100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
M-100 The Essentials of community association management Knowledge Check with Correct Answers| Latest 2024/2025. $11.49   Add to cart

Exam (elaborations)

M-100 The Essentials of community association management Knowledge Check with Correct Answers| Latest 2024/2025.

 2 views  0 purchase
  • Course
  • M100
  • Institution
  • M100

Cooperative An individual owns (1) owns stock or membership in the cooperative, (2) holds a proprietary lease or occupancy agreement for his/her living unit. *another name is Stock Cooperative General resolutions Involve routine events such as approving the meeting minutes Sources of auth...

[Show more]

Preview 3 out of 16  pages

  • November 13, 2024
  • 16
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • m 100
  • M100
  • M100
avatar-seller
AcademiaExpert
M-100 The Essentials of community association
management Knowledge Check with Correct
Answers.


Cooperative An individual owns (1) owns stock or membership in
i.-i.- i.- i.- i.- i.- i.- i.- i.- i.- i.- i.-



the cooperative, (2) holds a proprietary lease or occupancy agreement
i.- i.- i.- i.- i.- i.- i.- i.- i.- i.-



for his/her living unit. *another name is Stock Cooperative
i.- i.- i.- i.- i.- i.- i.- i.-




General resolutions
i.- i.-i.- Involve routine events such as approving the
i.- i.- i.- i.- i.- i.- i.- i.-



meeting minutes i.-




Sources of authority
i.- State statutes and court decisions, governing
i.- i.-i.- i.- i.- i.- i.- i.- i.- i.-



documents, Board of Directors, owners (limited)
i.- i.- i.- i.- i.-




Proprietary lease or occupancy agreement
i.- The member or
i.- i.- i.- i.-i.- i.- i.- i.- i.-



stockholders rights and obligations in relation to the living unit
i.- i.- i.- i.- i.- i.- i.- i.- i.-




Specialized community associations i.-Master or Umbrella i.- i.-i.- i.- i.- i.- i.-



association, mixed-use development, 55 and older communities
i.- i.- i.- i.- i.- i.-




Master or umbrella associations
i.- i.- i.- i.-i.- i.- Consist of more than one i.- i.- i.- i.- i.-



residential community association
i.- i.-

,Mixed-use development Consists of a mixture of residential and
i.- i.-i.- i.- i.- i.- i.- i.- i.- i.- i.-



commercial and/or industrial uses group together. "Live. Work. Play"
i.- i.- i.- i.- i.- i.- i.- i.-




55 and older communities
i.- i.- Must have one person who is 55 years
i.- i.-i.- i.- i.- i.- i.- i.- i.- i.- i.- i.-



of age or older living in at least 80% of its occupied units
i.- i.- i.- i.- i.- i.- i.- i.- i.- i.- i.- i.-




Community Association Legal entity in which the owners enjoy the
i.- i.-i.- i.- i.- i.- i.- i.- i.- i.- i.- i.-



protection, enhancement, maintenance, and preservation of their
i.- i.- i.- i.- i.- i.- i.-



homes and propertyi.- i.-




Three defining characteristics of Community Association
i.- i.- i.- i.- i.- i.-i.- i.-



Mandatory Membership, Mutually Binding Documents, and Lien-Based
i.- i.- i.- i.- i.- i.- i.-



Assessments


Mandatory Membership Membership in the community
i.- i.-i.- i.- i.- i.- i.- i.-



association is mandatory and automatic for all owners
i.- i.- i.- i.- i.- i.- i.-




Mutually Binding Documents
i.- Certain association governing i.- i.-i.- i.- i.- i.- i.-



documents bind the owner and the association to each other through
i.- i.- i.- i.- i.- i.- i.- i.- i.- i.- i.-



mandated actions i.-




Lien-Based Assessments Mandatory lien-based assessments
i.- i.-i.- i.- i.- i.- i.-



(maintenance fees) are levied on each owner in order to operate and
i.- i.- i.- i.- i.- i.- i.- i.- i.- i.- i.- i.-



maintain the community association
i.- i.- i.-

, Three types of Community Associations
i.- i.- i.- i.- i.-i.- i.- Planned Community, i.- i.-



Condominium, Cooperative i.-




Planned Community The most common type of community
i.- i.-i.- i.- i.- i.- i.- i.- i.- i.-



association. Owner owns his/her lot and/or living unit. Community
i.- i.- i.- i.- i.- i.- i.- i.- i.-



owns any common area for use and benefit of lot owners
i.- i.- i.- i.- i.- i.- i.- i.- i.- i.-




Condominium An individual owns: (1) His/Her living unit and (2) i.-i.- i.- i.- i.- i.- i.- i.- i.- i.- i.- i.-



An undivided interest in the common elements of the community.
i.- i.- i.- i.- i.- i.- i.- i.- i.- i.-



*Each owner owns a percentage of the common elements
i.- i.- i.- i.- i.- i.- i.- i.-




Sources of legal obligation
i.- (1) Federal, state and local statutes,
i.- i.- i.-i.- i.- i.- i.- i.- i.- i.- i.-



regulations and case law (2) legal documents unique to the community
i.- i.- i.- i.- i.- i.- i.- i.- i.- i.- i.-



association that find the association in owners (3) lender requirements
i.- i.- i.- i.- i.- i.- i.- i.- i.- i.-



(4) Standard set professional bodies
i.- i.- i.- i.-




Federal laws i.- i.-i.- i.- (1) EEOC, (2) FLSA, (3) FMLA, (4) FICA, (5) OSHA
i.- i.- i.- i.- i.- i.- i.- i.- i.-




EEOC i.-i.- i.- The Equal Employment Opportunity Commission.
i.- i.- i.- i.- i.-




Prohibits discrimination in hiring promotion dismissal etc.
i.- i.- i.- i.- i.- i.-




FLSA The Fair Labor Standards Act dictates standards for the basic
i.-i.- i.- i.- i.- i.- i.- i.- i.- i.- i.- i.- i.-



minimum wage and overtime pay i.- i.- i.- i.-

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

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

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

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 AcademiaExpert. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $11.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

80796 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$11.49
  • (0)
  Add to cart