Gold Coast CAM License 2024 (A+ Guaranteed)

What is a legally binding agreement? correct answers 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? correct answers A covenant What is a community association? correct answers 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.? correct answers Florida Statutes - provides a definition of and requirements for each type of community association What is F.A.C.? correct answers 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? correct answers 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? correct answers - 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? correct answers 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 41) F.S. 723 - mobile homes (Mobile Home Act)