Term
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Definition
| Uniform Common Interest Ownership Act: a uniform law that applies to all communities where a unit or homeowner pays a share of the real estate taxes, insurance premiums, maintenance, or improvement expenses related to the development. |
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Term
| Why should unincorporated associations be avoided? |
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Definition
| they cannot defeind lawsuits in its own name...they must act through the members....which means unlimited liabilities to the members |
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Term
An unincorporated association can hold ownership of land.
T/F X |
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Definition
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Term
Membership in the HOA is automatic.
T/F |
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Definition
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Term
| In what ways does a HOA "act"? X |
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Definition
- as an agent of the property owners
- as a third-party beneficiary of the covenants in the declaration.
- as the assignee of the developer
- "convenient instrument by which the property owners may advance their common interests"
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Term
| What determines the powers, functions, title, rights, and duties of the HOA? X |
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Definition
| The declaration, the corporate charter and bylaws, and the state's not-for-profit corporation law |
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Term
| Where may liability fall in a HOA? |
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Definition
- upon the association itself
- the officers
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Term
| What are the stages in transfer of control of common areas? X |
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Definition
- Land acquisition and assembly
- Rezoning and plat approval
- Preparation, execution, and recording of declaration
- Up to this point the declaration lacks efficacy because the developer owns all the land
- Developer deeds out units
- At this stage the HOA is still in control of the developer, but his interest will decrease as sales proceed
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