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Property Management Frequently Asked Questions (FAQs)

Have questions about property management? Want to learn more about how an HOA Board is run? Or simply need some help distinguishing property types? Our Property Management Frequently Asked Questions (FAQs) page provides a wealth of information for homeowners, HOA Board Members, developers, and vendors. As the largest property management company in North America, FirstService Residential has vast experience developing best practices and has gathered extensive industry expertise.  Benefit from our knowledge and experience by using the links below. This page will be continually updated with valuable questions and answers to some of the industry’s most common inquiries, so make sure to check back often!

 

Questions about Community Associations, HOAs, and Condo Associations

What is a homeowners association (HOA)?

What is an HOA Board?

How do I become a member of my community’s HOA?

What are HOA fees and what do HOA Fees Cover?

Why are there HOA Rules or HOA Bylaws?

How do I know my HOA’s rules?

What are CC&Rs?
 

Questions about Condominiums, High-Rise, and Co-ops

What's the difference between a Condo and an Apartment?

What is a High-Rise Condominium?

What are typical High-Rise amenities?

Where are High-Rise Condominiums typically located?

What does the term Co-op mean?

What is the difference between a Condominium and a Co-op?
 

Questions about Managing Your Community’s Finances

What are assets versus liabilities?

What is a statement of revenues and expenses?

What is a fixed asset?

What is a reserve study?

Why is a reserve study important for my community?


Questions about Community Developers

What happens when a property transitions from developer control?

When should developers partner with property management companies?


Questions about HOA Board Member Roles and Responsibilities

What does an HOA Board President do?

What does an HOA Board Vice-President do?

What does a Board Treasurer do?

What does a Board Secretary do?

How are Board members elected?

 

Questions about Property Management Careers

What type of licensing and training does a Property Manager need?

What does a Lifestyle Director do?

What does a Building Engineer do?

What’s the difference between a Portfolio Manager and a Sited Manager?


Questions about Insuring Your Community

What should we know about insurance policies as they relate to natural disaster coverage?

What special requirements may be found in insurance coverage for disasters?

Are there requirements my association must always meet to be eligible for coverage?

What can my association do to save on our policy premiums?

What is HO-6 coverage and why is it important for our condo owners to have it?