RCW 64.38.010
Definitions. (Effective until January 1,
2012.)
For purposes of this chapter:
(1) "Homeowners' association" or "association" means a
corporation, unincorporated association, or other legal entity,
each member of which is an owner of residential real property
located within the association's jurisdiction, as described in
the governing documents, and by virtue of membership or ownership
of property is obligated to pay real property taxes, insurance
premiums, maintenance costs, or for improvement of real property
other than that which is owned by the member. "Homeowners'
association" does not mean an association created under chapter 64.32 or 64.34 RCW.
(2) "Governing documents" means the articles of
incorporation, bylaws, plat, declaration of covenants,
conditions, and restrictions, rules and regulations of the
association, or other written instrument by which the association
has the authority to exercise any of the powers provided for in
this chapter or to manage, maintain, or otherwise affect the
property under its jurisdiction.
(3) "Board of directors" or "board" means the body,
regardless of name, with primary authority to manage the affairs
of the association.
(4) "Common areas" means property owned, or otherwise
maintained, repaired or administered by the association.
(5) "Common expense" means the costs incurred by the
association to exercise any of the powers provided for in this
chapter.
(6) "Residential real property" means any real property, the
use of which is limited by law, covenant or otherwise to
primarily residential or recreational purposes.
[1995 c 283 § 2.]
RCW 64.38.010
Definitions. (Effective January 1, 2012.)
For purposes of this chapter:
(1) "Assessment" means all sums chargeable to an owner by an
association in accordance with RCW 64.38.020.
(2) "Baseline funding plan" means establishing a reserve
funding goal of maintaining a reserve account balance above zero
dollars throughout the thirty-year study period described under
RCW 64.38.065.
(3) "Board of directors" or "board" means the body,
regardless of name, with primary authority to manage the affairs
of the association.
(4) "Common areas" means property owned, or otherwise
maintained, repaired or administered by the association.
(5) "Common expense" means the costs incurred by the
association to exercise any of the powers provided for in this
chapter.
(6) "Contribution rate" means, in a reserve study as
described in RCW 64.34.380, the amount contributed to the reserve
account so that the association will have cash reserves to pay
major maintenance, repair, or replacement costs without the need
of a special assessment.
(7) "Effective age" means the difference between the
estimated useful life and remaining useful life.
(8) "Full funding plan" means setting a reserve funding goal
of achieving one hundred percent fully funded reserves by the end
of the thirty-year study period described under RCW 64.38.065, in
which the reserve account balance equals the sum of the
deteriorated portion of all reserve components.
(9) "Fully funded balance" means the current value of the
deteriorated portion, not the total replacement value, of all the
reserve components. The fully funded balance for each reserve
component is calculated by multiplying the current replacement
cost of the reserve component by its effective age, then dividing
the result by the reserve component's useful life. The sum total
of all reserve components' fully funded balances is the
association's fully funded balance.
(10) "Governing documents" means the articles of
incorporation, bylaws, plat, declaration of covenants,
conditions, and restrictions, rules and regulations of the
association, or other written instrument by which the association
has the authority to exercise any of the powers provided for in
this chapter or to manage, maintain, or otherwise affect the
property under its jurisdiction.
(11) "Homeowners' association" or "association" means a
corporation, unincorporated association, or other legal entity,
each member of which is an owner of residential real property
located within the association's jurisdiction, as described in
the governing documents, and by virtue of membership or ownership
of property is obligated to pay real property taxes, insurance
premiums, maintenance costs, or for improvement of real property
other than that which is owned by the member. "Homeowners'
association" does not mean an association created under chapter 64.32 or 64.34 RCW.
(12) "Lot" means a physical portion of the real property
located within an association's jurisdiction designated for
separate ownership.
(13) "Owner" means the owner of a lot, but does not include
a person who has an interest in a lot solely as security for an
obligation. "Owner" also means the vendee, not the vendor, of a
lot under a real estate contract.
(14) "Remaining useful life" means the estimated time, in
years, before a reserve component will require major maintenance,
repair, or replacement to perform its intended function.
(15) "Replacement cost" means the current cost of replacing,
repairing, or restoring a reserve component to its original
functional condition.
(16) "Reserve component" means a common element whose cost
of maintenance, repair, or replacement is infrequent,
significant, and impractical to include in an annual budget.
(17) "Reserve study professional" means an independent
person who is suitably qualified by knowledge, skill, experience,
training, or education to prepare a reserve study in accordance
with RCW 64.34.380 and 64.34.382.
(18) "Residential real property" means any real property,
the use of which is limited by law, covenant or otherwise to
primarily residential or recreational purposes.
(19) "Significant assets" means that the current replacement
value of the major reserve components is seventy-five percent or
more of the gross budget of the association, excluding the
association's reserve account funds.
(20) "Useful life" means the estimated time, between years,
that major maintenance, repair, or replacement is estimated to
occur.
[2011 c 189 § 7; 1995 c 283 § 2.]
NOTES:
Reviser's note: The definitions in this section have been alphabetized pursuant to RCW 1.08.015(2)(k).
Effective date -- 2011 c 189: See note following RCW 64.38.065.