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M-100 The Essentials of community
association management EXAM (2025)
UPDATE Verified Questions And Answers |
With 100% Correct Answers graded A+
Guaranteed Success!!
community association Ans: legal entity in which the owners
enjoy the protection, enhancement, maintenance & preservation
of their homes & property
community association has 3 defining characteristics Ans:
Membership in the community is mandatory & automatic for all
owners; certain association docs bind the owner & the
association to each other through mandated actions; mandatory
lien-based assessments (maintenance fees) are levied on each
owner in order to operate & maintain the community assocation
lien Ans: legal claim by one party (community association) on
the property of another (delinquent owner) to obtain the
payment of a debt or the satisfaction of an obligation.
What does the lien do? Ans: Placing a lien on an owner's
property protects the community association's interests. It
encourages payment of the debt. Consequence of lien is the
owner cant sell or transfer the unit without settling the debt.
Purpose of a community assocation Ans: to provide for the
community, business, & governance aspects of the association.
This is achieved by administering, maintaining, & enhancing a
residential real estate development, and through the
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establishment of a system of property rights, binding covenants
& restrictions, & rules & regulations.
3 basic types of residential community associations (1) Ans:
Planned community; owner owns his unit ; community owns any
common areas such as tennis courts, for the use & benefit of
the lot owners
second type Ans: Condominium; owner owns his living unit &
an undivided interest in the common elements of the
community. Each owner owns a % of the common elements,
which consist of everything except the living units.
third type Ans: Cooperative; person owns stock or membership;
holds a proprietary lease or occupancy agreement for his living
unit
Proprietary lease or occupancy agreement Ans: defines the
member or stockholders' rights & obligations in relation to the
living unit. The community association owns all of the real
estate as a not-for-profit corporation.
3 types of residential community associations can exist by
themselves or can be group in clusters called: Ans: Master or
umbrella associations: consists of more than 1 residential
community association.
Second type Ans: Mixed-use development-consists of a mixture
of residential & commercial &/or industrial uses grouped
together.
Third type Ans: 55 & older communities; must have 1 person
who is 55 of age or older living in at least 80% of occupied
units.
M-100 The Essentials of community
association management EXAM (2025)
UPDATE Verified Questions And Answers |
With 100% Correct Answers graded A+
Guaranteed Success!!
community association Ans: legal entity in which the owners
enjoy the protection, enhancement, maintenance & preservation
of their homes & property
community association has 3 defining characteristics Ans:
Membership in the community is mandatory & automatic for all
owners; certain association docs bind the owner & the
association to each other through mandated actions; mandatory
lien-based assessments (maintenance fees) are levied on each
owner in order to operate & maintain the community assocation
lien Ans: legal claim by one party (community association) on
the property of another (delinquent owner) to obtain the
payment of a debt or the satisfaction of an obligation.
What does the lien do? Ans: Placing a lien on an owner's
property protects the community association's interests. It
encourages payment of the debt. Consequence of lien is the
owner cant sell or transfer the unit without settling the debt.
Purpose of a community assocation Ans: to provide for the
community, business, & governance aspects of the association.
This is achieved by administering, maintaining, & enhancing a
residential real estate development, and through the
, Page | 2
establishment of a system of property rights, binding covenants
& restrictions, & rules & regulations.
3 basic types of residential community associations (1) Ans:
Planned community; owner owns his unit ; community owns any
common areas such as tennis courts, for the use & benefit of
the lot owners
second type Ans: Condominium; owner owns his living unit &
an undivided interest in the common elements of the
community. Each owner owns a % of the common elements,
which consist of everything except the living units.
third type Ans: Cooperative; person owns stock or membership;
holds a proprietary lease or occupancy agreement for his living
unit
Proprietary lease or occupancy agreement Ans: defines the
member or stockholders' rights & obligations in relation to the
living unit. The community association owns all of the real
estate as a not-for-profit corporation.
3 types of residential community associations can exist by
themselves or can be group in clusters called: Ans: Master or
umbrella associations: consists of more than 1 residential
community association.
Second type Ans: Mixed-use development-consists of a mixture
of residential & commercial &/or industrial uses grouped
together.
Third type Ans: 55 & older communities; must have 1 person
who is 55 of age or older living in at least 80% of occupied
units.
