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
... [Show More] 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 easements for ingress and egress to all units and the common elements Correct Answer: True
Compliance with the Construction Lien Law is very technical and can have an impact on title to property. Therefore the board should always consult with the manager regarding lien issues Correct Answer: False. The board should consult an attorney.
Corporate Charter Correct Answer: Articles of Incorporation are also known as the
Establishes the power and authority of the community Association
Establishes the corporate entity that is responsible for management, maintenance and operation of the community association
Is based in corporate law Correct Answer: Articles of Incorporation ( Corporate Charter)
Florida Not for Profit Corporate Act Correct Answer: FS 617
Florida Corporate Act Correct Answer: FS 607
Conducting business and Community Association affairs
Operating and managing the association property and assets
Suing and defending against actions
Lending money for association purposes
Acquiring Property
Entering into contracts and purchasing items that are required for operations and maintenance
Incurring liabilities
Borrowing funds
Mortgaging community association properties Correct Answer: Powers that are granted in FS 617
Condominium Act Correct Answer: FS 718
Form of joint ownership of real property that comprises:
Exclusive ownership of each unit
Joint undivided share of common elements
Required membership in the community association Correct Answer: What is a condominium?
Cooperative Act Correct Answer: FS 719
Mandatory Homeowner's Association Correct Answer: FS 720
Mandatory contents of a declaration ( condos) Correct Answer: FS 718.104
Definitions of the corporate entity, powers of association, easements, rights of access to unit, insurance, official records of the association, community directory, financial reporting requirements, purchase of units, purchase of land and recreation leases, operations of condominiums created prior to January 1, 1977, commingling Correct Answer: FS 718.111
FS 718.1124 Correct Answer: Definitions of required contents of bylaws, including administration, notice requirements, quorum, proxies, voting requirements, elections, electronic voting, candidate eligibility, director certificate/education requirements, recalls, arbitration, timeshare condominium exceptions, board and member meetings, Annual budget requirements, assessments, amendment of bylaws, transfer fees, director and officer delinquencies and offenses, common elements ( limited power to convey to a condemning authority)
FS 718.113 Correct Answer: Maintenance requirements, display of flags and religious decorations, hurricane shutters, and other types of code-complaint hurricane protection
FS 718.114 Correct Answer: Association powers, acquisition of leasehold memberships and other possessory or use interests
FS 718.115 Correct Answer: Common Expenses and common surplus, expense and credits for hurricane protection, communication expenses
FS 718.116 Correct Answer: Liability for not paying common expenses, including the right to assess interest, lien, foreclose, and collect rents from delinquent members etc., liability of first mortgage holder, liability of previous owners [Show Less]