Unit 6 Quiz - Financial Responsibilities of the Association

Which MUST officers and directors of associations adhere to in carrying out their responsibilities?

What defines association membership?

How many membership meetings MUST every association hold per year?

How is the date and time of the annual membership meeting established?

How many days before the annual membership meeting MUST notice be given?

Which is an acceptable way for giving notice of a meeting?

What percentage of membership attendance is needed to establish a quorum?

What type of motion introduces a new topic?

How many days before a board of directors' meeting MUST notice be given?

How much notice MUST board members and members be given in advance of a board of directors' meeting?

How long MUST the association maintain electronic records related to voting by unit owners?

Which records MUST be kept permanently by condominium associations?

Official records of the association MUST be made available to unit owners within _______ miles of the condominium property or county where the property is located.

Unit 6 Quiz - Association Business

Officer/Director Responsibilities: Adhere to governing documents, applicable laws, and potentially parliamentary procedures.
Membership Definitions: Defined by articles of incorporation, bylaws, and state law.
Membership Meetings: Associations must hold at least one annual meeting per year.
Meeting Dates: The date and time of annual meetings are determined by bylaws or state law; possibly a membership vote.
Meeting Notice: Notice of the annual membership meeting needs to be given at least 14 days in advance.
Meeting Notice Methods: Acceptable methods are mailed to the last known address, delivered in person, or electronically transmitted.
Quorum Requirements: A quorum requires either 15% of total voting interests for HOAs or 30% for timeshare associations.
Motion Types: A "main motion" introduces a new topic.
Board Meeting Notice: Board meetings require at least 48 business hours' notice.
Member Board Notification: Board members and potentially all members need at least 24 hours’ advance notice for board meetings.
Electronic Record Retention: Associations must keep electronically recorded voting-related documents for at least five years.
Permanent Records (Condominiums): Condominium associations must maintain articles of incorporation, declarations, bylaws, and rules permanently.
Minutes of Meetings: Minutes of meetings are also permanently maintained, along with accounting records for the association.
Official Record Availability: Official association records must be accessible within a specific range of distance from the property. This range is 10, 15, or 30 miles, or within the county.

Test your knowledge on the responsibilities of officers and directors in association business. This quiz covers membership definitions, meeting requirements, notice methods, and quorum standards. Ensure you're familiar with the essential governance principles for effective management.