SOLVED- ELABORATED-CMCA Property Maintenance II Latest for 2022

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SOLVED- ELABORATED-CMCA Property Maintenance II Latest for 2022Governance, Legal, and Ethical Conduct Budgets, Reserves, Investments, and Assessments Contracting Financial Controls Risk Management and... Insurance Property Maintenance Meetings Human Resources CMCA Property Maintenance II Latest Resolution - |Ans| >> Is a motion that follows a set format and is formally adopted by the board of directors. Community Association - |Ans| >> Is a legal entity in which the owners enjoy the protection, enhancement, maintenance and preservation of their homes and property. Characteristics of a Community Association - |Ans| >> Mandatory membership, mutually binding documents and lien-based assessments. Lien - |Ans| >> Is a 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. Types of Community Associations - |Ans| >> Planned Community, Condominium and Cooperative. Proprietary Lease or Occupancy Agreement - |Ans| >> Defines the member or stockholder's rights and obligations in relation to the living unit. Master or Umbrella Associations - |Ans| >> A master or umbrella association consists of more than one residential community association. Mixed-use Developments - |Ans| >> A mixed-use development usually consists of a mixture of residential and commercial and/or industrial uses. "55 and Older" Communities - |Ans| >> Must have one person who is 55 years of age or older living in at least 80% of its occupied units. Legal Obligations for a Community Association - |Ans| >> Federal, state, and local statues, regulations, and case law; Governing Documents; Lender Requirements (FHA, Fannie Mae, Freddie Mac); Standards set by professional bodies (AICPA). General State Statutes - |Ans| >> Applies to all types of associations, including community associations (for example, regular corporate or not-for-profit corporate statutes). Specific State Statutes - |Ans| >> Applies to only one of the types of community associations, takes precedence over any general statute and takes precedence over the association's governing documents (for example, condominium act, planned community act). Uniform State Statutes - |Ans| >> National Conference of Commissioners on Uniform State Laws draft generic, content-specific wording for topical issues to encourage uniformity among the states. Prof.Exams Purpose of Governing Documents - |Ans| >> To provide for the legal structure and operation of a community association. Governing Documents - |Ans| >> Define the rights and obligations of both the community association and its owners; create a binding relationship between each owner and the community association; establish the mechanisms for governing and funding the community association's operations; set forth rules and standards. General Hierarchy of Authority of Governing Documents - |Ans| >> Recorded map, plat, or plan; Declaration, CC&Rs, master deed; Proprietary lease or occupancy agreement; Articles of Incorporation; Bylaws; Board Resolutions (cannot conflict with documents above it in the hierarchy). The Articles of Incorporation - |Ans| >> Bring the corporation into existence; define its basic purposes and powers; indicate whether stock will be issued; indicate the number of board members and identify the initial board. Benefits of incorporating - |Ans| >> Limit liability of individual owners; right granted all corporations; easier to deal with utility companies, vendors, etc; grants the board of directors the same rights as all board members of incorporated entities under state statutes. Bylaws - |Ans| >> Formal procedures for the administration and management of a community association (for example, meeting procedures - including voting rights, board powers and duties, indemnification of officers and directors). Public Offering Statement - |Ans| >> Provides association information to first prospective buyers in a new community; required by state statute; not considered a governing document. Rule, also called a rule or regulation - |Ans| >> Is a specific statement of required behavior or action, a violation of which carries a penalty (sometimes called a sanction). Architectural Guideline - |Ans| >> Is a rule that applies to the appearance of an owner's lot of the exterior of his or her unit or improvements. Resolution Format - |Ans| >> Purpose, Authority, Scope and Intent, and Specifications. Due Process Procedure - |Ans| >> A formal process to protect the rights of all parties. Alternative Dispute Resolution - |Ans| >> It involves submitting a dispute to a trained, uninvolved third party for assistance with solving a problem. Arbitration - |Ans| >> Is a process in which a third party - called the arbitrator - renders a decision as to the respective liabilities of all parties. Prof.Exams Mediation - |Ans| >> Is a non-adversarial process that is intended to bring about a "win-win" resolution. In this process a neutral third party - called a mediator - attempts to guide the parties into reaching a resolution or settlement that is favorable to everyone. Internal Resources for Enforcement - |Ans| >> Suspend voting rights, suspend use of amenities, fines, eviction, and self-help corrections. External Resources for Enforcement - |Ans| >> Police/fire, animal control, zoning, building/planning, and health. Cease and Desist - |Ans| >> Specific description of the alleged violation, the action required to resolve the alleged violation, a specific time within which the alleged violation must be corrected, and the penalty (sanction) which may be imposed after a hearing if the alleged violation is not corrected within the stated time (specified by state statute, your governing documents or board resolution). Hearing Notice - |Ans| >> A written notice to an alleged violator that a hearing will be held to consider his or her alleged violation. Hearing - |Ans| >> This is a fact-finding session. It is an inquiry into the allegations and an investigation of them. Default hearing - |Ans| >> A default hearing is one held when the alleged violator fails to appear. Appeal - |Ans| >> An appeal is a request for a review of a case by a higher authority - if permitted by the governing documents, resolution or statute. Eviction - |Ans| >> The process of physically removing a tenant (not an owner) from a property. This process involves a local court system and the use of an attorney. Do not consider this alternative without consulting your community's attorney. Many jurisdictions do not permit eviction as a remedy for violations. Self Help - |Ans| >> The community association takes action to correct the violation itself. Do not consider this potentially dangerous alternative without consulting your community's attorney. Budget - |Ans| >> An annual financial plan for an organization - in this case, a community association. It provides an estimate of a community's revenue and expenses for a specific period of time. it is the first step to managing your community's financial operations. Sources of Budget Requirements - |Ans| >> Governing documents, local laws and regulations, federal laws and regulations, and state statutes, regulations and case law. Budget Components - |Ans| >> Revenue and Expenses Prof.Exams Revenue - |Ans| >> Consists of the collective items or amounts of income which, in the case of a commu#Applications and Forms #CMCA #Exam #Prep #CMCA #Examination #You #Passed. #Standards of #Professional #Conduct #MaintainingtheCMCA #CMCA #Retired #State #Specific #Requirements #Community [Show More]

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