M-100 THE ESSENTIALS OF COMMUNITY ASSOCIATION MANAGEMENT WITH COMPLETE SOLUTIONS 100%
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M100
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M100
M-100 THE ESSENTIALS OF COMMUNITY ASSOCIATION MANAGEMENT WITH COMPLETE SOLUTIONS 100%
community association
legal entity in which the owners enjoy the protection, enhancement, maintenance & preservation of their homes & property
community association has 3 defining characteristics
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M-100 THE ESSENTIALS OF COMMUNITY
ASSOCIATION MANAGEMENT WITH COMPLETE
SOLUTIONS 100%
community association
legal entity in which the owners enjoy the protection, enhancement, maintenance & preservation of
their homes & property
community association has 3 defining characteristics
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
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?
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
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)
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
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
Cooperative; person owns stock or membership; holds a proprietary lease or occupancy agreement
for his living unit
Proprietary lease or occupancy agreement
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:
Master or umbrella associations: consists of more than 1 residential community association.
, Second type
Mixed-use development-consists of a mixture of residential & commercial &/or industrial uses
grouped together.
Third type
55 & older communities; must have 1 person who is 55 of age or older living in at least 80% of
occupied units.
Sources of legal obligations for a community association
Federal, state & local statues, regulations, & case law
second source
legal documents unique to the community association that bind the association & its owners
third source
lender requirements; requirements set by secondary institutions (ex; FHA, Fannie Mae)
fourth source
standards set by professional bodies; ex: auditing standards set the American Institute of CPAs
Types of Federal Laws applying to community associations
Equal employment opportunity commission (EEOC); federal govt prohibits discrimination against
otherwise qualified people in hiring, promotion, dismissal, based on specific characteristics like race &
ethnicity, age, color, gender, religion
second federal law
Fair Debt Collection Practices act: protect debtors from unscrupulous debt collects & to impose a
consistent & fair method to collect debts.
third federal law
Fair Labor & standards act (FSLA); dictates standards for the basic minimum wage & overtime pay
fourth federal law
Family & Medical Leave Act (FMLA); requires employers of 50 or more employees to provide up to 12
weeks of unpaid, job-protected leave to eligible employees for birth or adoption of a child or serious
illness of the employee or spouse, child or parent.
fifth federal law
Federal Insurance contributions act (FICA)
sixth federal law
Occupational Safety & Health Act (OSHA)
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