COMMUNITY ASSOCIATION MANAGER UPDATED ACTUAL EXAM QUESTIONS CORRECT
ANSWERS GRADED A PLUS
Question:
Assessment.
Answer:
The amount of money a unit or parcel owner pays for their share of the expenses of the community
association. The statute allows association to file an assessment lien against the unit or parcel if
unpaid.
Question:
Condominium.
Answer:
that form of ownership of real property created pursuant to this chapter (Section 718), which is
comprised entirely of units that may be owned by one or more persons, and in which there is,
appurtenant to each unit, an undivided share in common elements
Question:
What does a condo association own? What is deeded in the association's name?
Answer:
Nothing. NOTHING. The association is responsible for the insurance and maintenance, but it has no
deed in its name.
Question:
Who owns the common elements in a condominium association?
Answer:
All the owners own common elements jointly.
,Question:
Cooperative (definition).
Answer:
that form of ownership of real property wherein legal title is vested in a corporation or other entity
and the beneficial use is evidenced by an ownership interest in the association and a lease or other
muniment of title or possession granted by the association as the owner of all the cooperative
property.
Question:
In a cooperative, how many deeds are there?
Answer:
There is one deed. Title to all the real estate is owned by the corporation. Each shareholder receives
a Shareholder's Certificate as evidence of their capital contribution to the corporation.
Question:
In what type of community association would an owner have a shareholder's certificate?
Answer:
Cooperative. Owner has a shareholder's certificate if they are part of the cooperative.
Question:
Shareholder's Certificate (definition).
Answer:
What is the evidence of an owner's capital contribution to the cooperative corporation. This entitles
the owner to sign a Proprietary Lease with the corporation for the exclusive use of the air space for
their unit or pad.
Question:
Proprietary Lease (definition).
Answer:
,gives an owner (in a coop) the exclusive use of the air space for their unit or pad.
Question:
Homeowners' Association (definition).
Answer:
a Florida corporation responsible for the operation of a community or a mobile home subdivision in
which the voting membership is made up of parcel owners or their agents, or a combination thereof,
and in which membership is a mandatory condition of parcel ownership, and which is authorized to
impose assessments that, if unpaid, may become a lien on the parcel. The term "homeowners'
association" does not include a community development district (CDD) or other similar taxing
district created pursuant to statute.
Question:
Who owns deeds in an HOA?
Answer:
Each parcel owner has a deed to their individual parcel. The corporation has common areas or
property deeded in the corporation's name.
Question:
Who owns the dirt on a parcel in an HOA?
Answer:
The homeowner owns the dirt on THEIR parcel. HOA owns the dirt on COMMON parcels.
Question:
Chapter 607 (definition).
Answer:
Florida For Profit Corporate Act that governs For Profit corporations
, Question:
Chapter 617 (definition).
Answer:
Florida Not For Profit Corporate Act that governs Not For Profit corporations
Question:
Statute 718.
Answer:
Governs Condominiums
Question:
Statute 719.
Answer:
Governs Cooperatives
Question:
Statute 720.
Answer:
Governs Homeowners' Associations
Question:
Statute 721.
Answer:
Governs Timeshare Plans
Question:
ANSWERS GRADED A PLUS
Question:
Assessment.
Answer:
The amount of money a unit or parcel owner pays for their share of the expenses of the community
association. The statute allows association to file an assessment lien against the unit or parcel if
unpaid.
Question:
Condominium.
Answer:
that form of ownership of real property created pursuant to this chapter (Section 718), which is
comprised entirely of units that may be owned by one or more persons, and in which there is,
appurtenant to each unit, an undivided share in common elements
Question:
What does a condo association own? What is deeded in the association's name?
Answer:
Nothing. NOTHING. The association is responsible for the insurance and maintenance, but it has no
deed in its name.
Question:
Who owns the common elements in a condominium association?
Answer:
All the owners own common elements jointly.
,Question:
Cooperative (definition).
Answer:
that form of ownership of real property wherein legal title is vested in a corporation or other entity
and the beneficial use is evidenced by an ownership interest in the association and a lease or other
muniment of title or possession granted by the association as the owner of all the cooperative
property.
Question:
In a cooperative, how many deeds are there?
Answer:
There is one deed. Title to all the real estate is owned by the corporation. Each shareholder receives
a Shareholder's Certificate as evidence of their capital contribution to the corporation.
Question:
In what type of community association would an owner have a shareholder's certificate?
Answer:
Cooperative. Owner has a shareholder's certificate if they are part of the cooperative.
Question:
Shareholder's Certificate (definition).
Answer:
What is the evidence of an owner's capital contribution to the cooperative corporation. This entitles
the owner to sign a Proprietary Lease with the corporation for the exclusive use of the air space for
their unit or pad.
Question:
Proprietary Lease (definition).
Answer:
,gives an owner (in a coop) the exclusive use of the air space for their unit or pad.
Question:
Homeowners' Association (definition).
Answer:
a Florida corporation responsible for the operation of a community or a mobile home subdivision in
which the voting membership is made up of parcel owners or their agents, or a combination thereof,
and in which membership is a mandatory condition of parcel ownership, and which is authorized to
impose assessments that, if unpaid, may become a lien on the parcel. The term "homeowners'
association" does not include a community development district (CDD) or other similar taxing
district created pursuant to statute.
Question:
Who owns deeds in an HOA?
Answer:
Each parcel owner has a deed to their individual parcel. The corporation has common areas or
property deeded in the corporation's name.
Question:
Who owns the dirt on a parcel in an HOA?
Answer:
The homeowner owns the dirt on THEIR parcel. HOA owns the dirt on COMMON parcels.
Question:
Chapter 607 (definition).
Answer:
Florida For Profit Corporate Act that governs For Profit corporations
, Question:
Chapter 617 (definition).
Answer:
Florida Not For Profit Corporate Act that governs Not For Profit corporations
Question:
Statute 718.
Answer:
Governs Condominiums
Question:
Statute 719.
Answer:
Governs Cooperatives
Question:
Statute 720.
Answer:
Governs Homeowners' Associations
Question:
Statute 721.
Answer:
Governs Timeshare Plans
Question:
