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M100 Community Association
Management Exam 2026-Complete
Questions And Verified Answers
Characteristics of a Community Association - correct-answer -Mandatory
membership
Mutually binding documents
Lien-based assessments
Purposes of a Community Association - correct-answer -Business - Not for profit
Government - Runs like a mini-government
Community - Mutual reasons for buying into area
3 Basic Types of Community Associations - correct-answer -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.
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Cooperative - Individual owns stock or membership in cooperative and holds a
proprietary lease/occupancy agreement.
Community associations can be grouped into clusters called: - correct-answer -
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 - correct-
answer -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 - correct-answer -Equal
Employment Opportunity Commission
Fair Debt Collection Practices Act
Fair Labor and Standards Act
Family and Medical Leave Act
FICA
OSHA
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M100 Community Association
Management Exam 2026-Complete
Questions And Verified Answers
Characteristics of a Community Association - correct-answer -Mandatory
membership
Mutually binding documents
Lien-based assessments
Purposes of a Community Association - correct-answer -Business - Not for profit
Government - Runs like a mini-government
Community - Mutual reasons for buying into area
3 Basic Types of Community Associations - correct-answer -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.
1
, 2
Cooperative - Individual owns stock or membership in cooperative and holds a
proprietary lease/occupancy agreement.
Community associations can be grouped into clusters called: - correct-answer -
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 - correct-
answer -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 - correct-answer -Equal
Employment Opportunity Commission
Fair Debt Collection Practices Act
Fair Labor and Standards Act
Family and Medical Leave Act
FICA
OSHA
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