CAI FINAL EXAM 150 QUESTIONS WITH 100% COMPLETE
AND CORRECT ANSWERS/A+ GRADE/2023 VERSION
Community Association - ANSWER legal entity in which the
... [Show More] owners enjoy the
protection, enhancement, maintenance and preservation of their homes and property.
What're the three defining characteristics of community associations? - ANSWER 1.
Membership in the community association is mandatory and automatic for all owners
2. Certain association governing documents bind the owner and the association to each
other through mandated actions.
3. Mandatory lien-based assessments (maintenance fees) are levied on each owner in
order to operate and maintain the community association.
What is a lien? - ANSWER legal claim by one party (community association) on the
property of another (delinquent owner) to obtain the payment of a debt or the
satisfaction of an obligation.
What is the primary purpose of a community association? - ANSWER Purpose is to
provide for the community, business, and governance aspects of the association. This is
done 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.
What're the 3 types of basic residential community associations? - ANSWER 1. Planned
Community
2. Condominium
3. Cooperative
What is a planned community? - ANSWER Owner owns his or her own long and/or
living unit
The community owns any common areas, such as tennis courts and roads for the use
and benefit of the lot owners.
What is a condominium? - ANSWER The individual owns his or her living unit and an
undivided interest in the common elements of the community. Each owner owns a
percentage of the common elements - which consist of everything except the living
units, ex. pool or lobby. The community association itself owns no real estate as an
association.
What is a cooperative association? - ANSWER An individual owns stock or membership
in the cooperative and holds a proprietary lease or occupancy agreement for his or her
living unit.
What is a proprietary lease or occupancy agreement? - ANSWER defines the member
or stockholder's rights and obligations in relation to the living unit.
CAI FINAL EXAM 150 QUESTIONS WITH 100% COMPLETE
AND CORRECT ANSWERS/A+ GRADE/2023 VERSION
The 3 types of residential community associations can exist by themselves or they can
be grouped in clusters called: - ANSWER 1. Master or umbrella associations
2. Mixed-use developments
3. "55 and Older" Communities
What is a Master or Umbrella Association? - ANSWER A master or umbrella
association consists of more than one residential community association.
What is a Mixed-Use Development? - ANSWER A mixed-use development usually
consists of a mixture of residential and commercial and/or industrial uses group
together. Their marketing slogan is often "live, work, play".
What is a "55 and Older" Community? - ANSWER Must have one person who is 55
years of age or older living in at least 80% of its occupied units.
What is the Equal Employment Opportunity Commission (EEOC)? - ANSWER The
federal government prohibits discrimination against otherwise qualified people in hiring,
promotion, dismissal, compensation, and working conditions based on specific personal
characteristics including:
-race and ethnicity
-color
-national origin
-age
-gender
-religion
-pregnancy
-disability
What is the Fair Debt Collecti [Show Less]