M-100 THE ESSENTIALS OF COMMUNITY ASSOCIATION
MANAGEMENT EXAM LATEST 2024-2025 WITH ACTUAL
QUESTIONS AND CORRECT VERIFIED ANSWERS ALREADY
GRADED A+ 100% GUARANTEED PASS!
community association - ANSWER-legal entity in which the owners enjoy the
protection, enhancement, maintenance & preservation of their homes &
property
community association has 3 defining characteristics - ANSWER-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 - ANSWER-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? - ANSWER-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 - ANSWER-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 establishment of a system of property rights, binding
covenants & restrictions, & rules & regulations.
3 basic types of residential community associations (1) - ANSWER-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 - ANSWER-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 - ANSWER-Cooperative; person owns stock or membership; holds a
proprietary lease or occupancy agreement for his living unit
Proprietary lease or occupancy agreement - ANSWER-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: - ANSWER-Master or umbrella associations: consists of
more than 1 residential community association.
Second type - ANSWER-Mixed-use development-consists of a mixture of
residential & commercial &/or industrial uses grouped together.
Third type - ANSWER-55 & older communities; must have 1 person who is 55 of
age or older living in at least 80% of occupied units.
MANAGEMENT EXAM LATEST 2024-2025 WITH ACTUAL
QUESTIONS AND CORRECT VERIFIED ANSWERS ALREADY
GRADED A+ 100% GUARANTEED PASS!
community association - ANSWER-legal entity in which the owners enjoy the
protection, enhancement, maintenance & preservation of their homes &
property
community association has 3 defining characteristics - ANSWER-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 - ANSWER-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? - ANSWER-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 - ANSWER-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 establishment of a system of property rights, binding
covenants & restrictions, & rules & regulations.
3 basic types of residential community associations (1) - ANSWER-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 - ANSWER-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 - ANSWER-Cooperative; person owns stock or membership; holds a
proprietary lease or occupancy agreement for his living unit
Proprietary lease or occupancy agreement - ANSWER-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: - ANSWER-Master or umbrella associations: consists of
more than 1 residential community association.
Second type - ANSWER-Mixed-use development-consists of a mixture of
residential & commercial &/or industrial uses grouped together.
Third type - ANSWER-55 & older communities; must have 1 person who is 55 of
age or older living in at least 80% of occupied units.
