Module 1 Lesson 1 Flashcards
What (4) things do articles of incorporation do?
- bring into existence
- define purpose and powers
- will stock be issued
- # of board members and initial board
Articles of incorporation:
What are (3) benefits of incorporating?
1) easier to deal with utility companies
2) rights granted to all corporations
3) limited liability (owners)
The proprietary lease or occupancy agreement does what?
regular lease
- stock holder who exclusively occupy
- terms and rent
- establish powers and obligations
- what causes termination
The declaration, master deed, or CCR generally:
- define who owns what
- bind owners
- ARC standards
- framework for operation and management
- mechanism for financial support (assessments)
- transition from developer to owner
How do you create “chain of title”?
When deeds are recorded in the land records.
What are examples of the rules and restrictions set forth by the governing documents?
- protect community and owners
- enhance property
- promote harmonious living
What do the community associations governing documents do?
- rights and obligations
- binding relationships
- establish governing and funding operations
- set forth rules and regs
What is the purpose of a community associations governing documents?
Provide legal structure and operation
What are (4) acts developed by the uniform law commission?
1) uniform condo act
2) uniform planned communities act
3) model real estate cooperative act
4) uniform common interest ownership act
What are (4) sources of legal obligations for community associations?
- federal law, state statutes, local ordinances, case law
- standards by professional bodies (AICPA) American Institute of certified Public Accountants
- lender requirements
- governing docs
This federal law regulates minimum wage & overtime.
Applies to public and private employment one-and-one half times rate of pay.
FLSA
Fair Labor and Standards Act
These are significant provisions of the fair housing act that impact community associations.
1) 55 and older
2) reasonable accommodations/ modifications
3) maintenance
5) pets/ service animals
6) disruptive residents
What are (2) example of specific state statues?
1) condo act
2) planned community act
This federal law regulates over-the-air reception devices.
OTARD
Satellites
FCC
Federal Communications Connission
“Telecommunications Act of 1996”
This federal law regulates classes. Prohibits discrimination in hiring, promotion, dismissal, compensation, and working conditions.
EEOC
Equal Employment Opportunity Commission
