Unit 4 Quiz - Association Structure and the roles and responsibilities of the developer and unit owners

Unit 4 Quiz - Study Notes

• Question 1: Restrictive covenants "run with the land."

• Question 2: A document establishing formal regulations for a residential community is a Declaration of Covenants and Restrictions.

• Question 3: A valid declaration of condominium must include a legal description of the land, unit owner's membership and voting rights, and bylaws.

• Question 4: The entity responsible for maintaining and managing a community is established by the Articles of Incorporation, bylaws, statutes, and state laws.

• Question 5: Association operation is governed by bylaws, state laws, and municipal regulations.

• Question 6: A condominium or cooperative document, without a vote requirement, necessitates a minimum of two-thirds of eligible voting interests.

• Question 7: Alterations to common elements require 75% of voting interests.

• Question 8: Community associations are created by developers.

• Question 9: Developers must disclose important information about condominiums or cooperatives, including existing rental programs, and any age restrictions, during sales programs.

• Question 10: If a mandatory membership cooperative owner doesn't pay assessments, the association can file a lien against the unit and foreclose.