Community Association - Answer- Mandatory memberships, mutually binding contracts, lien-based assements
Purpose of community association - Answer- Provide for the community, business, and governance aspects of the association
Basic types of community association - Answer- Planned communities,...
M100 Exam 2023 Questions with correct Answers
Community Association - Answer- Mandatory memberships, mutually binding contracts, lien-based assements
Purpose of community association - Answer- Provide for the community, business, and governance aspects of the association
Basic types of community association - Answer- Planned communities, condominium, and cooperatives
Planned community - Answer- HOA, owner association
Condominium - Answer- Owner of his/her unit
Cooperative - Answer- Owns stock/holds lease
Types of community associations - Answer- Master/umbrella,
Mixed use development, 55 and older
Association derives legal obligation from - Answer- Federal, state and local laws- legal documents, lender requirements, standards set by professional bodies
EEOC - Answer- Equal employment opportunity commission
Equal employment opportunity commission - Answer- Prohibits discrimination in hiring, promoting, etc.
FLSA - Answer- Fair Labor Standards Act
Fair Labor Standards Act - Answer- Dictates standards for minimum wage
FMLA - Answer- Family Medical Leave Act
Family Medical Leave Act - Answer- Provides for unpaid leave for various medical issues
FICA - Answer- Federal Insurance Contributions Act
OSHA - Answer- Occupy Safety Health Act
Occupy Safety Health Act - Answer- Outlines safety guidelines for employees FCC - Answer- Federal Communications Commission
Federal Communications Commission - Answer- Regulates what restrictions associations have on antennas and satellite dishes
State statues - Answer- General, specific, uniform
General state statutes - Answer- Apply to all organizations
Specific state statutes - Answer- Apply to only one or more types of community associations
Uniform state statutes - Answer- Standardize laws in various states that affect community associations
Hierarchy of governing documents - Answer- Plat
Declarations Articles
Bylaws
Rules
Bundle of rights - Answer- Declaration, CCR, master deed
What trumps articles? - Answer- Declaration
Plat/map - Answer- Shows precise location of each lot or unit
Declaration, CCRS, master deed - Answer- Establish the chain of title and rights of ownership for each piece of real estate
Proprietary lease - Answer- Defines member or stockholders right and obligations in a relative to the living unit
Articles of incorporation - Answer- Documents that establish the corporation
Bylaws - Answer- Formally adopted regulations for the administrative and management of a community association
Resolution - Answer- Motion that follow a swell format and is formally adopted by the BOD
public offering statement - Answer- Disclosure statement- not apart of the governing documents
Benefits of incorporating - Answer- Limits liability Makes it easier to deal with contractors
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