M100 Exam Questions with correct Answers
Loading document ...
Loading page ...

Description

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.

Subject :
Education
Unit Code:
Unit: Exam
Price: $10.00

Recommended for you