M100 Study guides, Class notes & Summaries

1. Community Association: Mandatory memberships, mutually binding contracts, lien-based assements 2. Purpose of community association: Provide for the community, business, and governance aspects of the association 3. Basic types of community association: Planned communities, condominium, and cooperatives 4. Planned community: HOA, owner association 5. Condominium: Owner of his/her unit 6. Cooperative: Owns stock/holds lease 7. Types of community associations: Master/umbrella, Mixed use dev...

1. Characteristics of a Community Association: Mandatory membership Mutually binding documents Lien-based assessments 2. Purposes of a Community Association: Business - Not for profit Government - Runs like a mini-government Community - Mutual reasons for buying into area 3. 3 Basic Types of Community Associations: Planned Community - Owners owns his lot/living unit and community owns common areas (tennis courts, basket- ball courts, etc.). Condominium - Individual owns unit and undivided i...

1. Each of the following are key characteristics of a community association EXCEPT A. Mandatory lien-based economic charges or assessments are levied on each owner in order to operate and maintain the community association. B. Membership in the ca is mandatory and automatic for all owners. C. A requirement of ca ownership is attending board meetings D. Certain documents bind all owners to be governed by the community ANS C. A requirement of community association ownership is attending boa...

1. When is a CIC created? ANS A CIC is created when the declaration (CC&Rs) is recorded with the county. No later than the date the first unit is conveyed 2. How many elected board members are required under NRS 116B, once the declarant's control of a condominium hotel terminates? ANS 3 3. A common interest community is? ANS Real estate described in a declaration in which individual unit owners are required to pay a portion of the expenses related to the common elements. 4. in addition to...

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M100 COMMUNITY ASSOCIATION MANAGEMENT LATEST EXAM 2024/2025 WITH CORRECT ANSWERS GRADED A

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