M-100 COMMUNITY ASSOCIATION MANAGEMENT WITH COMPLETE SOLUTIONS 100% Correct
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Course
M100
Institution
M100
M-100 COMMUNITY ASSOCIATION MANAGEMENT WITH COMPLETE SOLUTIONS 100%
Community Association
is a legal entity in which the owners enjoy the protection enhancement maintenance and preservation of their homes and property
What are the three characteristics of a Community Association
Mandatory M...
m 100 community association management with comple
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M100
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M-100 COMMUNITY ASSOCIATION MANAGEMENT
WITH COMPLETE SOLUTIONS 100%
Community Association
is a legal entity in which the owners enjoy the protection enhancement maintenance and
preservation of their homes and property
What are the three characteristics of a Community Association
Mandatory Membership
mutually binding documents
lien based assesments
Is membership in the community association is?
Mandatory and automatic for all its owners.
Why are mandatory lien based assessments (maintenance fees) levied on each owner
In owner in order to operate and maintain the community association
What is the primary purpose of a community association
To provide for the community, business, and governance aspects of the association.
What are the three basic types of Community Associations
Planned Community
Condominium
Coopperative
The National Conference of Commissioners on Uniform State Laws uses the term _______________
to refer to the most common type of community association.
Planned Community
In a planned community
Owner owns his or her lot/living unit and the community owns any common areas such as tennis
courts and roads for the use and benefit of the lot owners.
In a condominium
An individual owns his or her living unit and
undivided interest in the common elements of the community.
Each owner owns a percentage of the common elements....pool or lobby. The community association
itself owns no real estate as an association.
In a Cooperative
An individual owns stock or membership.
Holds a proprietary lease or occupancy agreement for his or her living unit.
For most cooperatives, the community association owns all of the real estate as a not for profit
corporation. There are some that are for profit entities.
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