M-100 - CH 1 Exam Questions With 100% Correct Answers 2024, Exams of Advanced Education

Download M-100 - CH 1 Exam Questions With 100% Correct Answers 2024 and more Exams Advanced Education in PDF only on Docsity! M-100 - CH 1 Exam Questions With 100% Correct Answers 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 - Correct Answer-C. A requirement of community association ownership is serving on the board of directors True or False. The primary purpose of a community association is to provide for the governance, business, and communal aspects of the association. - Correct Answer-True Each of the following are basic types of residential community associations EXCEPT: pg. 1 professoraxe l A. Planned community B. Townhouse C. Cooperative D. Condominium - Correct Answer-B. Townhouse 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 - Correct Answer-D. general resolution True or False. The purpose of a community association's governing documents is to provide for the legal structure and operation of the community - Correct Answer-True 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 - Correct Answer- False pg. 2 professoraxe l