Agent William is working with buyers interested in Lawrenceville Lakes subdivision. The property owners association's financial statement shows significant reserves for future capital improvements. The buyers ask about potential assessment increases. What should William explain about the association's assessment authority?
Correct Answer
A) The association can increase assessments following procedures in governing documents and applicable law
Correct: A - The association can increase assessments following procedures in governing documents and applicable law. § 44-3-80, associations can increase assessments following proper procedures in governing documents. Why not B: This option is incorrect because "Only special assessments can be used for capital improvements, not regular assessment increases" does not match the rule tested by the question. The correct answer is "The association can increase assessments following procedures in governing documents and applicable law". § 44-3-80, associations can increase assessments following proper procedures in governing documents. Why not C: This option is incorrect because "Assessment increases are limited to 5% annually by state law" does not match the rule tested by the question. The correct answer is "The association can increase assessments following procedures in governing documents and applicable law". § 44-3-80, associations can increase assessments following proper procedures in governing documents. Why not D: This option is incorrect because "Assessments can only be increased with individual owner consent" does not match the rule tested by the question. The correct answer is "The association can increase assessments following procedures in governing documents and applicable law". § 44-3-80, associations can increase assessments following proper procedures in governing documents.
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Under the Georgia Condominium Act, which of the following most accurately describes how ownership is structured in a condominium?
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