FL CAM

Community Association: correct answer: Real or personal property owned by 1 or more entities with legally binding agreement (covenant) to share responsibility for and costs of maintenance and administration of the property, assets, and assoc. Specific rights granted to members. Pro of community living: correct answer: Shared: armenties, maintenance expenses, operations stability/security, centralized responsibility. Con of Community living: correct answer: loss of control, mismanagement...

The language in the Declaration of Condominium that creates a commitment, restriction, or contract between the association and the unit owners is called correct answer: Covenants Under Chapter 718.1255, those eligible to petition for arbitration are: correct answer: An owner of a condominium unit Tom Tucker decides he can manage his association better than the management company and at significantly less cost. The board of directors of the 25 homes comprising the Too Cheap Homeowners' A...

The rights and obligations inherent in the ownership of a unit in a condominium are correct answer: Appurtenances to the Unit The original corporate structure of a condominium association is established in the correct answer: Articles of Incorporation A claim of Lien on a condo unit for delinquent assessments is in effect from the time of recording for a period of correct answer: 12 Months The process for obtaining a community association manager's license, renewal provisions and st...

The pH of the pool water must be maintained at: correct answer: 7.2-7.8 A person who manages a rental apartment complex _____ a Community Association Manager's License. correct answer: May, but is not required, to have. Condominium & Cooperative Associations pay an annual fee of $____ per residential unit, per ____, to the DFCTSMH Trust Fund. correct answer: $4.00/year Toca Chica Cooperative, with 35 units, has joined with Levitz Office Condominium, to form a self-insurance pool for...

If a declaration of condominium or bylaws so provide, an association may require a security deposit from prospective lessees up to the amount of correct answer: 1 month's rent A homeowner's association board must obtain competitive bids for any contract which will cost in excess of correct answer: 10% of the annual budget including reserves Employees with the community association are usually those workers where the association pays or deducts for correct answer: social security tax, ...

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...

Traditionally, the normal maintenance responsibilities of the condominium association common property belong to:a. The unit ownersb. The board of directors c. The officers of the board d. The manager correct answer: b. The board of directors If a condo association has adopted alternative election procedures, then it must follow those procedures as set forth in its bylaws by: The first notice must be sent out no less than forty five (45) days prior to the election date. The first notice of...