FL CAM

After purchasing the mobile home park, the residents form a community association and hire a paid manager. The manager must be licensed under Part VIII of Chapter 468 if the budget of the association exceeds: A.$50,000 B.$75,000 C.$100,00 D.$125,000 correct answer: C. A type of joint ownership of real estate where legal title is not vested in the individual, but the individual receives the right to occupy a unit, is a: A. mobile home. B. cooperative C. mandatory homeowners' associati...

Heirachy of laws correct answer: Federal Law > State law > Local government Declaration correct answer: Document that creates the association and specifies rights and obligations of the members and the association. Articles of incorporation correct answer: Document filed with the FL department of state that creates the community and defines its powers and responsibilities 1.Contains legal description of the property 2.Describes the legal boundaries of the units 3.Provides v...

A community associate is generally defined as real or personal property, owned by two or more entities which share the responsibility for the costs of maintence and administration. correct answer: True Purchasers of a timeshare plan have a ten day contract rescission period in which to cancel the purchase. correct answer: True not-for-profit corporations are exempt from federal income taxes. correct answer: False A condominium and a hospital may join together to create a self insuran...

An association should establish reserves for correct answer: (a) Because associations may be able to avoid or reduce large special assessments. An association should establish reserves for correct answer: (c) Because associations may be able to avoid or reduce large increases in regular assessments. An association should establish reserves for correct answer: Because there are statutory requirements that mandate reserves in certain circumstances. 99. What is a balance sheet? correct ...

The State of Florida in the year ____ required LICENSING OF COMMUNITY ASSOCIATION MANAGERS. correct answer: 1988 Teaching Methods, candidates mush retain their Pre-Examination Course Completion for a period of ____ years from the date received. correct answer: Four According to the Background of Community Association Living, there are ______ units in the State of Florida. correct answer: 4,250,000 As to Section I. LAW 1.a., Chapter 617, F.S. is known as ____. correct answer: The "N...

4 Types of Community Associations correct answer: 1. Condo - FS 718 2. Coop - FS 719 3. HOA - FS 720 4. Timeshare - FS 721 NOT Mobile Home 723 Which type of living condition is NOT a community association? correct answer: Mobile Home - FS 723 Documents include (3) correct answer: 1. Declaration 2. Articles 3. By-Laws A CAM license is NOT required to manage which type of property? correct answer: Commercial How is common property referred to in a condo, coop, HOA...

Legal Documents correct answer: delineate specific rights and responsibilities of the association and members, which each member agrees to uphold upon becoming a member CIC correct answer: Common Interest Community - comprised of individually owned units, in addition to shared facilities and common areas CIO correct answer: Common interest ownership - Coined by the Uniform Common Interest Ownership Act. Model for state laws and is soley for real property ownership. CIRA correct answe...

A Community Association is generally defined as real or personal property, owned by two or more entities, which share the responsibility for the costs of maintenance and administration correct answer: True Purchasers of a timeshare plan have a ten day contract rescission period in which to cancel the purchase correct answer: True The Florida Fair Housing Act prohibits discrimination on the basis of handicap correct answer: True A valid Declaration of Condominium must contain easement...

1. Condominium form of ownership is comprised of units owned by one or more persons and joint ownership of ________ share in the common elements. A. a percentage B. an undivided C. a proportional D. a complete correct answer: B. an undivided Condominium means individual ownership of a unit coupled with joint ownership of an undivided share of the common elements as well as mandatory membership in the association. 2. Under the General Corporate Law _______, community associations have ...

Florida Condominium Law is contained in which Chapter of the Florida Statutes? correct answer: 718 Minutes of meeting of the BOD must be maintained for: correct answer: 7 years Emergency powers of a condominium board, if a state of emergency has been declared, include: correct answer: Borrow money and pledge association assets as collateral to fund emergency repairs A condominium association files a lien for unpaid assessments against one of its unit owners, the lien is effective for...