M-100 Quiz (All Sections) Study Guide Questions And Correct Answers

True or False. The public offering statement is a governing document, as it often distributed along with the governing documents. {Ans: False}True or false. The basic authority in a community association lies with the developer. {Ans: False. It lies with the owners}Each of the following are benefits to using the resolution process to adopt rules EXCEPT: a. Provides an informal approach to making rules b. Protects owners from arbitrary board actions c. Protects the community from charges that could result in inoperable rules d. Provides for consistency in making and wording rules {Ans: a. provides an informal approach to making rules}True or false. Using alternative dispute resolution to encourage residents to comply with rules and guidelines is more costly and time consuming than going through the court system. {Ans: False}Each of the following legal sources specify management authority and responsibilities for community associations EXCEPT: a. survey data b. state statutes c. community association governing documents d. court decisions {Ans: A. Survey data}Each of the following are sections of a resolution EXCEPT: a. Authority b. Purpose c. Scope and Intent d. Self help {Ans: d. self help}