🎴 Flashcard Mode
Real Estate Homeowners Associations and Condominiums
Card1 / 15
Mastered0
Review0
QuestionClick to flip
What is a homeowners association (HOA)?
AnswerClick to flip back
A
A nonprofit organization that manages and maintains a residential community
💡 Explanation:
A homeowners association (HOA) is a nonprofit organization that is responsible for managing and maintaining a residential community. It is typically made up of elected homeowners who volunteer their time to oversee the community's common areas, enforce the community's rules and regulations, and collect dues from homeowners.