M100 COMMUNITY ASSOCIATION
MANAGEMENT EXAM NEWEST ACTUAL
EXAM WITH COMPLETE QUESTIONS AND
DETAILED VERIFIED ANSWERS GRADED A+
| 100% VERIFIED | 2024 UPDATE!!!
Complete the following sentence: A __________ state statute is
one that applies only to one or more types of community
associations.
a. general
b. complex
c. specific
d. uniform
c. specific
A specific state statute is one that applies only to one or more
types of community associations. For example, most states
have a condominium act which provides for the establishment
and operation of condominiums as legal entities. These acts
vary in terms of their complexity—the simplest ones just
allow for the creation of condominiums.
,True or false. A proprietary lease or occupancy agreement in a
cooperative defines the member or stockholder's rights and
obligations in relation to the living unit.
True
In a cooperative, the proprietary lease or occupancy
agreement serves generally the same purpose as the
declaration, CC&R, or master deed in other community
associations. Among other things, the proprietary lease or
occupancy agreement identifies the premises that the
stockholder is permitted to occupy exclusively, defines the
term of the lease and the rent that is payable by the
stockholder, and establishes the powers and obligations of
the cooperative's board of directors, including assessment
rights.
Complete the following sentence: The __________ bring the
community association into existence, define its basic purposes
and powers, and indicate whether stock will be issued.
a. recorded map, plat, or plan
,b. declaration, CC&Rs, or master deed
c. proprietary lease or occupancy agreement
d. articles of incorporation
d. articles of incorporation
A community association's corporate structure is established
when a developer sets up the association. The developer files
articles of incorporation—sometimes called a corporate
charter—with the appropriate state corporation agency.
True or False. The public offering statement is a governing
document, as it often distributed along with the governing
documents.
False
The public offering statement is not a governing document;
instead, it is simply a disclosure statement that provides
information on the community association to prospective
buyers.
, Each of the following legal sources specify management
authority and responsibilities for community associations
EXCEPT:
a. survey data
b. state statutes
c. community association governing documents
d. court decisions
a. survey data
All three types of legal sources—state statutes, governing
documents, and court decisions—specify the authority or
power of different parties in a community association and the
responsibilities or duties of the different parties.
True or false. The basic authority in a community association
lies with the developer.
False
The basic authority in a community association lies with the
owners. In order for the association to govern effectively the
owners elect a board of directors to act on their behalf. The
MANAGEMENT EXAM NEWEST ACTUAL
EXAM WITH COMPLETE QUESTIONS AND
DETAILED VERIFIED ANSWERS GRADED A+
| 100% VERIFIED | 2024 UPDATE!!!
Complete the following sentence: A __________ state statute is
one that applies only to one or more types of community
associations.
a. general
b. complex
c. specific
d. uniform
c. specific
A specific state statute is one that applies only to one or more
types of community associations. For example, most states
have a condominium act which provides for the establishment
and operation of condominiums as legal entities. These acts
vary in terms of their complexity—the simplest ones just
allow for the creation of condominiums.
,True or false. A proprietary lease or occupancy agreement in a
cooperative defines the member or stockholder's rights and
obligations in relation to the living unit.
True
In a cooperative, the proprietary lease or occupancy
agreement serves generally the same purpose as the
declaration, CC&R, or master deed in other community
associations. Among other things, the proprietary lease or
occupancy agreement identifies the premises that the
stockholder is permitted to occupy exclusively, defines the
term of the lease and the rent that is payable by the
stockholder, and establishes the powers and obligations of
the cooperative's board of directors, including assessment
rights.
Complete the following sentence: The __________ bring the
community association into existence, define its basic purposes
and powers, and indicate whether stock will be issued.
a. recorded map, plat, or plan
,b. declaration, CC&Rs, or master deed
c. proprietary lease or occupancy agreement
d. articles of incorporation
d. articles of incorporation
A community association's corporate structure is established
when a developer sets up the association. The developer files
articles of incorporation—sometimes called a corporate
charter—with the appropriate state corporation agency.
True or False. The public offering statement is a governing
document, as it often distributed along with the governing
documents.
False
The public offering statement is not a governing document;
instead, it is simply a disclosure statement that provides
information on the community association to prospective
buyers.
, Each of the following legal sources specify management
authority and responsibilities for community associations
EXCEPT:
a. survey data
b. state statutes
c. community association governing documents
d. court decisions
a. survey data
All three types of legal sources—state statutes, governing
documents, and court decisions—specify the authority or
power of different parties in a community association and the
responsibilities or duties of the different parties.
True or false. The basic authority in a community association
lies with the developer.
False
The basic authority in a community association lies with the
owners. In order for the association to govern effectively the
owners elect a board of directors to act on their behalf. The
