Florida Cam Exam questions and answers 2024(graded A+)

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 True Purchasers of a timeshare plan have a ten day contract rescission period in which to cancel the purchase True The Florida Fair Housing Act prohibits discrimination on the basis of handicap True A valid Declaration of Condominium must contain easements for ingress and egress to all units and the common elements 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 False. The board should consult an attorney. Corporate Charter 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 Articles of Incorporation ( Corporate Charter) Florida Not for Profit Corporate Act FS 617 Florida Corporate Act 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 Powers that are granted in FS 617 Condominium Act FS 718 Form of joint ownership of real property that comprises: Exclusive ownership of each unit Joint undivided share of common elements Required membership in the community association What is a condominium? Cooperative Act FS 719 Mandatory Homeowner's Association FS 720 Mandatory contents of a declaration ( condos) FS 718.104 Definitions of the corporate entity, powers of association, easements, rights of access to unit, insurance, official records of the association, community directory, financial reporting requirements, purchase of units, purchase of land and recreation leases, operations of condominiums created prior to January 1, 1977, commingling FS 718.111 FS 718.1124 Definitions of required contents of bylaws, including administration, notice requirements, quorum, proxies, voting requirements, elections, electronic voting, candidate eligibility, director certificate/education requirements, recalls, arbitration, timeshare condominium exceptions, board and member meetings, Annual budget requirements, assessments, amendment of bylaws, transfer fees, director and officer delinquencies and offenses, common elements ( limited power to convey to a condemning authority) FS 718.113 Maintenance requirements, display of flags and religious decorations, hurricane shutters, and other types of code-complaint hurricane protection FS 718.114 Association powers, acquisition of leasehold memberships and other possessory or use interests FS 718.115 Common Expenses and common surplus, expense and credits for hurricane protection, communication expenses FS 718.116 Liability for not paying common expenses, including the right to assess interest, lien, foreclose, and collect rents from delinquent members etc., liability of first mortgage holder, liability of previous owners FS 718.303 Provides that if a member is more than 90 days delinquent or has failed to comply with his or her monetary obligation that is due to the community association, or has failed to comply with the documents or reasonable rules, the right to use common elements can be suspended. Provides fining authority and procedures. The pH of the pool water must be maintained at: 7.2-7.8 Condominium and Cooperative Associations pay an annual fee of $_______ per residential unity, per ______ to the DFCTSMH Trust Fund $4.00/ Year A windstorm self insurance pool must include 3 or more associations, all of which must be residential, with not less than 50 units. True The member must place an election ballot in an inner envelope, and place the inner envelope in an outer envelope, which the member signs. Procedures for voting in secret for members who are not in attendance at the annual meeting.