M100 Exam Study Guide
Community Association (Ans- Mandatory memberships, mutually binding contracts, lien-based assessments
Purpose of community association (Ans- Provide for the community, business, and governance aspects of the association
Basic types of community association (Ans- Planned communities, condominium, and cooperatives
Planned community (Ans- HOA, owner association
Condominium (Ans- Owner of his/her unit
Cooperative (Ans- Owns stock/holds lease
Types of community associations (Ans- Master/umbrella, Mixed use development, 55 and older
Association derives legal obligation from (Ans- Federal, state and local laws- legal documents, lender requirements, standards set by professional bodies
EEOC (Ans- Equal employment opportunity commission
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Equal employment opportunity commission (Ans- Prohibits discrimination in hiring, promoting, etc.
FLSA (Ans- Fair Labor Standards Act
Fair Labor Standards Act (Ans- Dictates standards for minimum wage
FMLA (Ans- Family Medical Leave Act
Family Medical Leave Act (Ans- Provides for unpaid leave for various medical issues
FICA (Ans- Federal Insurance Contributions Act
OSHA (Ans- Occupy Safety Health Act
Occupy Safety Health Act (Ans- Outlines safety guidelines for employees
FCC (Ans- Federal Communications Commission
Federal Communications Commission (Ans- Regulates what restrictions associations have on antennas and satellite dishes
State statues (Ans- General, specific, uniform
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General state statutes (Ans- Apply to all organizations
Specific state statutes (Ans- Apply to only one or more types of community associations
Uniform state statutes (Ans- Standardize laws in various states that affect community associations
Hierarchy of governing documents (Ans- Plat Declarations Articles Bylaws Rules
Bundle of rights (Ans- Declaration, CCR, master deed
What trumps articles?(Ans- Declaration
Plat/map (Ans- Shows precise location of each lot or unit
Declaration, CCRS, master deed (Ans- Establish the chain of title and rights of ownership for each piece of real estate
Proprietary lease (Ans- Defines member or stockholders right and obligations in a relative to the living unit
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