Community Association - Answer- Legal entity in which the owners enjoy the protection, enhancement, maintenance, and preservation of their homes and property
Three defining characteristics of Community Association - Answer- Mandatory Membership, Mutually Binding Documents, and Lien-Based Assessm...
M100 Exam Questions with correct Answers Community Association - Answer- Legal entity in which the owners enjoy the protection,
enhancement, maintenance, and preservation of their homes and property
Three defining characteristics of Community Association - Answer- Mandatory Membership, Mutually Binding Documents, and Lien-Based Assessments
Mandatory Membership - Answer- Membership in the community association is mandatory and automatic for all owners
Mutually Binding Documents - Answer- Certain association governing documents bind the owner and the association to each other through mandated actions
Lien-Based Assessments - Answer- Mandatory lien-based assessments (maintenance fees) are levied on each owner in order to operate and maintain the community association
Three types of Community Associations - Answer- Planned Community, Condominium, Cooperative
Planned Community - Answer- The most common type of community association. Owner owns his/her lot and/or living unit. Community owns any common area for use and benefit of lot owners
Condominium - Answer- An individual owns: (1) His/Her living unit and (2) An undivided interest in the common elements of the community. *Each owner owns a percentage of the common elements
Cooperative - Answer- 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
Proprietary lease or occupancy agreement - Answer- The member or stockholders rights and obligations in relation to the living unit
Specialized community associations - Answer- Master or Umbrella association, mixed-
use development, 55 and older communities
Master or umbrella associations - Answer- Consist of more than one residential community association Mixed-use development - Answer- Consists of a mixture of residential and commercial and/or industrial uses group together. "Live. Work. Play"
55 and older communities - Answer- Must have one person who is 55 years of age or older living in at least 80% of its occupied units
Sources of legal obligation - Answer- (1) Federal, state and local statutes, regulations and case law (2) legal documents unique to the community association that find the association in owners (3) lender requirements (4) Standard set professional bodies
Federal laws - Answer- (1) EEOC, (2) FLSA, (3) FMLA, (4) FICA, (5) OSHA
EEOC - Answer- The Equal Employment Opportunity Commission. Prohibits discrimination in hiring promotion dismissal etc.
FLSA - Answer- The Fair Labor Standards Act dictates standards for the basic minimum
wage and overtime pay
FMLA - Answer- The Family Medical Leave Act provides for unpaid leave for various medical issues
FICA - Answer- The Federal Insurance Contributions Act governs employee and employer contributions to Social Security
OSHA - Answer- The Occupational Safety and Health Administration outlines safety guidelines for employees
Declarations, CC&Rs, or Master Deeds - Answer- (1) Establish the chain of title and rights of ownership for each piece of real estate, (2) They set up the charter of the community association and typically detail voting rights remembers using rights of common property and limits on assessment fees, (3) They legally obligate purchasers of
homes or units to follow them and become binding on all owners once the developer sells the first homes or unit, (4) All three terms are sometimes used interchangeably
Proprietary lease for occupancy agreement - Answer- Defines the member or stockholders rights and obligations in relation to the living unit in a cooperative
Articles of incorporation - Answer- Documents that establish the corporation, if the association is incorporated
Bylaws - Answer- Formally adopted regulations for the administration and management of a community association, such as board member election, member voting rights, calling and conducting meetings, and duties of the board members
Resolutions - Answer- A motion that follows a set format and is formally adopted by the Board of Directors
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