Florida Cam Exam With Correct Answers

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 maintenance and administration -Answer True Purchasers of a timeshare plan have a ten day contract rescission period in which to cancel the purchase -Answer True The Florida Fair Housing Act prohibits discrimination on the basis of handicap -Answer True A valid Declaration of Condominium must contain easements for ingress and egress to all units and the common elements -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 -Answer False. The board should consult an attorney. Corporate Charter -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 -Answer Articles of Incorporation ( Corporate Charter) Florida Not for Profit Corporate Act -Answer FS 617 Florida Corporate Act -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 -Answer Powers that are granted in FS 617 Condominium Act -Answer FS 718 Form of joint ownership of real property that comprises: Exclusive ownership of each unit Joint undivided share of common elements