CMCA - Governance and Legal Issues Questions and Answers 2024/2025
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Course
CMCA
Institution
CMCA
Articles of Incorporation
→ Brings the cooperation into existence, define its basic purposes and powers, indicate
whether stock will be issued, and indicate whether there will be a board of directors
Bylaws
→ Formally adopter governing regulations for the administration and management of a...
CMCA - Governance and Legal Issues
Questions and Answers 2024/2025
Articles of Incorporation
→ Brings the cooperation into existence, define its basic purposes and powers, indicate
whether stock will be issued, and indicate whether there will be a board of directors
Bylaws
→ Formally adopter governing regulations for the administration and management of a
community association
CC&R's
→ The governing documents that dictate how the homeowners association operates and
what tules the owners, and their tenants and guests, must obey. These legal documents
may be called Covenants, Conditions, and Restrictions, the Master Deed, the House
Rules, the Declaration, or another name.
Community Association
→ a group of owners who wish to provide a communal basis for preserving, maintaining,
and enhancing their homes and property
Condominium
→ a living until fully owned by an individual with an undivided interest in the common
elements of the community. The community association itself owns no real estate as an
association
Cooperative
→ wherein an individual owns stock or membership in the cooperative, and holds a
proprietary lease or occupancy agreement for his or her living unit
→ Documents which provide for the legal structure and operation of the community
Indemnification
→ to exempt an individual or entity from responsibility for claims made against the
organization and to reimburse the individual or entity for damages or expenses
incurred as a result of such claims
Master Association
→ an organization of homeowners in a large condominium or planned unit development
(PUD) which includes representatives from other, smaller homeowner organizations
Mixed use development
→ a development which is designed to mix two or more "uses" of land together (i.e.
shopping center which offers office space for dentist)
Planned community
→ the most common type of community association, where an owner owns his or her lot
and/or living unit and the community owns and common areas, such as tennis courts
and roads for the use and benefits of the lot owners
Proprietary lease
→ a rental agreement between a cooperative housing cooperation and a share holder
allowing is of a certain unit in the premises
Public offering statement
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