Florida Cam prep exam Questions and Answers 100% Verified

Cooperatives - ANSWER-Joint ownership of a real estate where an individuals purchased shares of stock in a corporation. Condominium is created when the declaration of convenience is recorded in the: - ANSWER-Public records of the county where the property is located. Timeshare - ANSWER-Community permits individual units to be owned and occupied for fixed period for less than a year. Chapter 617, F.S. Florida not for Profit Act - ANSWER-Florida Statute majority homeowners association is organized under. Declaration - ANSWER-established the formal regulations for all the property including the basic right and responsibility of each owner, resident, member, and guest. Bylaws - ANSWER-Establishes the procedures for carrying out the responsibilities of the association and governs the actual operation of the association. Division of FLorida Land Sales, Condominiums, and Mobile Homes - ANSWER-Designated to enforced and ensure compliance with provision of the cooperative Act according to Part V of the Corporative Act January 1 of each year - ANSWER-Annual fee must be paid to the Division of Florida Land Sales, Condominium, and Mobil Homes, for each each unit operated by a condominium association association must be paid by: The certificate of amendment is recorded with the clerk of court where the documents were originally recorded - ANSWER-Amendments to the declaration of condominium is not effective until: Under part VI of the condominium Act, all tenants have certain rights when an existing rental property is converted to a condominium. these rights include: - ANSWER-The option to extend their current lease