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10 Cards in this Set
- Front
- Back
What is defined as real or personal property owned by two or more entities with legal binding agreement to share responsibilities and costs for maintenance and administration of property?
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Community Association
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Community associations are also known as ?
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CIRA - Community Interest Realty Associations
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What are both communities and businesses?
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Community Associations
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What are the 5 type of community associations?
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Condominium
Cooperative Time Share Mobile Home Park Mandatory HOA |
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What must you examine to determine the type or legal structure of the association?
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Association Docs
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Which of the five type of community associations are not included?
1. Condominium 2. Cooperative 3. Time Share 4. Mobile Home Assoc |
Mandatory HOA is # 5
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Community Associations have which type of corporations to manage and operate the association?
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For Profit &
Not for Profit (Typical) |
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What are the three specific requirements of a Community Association?
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1. Membership is Mandatory
2. Members have the right to vote 3. An assessment, if unpaid, can become a lien on the property. |
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These are the elements of?
-Unit -Common Property/Area -Limited Common Elements -Association Property -Appurtenances (Accessory Rights) |
Community Association
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What is the primary purpose of a community association?
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1. Preserve, Protect and Enhance the value of the community and assets.
2. Enhance the lifestyle of the community 3. Provide a harmonious community |