M100 Community Association Management Exam Questions with correct Verified Answers (Latest Update 2024)

M100 Community Association Management
Exam Questions with correct Verified
Answers (Latest Update 2024)
Each of the following are key characteristics of community associations 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 community association is mandatory and automatic for all owners. c. A requirement of community association ownership is serving on the board of
directors. d. Certain documents bind all owners to be governed by the community association. - Answer- c. A requirement of community association ownership is serving on the board
of directors. This is one of the three key characteristics common to all community associations. Members of an association are not legally required to serve on the board of directors;
however, the overall success on the community is dependent upon the members' involvement its affairs. True or False. The primary purpose of a community association is to provide for the
governance, business, and communal aspects of the association. - Answer- True
Providing for the governance, business, and communal aspects of the association is
achieved by administering, maintaining, and enhancing a residential real estate
development, and through the establishment of a system of property rights, binding
covenants and restrictions, and rules and regulations. Each of the following are basic types of residential community associations EXCEPT:
a. Planned community
b. Townhouse
c. Cooperative
d. Condominium - Answer- b. Townhouse
While many community associations are indeed townhouse communities, not all such
developments are necessarily associations. A community association is defined in
terms of ownership rights—not architectural style. Adoption of the annual budget is an example of which of the following type of resolution?
a. policy resolution
b. administrative resolution
c. special resolution
d. general resolution - Answer- d. general resolution
General resolutions involve routine events such as adoption of the annual budget. True or false. The purpose of a community association's governing documents is to
provide for the legal structure and operation of the community. - Answer- True
The governing documents define the rights and obligations of both the community
association and its owners, create a binding relationship between each owner and the
community association, and establish the mechanisms for governing and funding the
community association's operations. True or false. According to the general hierarchy of authority for governing documents,
the bylaws would control in a conflict with the recorded map, plat, or plan. - Answer- False
As a general rule, documents lower in the hierarchy of authori