Which of the following best defines a homeowners association (HOA)?

A homeowners association (HOA) is best defined as an organization that manages community common areas and enforces rules. This organization is typically formed within residential communities to maintain shared spaces such as parks, pools, and landscaping, while also regulating the behavior and responsibilities of property owners through established guidelines and bylaws.

The role of an HOA is essential for promoting a cohesive community environment and maintaining property values. It collects dues from homeowners to fund maintenance and improvements for these common areas and ensures compliance with community standards through enforcement measures, which might include fines or restrictions.

In contrast, other options such as a group of local real estate agents, a government body overseeing property transactions, or a service provider for building maintenance do not capture the full scope or purpose of an HOA. These distinctions highlight the unique role that an HOA plays in community management and homeowner engagement.