Property Management
Maine's regulation of community associations (HOAs) requires boards to:
AHire a licensed property manager for all decisions
BFollow the governing documents, act in good faith, and maintain proper financial records✓ Correct
CSubmit annual reports to the MREC
DObtain state approval for any assessment changes
Explanation
Maine condominium and HOA boards are required by the Condominium Act and their governing documents to act in good faith on behalf of the community, follow their declaration and bylaws, and maintain proper financial records and insurance.
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