GOLD COAST CAM LICENSE EXAM WITH

GOLD COAST CAM LICENSE EXAM WITH
Question 1: What is a legally binding agreement?
CORRECT ANSWER: It is structured by formal, legal
documents that define property rights, rules and
restrictions. It grants rights and/or imposes liabilities and
responsibilities on the community association and
members. It provides governance, business, and
communal aspects of administering, maintaining and
enhancing the property. Could also be considered a
"contract".
Question 2: What is a legally binding agreement referred
to in certain community associations?
CORRECT ANSWER: A covenant
Question 3: What is a community association?
CORRECT ANSWER: Real or personal property,
owned by two or more entities, with a legally binding
agreement to share responsibility for of maintenance and
administering and maintaining the property and its assets
with specific rights granted to the members

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