies to the community association. A Specific state statue Do specific state statues take precedence over a community associations governing documents? Yes, unless it is written to all for flexibility.