CMCA Study Guide QUESTIONS AND ANSWERS 100% CORRECT| 160 QUESTIONS WITH COMPLETE SOLUTIONS

Document Content and Description Below

CMCA Study Guide QUESTIONS AND ANSWERS 100% CORRECT| 160 QUESTIONS WITH COMPLETE SOLUTIONS Articles of incorporation Correct Answer: Bring the corporation 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 Correct Answer: Formally adopted governing regulations for the administration and management of a community association CC & Rs (Covenants, Conditions & Restrictions) Correct Answer: The governing documents that dictate how the homeowners association operates and what rules the owners—and their tenants and guests — must obey. These legal documents might also be called the bylaws, the master deed, the houses rules or another name. These documents and rules are legally enforceable by the homeowners association, unless a specific provision conflicts with federal, state or local laws Community association Correct Answer: A group of owners who wish to provide a communal basis for preserving, maintaining, and enhancing their homes and property Condominium Correct Answer: A living unit 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 Correct Answer: Wherein an individual owns stock or membership in the cooperative, and holds a proprietary lease or occupancy agreement for his or her living unit Declaration Correct Answer: Used interchangeably with CC & Rs Governing documents Correct Answer: Documents which provide for the legal structure and operation of the community Indemnification Correct Answer: 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 Correct Answer: An organization of homeowners in a large condominium or planned unit development (PUD) which includes representatives from other, smaller homeowner organizations Mixed use development Correct Answer: A development which is designed to mix two or more [Show More]

Last updated: 5 months ago

Preview 1 out of 18 pages