Under federal law in effect since 1996, HOAs and the like are prohibited from interfering with the installation of a homeowner's antenna. See the FCC's OTARD rule for details.
http://www.fcc.gov/mb/facts/otard.html
It's generally best to select a splitter with the number of ports that most closely matches your requirements. Large splitters have an insertion loss penalty that's usually best if avoided. If you do end up with unused outputs of the splitter or of a cable run that is connected to the splitter,. terminate it using a screw-on 75 ohm terminator.