Community association manager Exam Questions With 100% Correct Answers

Community association manager Exam Questions With 100% 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 cost of maintenance and administration - answerTrue Purchasers of a timeshare plan have a 10 day contract recision period in which to cancel the purchase - answerTrue Not for-profit corporations are exempt from federal income taxes - answerFalse A condominium and a hospital may join together to create a self insurance pool for windstorm insurance, if approved by the comptroller - answerFalse All community associations have identical legal structures - answerFalse The association must mail a notice for a regular board of directors meeting no less than 48 hours in advance - answerFalse If a timeshare property is a condominium, it must comply only with the condominium act - answerFalse The Florida fair housing act prohibits discrimination on the basis of handicap - answerTrue 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 - answerFalse A valid declaration of condominium must contain easements for ingress and egress to all units and the common elements - answerTrue The cooperative is created when the article of incorporation are filed with the DBPR - answerFalse 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 - answerFalse Civic groups are governed by the homeowners association act - answerFalse When proposing amendments to the documents, a condominium should insert an underline in the new words in the text - answerTrue The declaration of condominium is also called the corporate charter - answerFalse Florida statutes prohibit the Florida catastrophe fund from reimbursing associations or individuals for losses caused by flooding - answerTrue A timeshare divides residential property into specific time periods that provides members with exclusive use rights - answerTrue 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 - answerTrue