M100 COMMUNITY ASSOCIATION MANAGEMENT WITH COMPLETE SOLUTIONS 100%
6 views 0 purchase
Course
M100
Institution
M100
M100 COMMUNITY ASSOCIATION MANAGEMENT WITH COMPLETE SOLUTIONS 100%
Each of the following are key characteristics of community associations EXCEPT:
a. Mandatory lien-based economic charges or assessments are levied on each owner in order to operate and maintain the community association.
b. Membe...
m100 community association management with complet
Written for
M100
All documents for this subject (396)
Seller
Follow
LectAziim
Reviews received
Content preview
M100 COMMUNITY ASSOCIATION
MANAGEMENT WITH COMPLETE SOLUTIONS
100%
Each of the following are key characteristics of community associations EXCEPT:
a. Mandatory lien-based economic charges or assessments are levied on each owner in order to
operate and maintain the community association.
b. Membership in the community association is mandatory and automatic for all owners.
c. A requirement of community association ownership is serving on the board of directors.
d. Certain documents bind all owners to be governed by the community association.
c. A requirement of community association ownership is serving on the board of directors.
This is one of the three key characteristics common to all community associations. Members of an
association are not legally required to serve on the board of directors; however, the overall success
on the community is dependent upon the members' involvement its affairs.
True or False. The primary purpose of a community association is to provide for the governance,
business, and communal aspects of the association.
True
Providing for the governance, business, and communal aspects of the association is achieved by
administering, maintaining, and enhancing a residential real estate development, and through the
establishment of a system of property rights, binding covenants and restrictions, and rules and
regulations.
Previous
Play
Next
Rewind 10 seconds
Move forward 10 seconds
Unmute
0:00
/
0:15
Full screen
Brainpower
Read More
Each of the following are basic types of residential community associations EXCEPT:
a. Planned community
b. Townhouse
c. Cooperative
d. Condominium
b. Townhouse
While many community associations are indeed townhouse communities, not all such developments
are necessarily associations. A community association is defined in terms of ownership rights—not
architectural style.
Adoption of the annual budget is an example of which of the following type of resolution?
a. policy resolution
b. administrative resolution
c. special resolution
,d. general resolution
d. general resolution
General resolutions involve routine events such as adoption of the annual budget.
True or false. The purpose of a community association's governing documents is to provide for the
legal structure and operation of the community.
True
The governing documents define the rights and obligations of both the community association and its
owners, create a binding relationship between each owner and the community association, and
establish the mechanisms for governing and funding the community association's operations.
True or false. According to the general hierarchy of authority for governing documents, the bylaws
would control in a conflict with the recorded map, plat, or plan.
False
As a general rule, documents lower in the hierarchy of authority cannot conflict with or change the
terms of those above them. The recorded map, plat, or plan is above the bylaws in the hierarchy, and
therefore would prevail in such a conflict.
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 governing
documents delegate most of the association's decision-making powers to a board.
Complete the following sentence: The board of directors in a community association has a
_____________ to act in the best interests and for the benefit of the community as a whole.
a. bond
b. fiduciary duty
c. ballot
d. quorum
b. fiduciary duty
The board's fiduciary duty has two components: (1) Board members are required to avoid conflicts of
interest and acting out of self-interest. (2) They are also required to act as reasonable people in
managing the association's affairs.
True or false. The "business judgment rule" means that if a board has exercised reasonable business
judgment in making a decision, the court will generally not consider the board negligent in its
fiduciary duty.
True
Through judicial decision, a substantial body of law has developed concerning the standards to which
directors must conform while conducting a community association's affairs. Many courts apply the
"business judgment rule" to a board's actions.
, Which of the following community association committees typically are assigned responsibilities
related to elections, nominations, and architectural standards?
a. standing committees
b. professional committees
c. ad hoc committees
d. mandatory committees
d. mandatory committees
A mandatory committee is one that is required by the governing documents. Mandatory committees
typically are assigned responsibilities related to elections, nominations, and architectural standards.
True or false. The role of the professional community association manager is to make all decisions for
the association and to delegate information-gathering and fact-finding support to the board of
directors.
False
The professional community association manager is charged with assisting the board of directors'
decision making process by means of providing information-gathering and fact-finding support,
implementing the decisions of the board; and administering the services, programs, and operations of
the community association within the policies and guidelines set by the board.
In which of the following forms of community association management is the association managed by
the board itself or by committees under the direction of the board?
a. management company
b. volunteer or self-management
c. association-employed manager
d. municipal management
b. volunteer or self-management
Self-managed community associations make up a majority of all associations in the United States;
approximately 150,000 self-managed community associations currently exist in the U.S. In self
managed associations, the board itself is responsible for all community association functions,
including maintaining accounting records, preparing budgets, collecting dues, and staying informed
about association resources and best practices.
True or false. An increase in assessment delinquencies that is not due to a poor economy may be an
example of a warning sign of a weak management situation.
True
When assessment delinquencies increase, the manager should investigate the reasons for the
increase as soon as possible and as objectively as he or she can. In addition, if the demands of the
community association and the board of directors are unreasonable or exceed the manager's ability
to perform the required services, it is the manager's responsibility to communicate this to the board
before it creates a weak management situation.
Complete the following sentence: A ________________ is a statement of goals and objectives
approved by the board that includes the yearly cycle of tasks that management should perform on
the community association's behalf.
a. management audit
b. management contract
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller LectAziim. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.89. You're not tied to anything after your purchase.
