Chapter 1 Terms Flashcards
What are Articles of Incporation
Spells out the essential elements of ownership for a cooperative because ti is a corporation. The cooperative comes into existence when the articles are recorded or filed.
What are Book of Resolutions
A book in which resolutions are kept providing orderly, indexed record of those adopted by the board
What are bylaws
formally adopted governing regulations to support the administration and management of the CA
What areCC&Rs
Covenants, Conditions, & Restrictions
Land ownership = bundle or rights
Covenants & Restrictions = provisions in deeds which define or limit rights of ownership i.e running with the land attached no matter who owns
Planned community exists when declaration or maters deed is created
= Declaration of convents, conditions and restrictions
What is a community association?
A group of owners who wish to provide a communal basis for preserving, maintaining, and enhancing their homes & property.
What is a condominium?
An individual owns their living unit and has undivided interest in the common elements of the community
What is a cooperative?
An individual owns stock or membership int eh cooperative and holds a proprietary lease or occupancy agreement of his or her living unit.
What is a declaration?
Is filed in the local recorder of deeds/registrars office so a condominium or planned community can come into existence.
What are governing documents?
They provide legal structure and operation of a community
- defining rights and obligations of management and owners
- create a binding relationship
- establish mechanisms for governing and funding
- Set forth rules and standards``
What is indemnification?
Exempting individuals/entities of responsibility against said claims made against them
Allow for reimbursement of individual/entity of damages incurred as result of such claims
What is a master association?
Consists of more than 1 residential CA (i.e. Umbrella Association)
What is a master deed?
Bundle of documents that spell out essentials of ownership filed allowing for CA to come into existence
What is a mixed use development?
Consists of residential and commercial/industrial uses/property grouped together.
What is an occupancy agreement?
Defines the member or stockholders rights and obligations in relation to the living unit.
What is a public offering statement?
Not a governing document
A disclosure statement providing information on CA to prospective buyers (this is a mandated state statute)
