Florida Community association manager Exam Solved 100%

A community association is Generally defined as real or personal property,owned by two or more entities, which share the responsibility for the cost of maintenance and administration - Answer True Purchasers of a timeshare plan have a 10 day contract recision period in which to cancel the purchase - Answer True Not for-profit corporations are exempt from federal income taxes - Answer False A condominium and a hospital may join together to create a self insurance pool for windstorm insurance, if approved by the comptroller - Answer False All community associations have identical legal structures - Answer False The association must mail a notice for a regular board of directors meeting no less than 48 hours in advance - Answer False If a timeshare property is a condominium, it must comply only with the condominium act - Answer False The Florida fair housing act prohibits discrimination on the basis of handicap - 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 mean issues - Answer False A valid declaration of condominium must contain easements for ingress and egress to all units and the common elements - Answer True The cooperative is created when the article of incorporation are filed with the DBPR - Answer False A condominium cannot obtain windstorm only insurance from citizens if it has 50 or more units rented for less than 30 days in an 8 month period - Answer False Civic groups are governed by the homeowners association act - Answer False When proposing amendments to the documents, a condominium should insert an underline in the new words in the text - Answer True The declaration of condominium is also called the corporate charter - Answer False Florida statutes prohibit the Florida catastrophe fund from reimbursing associations or individuals for losses caused by flooding - Answer True A timeshare divides residential property into specific time periods that provides members with exclusive use rights - Answer True Any amendment that proposes to change the proportional percentage by which each condominium member shares in the common expenses or owns the common surplus requires approval of all members and all holders of Liens, unless otherwise provided in the documents as originally recorded - Answer True Appraised value an actual value mean the same thing - Answer False The developer is exempt from any management responsibilities as long as he controls the board - Answer False Purchasers of a condominium or cooperative resale unit have a three day period in which to cancel the sales contract - Answer True Limited common element is a term to use for property owned by a member of an association, but are used by all members - Answer False HOAs may join with other community associations to self insure for general liability insurance - Answer False A homeowners association may suspend voting rights if a member is more than 90 days late in paying an assessment or other monetary amount - Answer True If approved by a majority of the voting interests present at a duly called and quorumed HOA meeting, the members may vote to have the association prepare an annual review rather than an annual audit, where the annual revenues were $750,000.00 - Answer False 25% of the members have petitioned it cooperative board for an audit rather than a compilation, when past years annual revenues were $250,000. The association must hold a membership meeting early within 30 days after receiving the petition to vote on this issue - Answer True Homeowners association member meetings require a quorum of 30% of the total folding interest unless a different number is provided in the bylaws - Answer True The ombudsman Will monitor a cooperative election, it's 20% of the total voting interests, or six members, whichever is greater, have signed a petition so requesting - Answer False At an annual meeting of an HOA, even if a quorum is not present, the association may conduct the election if it has received ballots from 20% of the members - Answer False The DBPR governance form discusses the role of the condominium board in conducting day to day affairs and the rights of members to attend and speak at meetings, among other things - Answer True