GOLD COAST CAM LICENSE

What is a legally binding agreement? - Answer- It is structured by formal, legal documents that define property rights, rules and restrictions It grants rights and/or imposes liabilities and responsibilities on the community association and members It provides governance, business, and communal aspects of administering, maintaining and enhancing the property Could also be considered a "contract" What is a legally binding agreement referred to in certain community associations? - Answer- A covenant What is a community association? - Answer- Real or personal property, owned by two or more entities, with a legally binding agreement to share responsibility for of maintenance and administering and maintaining the property and its assets with specific rights granted to the members What is F.S.? - Answer- Florida Statutes - provides a definition of and requirements for each type of community association What is F.A.C.? - Answer- Florida Administrative Code - provides additional guidance based on the Florida Statutes Also known as an official compilation of rules and regulations of Florida regulatory agencies What are members of a community association responsible for? - Answer- Members in a community association have a responsibility to occupy, use and maintain the property in accordance with the statutes and the legal documents What are the requirements for a community association? - Answer- - membership is mandatory - members have the right to vote (w/ exceptions) - an unpaid assessment can become a lien on a member's property What are the 5 community associations governed by the Florida Statutes? - Answer- F.S. 718 - condominums (also known as the condominium act) (F.A.C. - 61B-14 through 24, 45 & 50) F.S. 719 - cooperative (cooperative act) (F.A.C. 61B-75 through 79, 45, & 50) F.S. 720 - HOA (homeowners' association act) (F.A.C. 61B-80, 81, & 85) F.S. 721 - timeshare (florida vacation plan & timesharing act) (F.A.C. 61B-37 through 4