CMCA TEST PREPARATION 2024 COMPLETE STUDY QUESTIONS WITH VERIFIED ANSWERS GUARANTEED PASS | RATED A+
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CMCA PREPARATION
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CMCA PREPARATION
CMCA TEST PREPARATION 2024 COMPLETE
STUDY QUESTIONS WITH VERIFIED
ANSWERS GUARANTEED PASS | RATED A+
Community Association - Answer>>> A legal entity in which the owners enjoy the protection,
enhancement, maintenance and preservation of their homes and property.
3 Characteristics of a...
CMCA TEST PREPARATION 2024 COMPLETE
STUDY QUESTIONS WITH VERIFIED
ANSWERS GUARANTEED PASS | RATED A+
I Wish You the Best in Your Studies and Exam Revision.
, Community Association - Answer>>> A legal entity in which the owners enjoy the protection,
enhancement, maintenance and preservation of their homes and property.
3 Characteristics of a Community Association - Answer>>> Membership is mandatory, mutually
binding documents and lien based assessments.
Purposes of a Community Association - Answer>>> Community, Business and Government.
Types of Community Associations - Answer>>> Planned Unit Development (PUD),
Condominium and Cooperative.
Planned Communities - Answer>>> Owner owns lot and living unit, community owns common
areas such as roads, tennis courts, pool, etc
Condominium - Answer>>> Owner owns unit and undivided interest in the common elements of
the community.
Cooperative - Answer>>> Owner owns stock in the cooperative and holds a proprietary lease for
the living unit.
Other Types of Community Associations - Answer>>> Master, Mixed use Developments and 55
and Older.
How does an Association derive its legal obligations - Answer>>> Federal, State and Local
statues/ CC&Rs, Lender Requirements (Fannie Mae & Freddie Mac) and Standards set by
professional bodies like AICPA.
Examples of Federal Laws applying to Associations - Answer>>> EEOC, FDCPA, Fair Housing
Act, Family and Medical Leave, Soldiers and Sailors, US Bankruptcy Code.
OTARD - Answer>>> Over the Air Reception Devices- overrides association's deed restrictions
Fair Housing Act - Answer>>> Prohibits discrimination in the sale, rental, financing, insuring
etc based on race, color, religion, or national origin.
General State Statutes - Answer>>> One that applies to associations- i.e. corporate or not for
profit.
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