Florida CAM Study Guide Exam questions and answers 2024(graded A+)

A Community is defined as Real or personal property owned by two or more entities, with a "legally binding agreement (covenant) to share responsibility and costs for maintenance and administration of property, assets, and association, and with specific rights granted to the members. Community Associations are structured by Formal (in writing), legal documents defining property rights, rules and restrictions. Community Associations are also referred to as Covenant Conceptually Community Associations: Maximize land use, share responsibility, and expenses. What are the 5 types of Community Associations? Condo, Cooperative, HOA, Timeshare, Mobile Home Park What are the 3 specific requirements of CA in Florida Membership is mandatory, members must have the right to vote, an assessment, if unpaid can become a lien. What factors influence the type of association that can be developed? Zoning, CDMP These documents define the regulations for use of land, member's rights, & responsibilities, and create the entity that will manage the community. Declaration of covenants & restrictions/declaration of condominium, Articles of incorporation, bylaws. Developer must pay a fee at the time he files any required documents with the DBPR. New Condos/Coops - $20/unit Timeshares - $2/7 day period each unit will be occupied, but not more than $25,000 Mobile Homes - $10/lot but not less than $100 Developer must file the documents with certain governmental entities, and pay a fee for each unit or lot in a community True Florida requires all community associations to be incorporated? True HOA's do not pay fees, as they are not regulated by the state. True True The association is not required to hire a manager or management company. Volunteer Directors and officers may manage the property without a license. A lot within an HOA community which is capable of separate conveyance and the owner of which is obligated to be a member of the association and pay assessments that, if not paid, may result in a lein. Parcel Jointly owned and jointly used portions of a condo that are not included in the units. Common Elements Jointly owned common elements reserved for the exclusive use and benefit of a specific unit. Limited Common Elements Rights, interests and benefits -- including use of common areas, membership in the association, voting rights, easement for air and view rights, and restrictive covenants that attach to and run with ownership until the community is terminated. Appurtenances A common interest community in which portions of the real estate are designated for separate ownership, the remainder of the real estate is designated for common ownership solely by the owners of the units, annd undivided interests in the common elements are vested in the unit owners. Condominium The document that creates a condo when recorded with the clerk of circuit court in the county where the property is located. Declaration of Condo The transfer from developer control of community association to the establishment of the unit owner controlled association. Transition Taking an existing, previously occupied improvement and changing the form of ownership to a condo. Conversion The Division of the Department of Business and Professional Regulation (DBPR) that has power to enforce and ensure compliance with the provision of Chapters 718, 719, 720, 721, 723, F.S. and rules relating to development, construction, sale, lease, ownership, operation, and management of developer controlled residential condo units. Division of Florida Condo Timeshares & Mobile Homes The governor-appointed attorney who acts as liaison between the division, unit owners, board of directors, board members, community association managers, and other affected parties. Ombudsman A form of ownership of real property in which legal title is vested in an association and the right to occupy or use is evidenced by an ownership interest in the association and a proprietary lease. Cooperative A Florida corporation responsible for the operation of a community or a mobile home subdivision in which the voting membership is made up of parcel owners and in which membership is a mandatory condition of parcel ownership, and dwhich is authorized to impose assessments that, if unpaid, may become a lien on the parcel. HOA An arrangement whereby a purchaser, for consideration, receives ownership rights in or a right to use accommodations, and facilities, if any, for a period of time less than a full year during any given year. Timeshare Plan A community association is a residential homeowners' association in which conditions of property ownership include all the following EXCEPT: a) mandatory membership in the association b) mandatory fees to the association c) mandatory transfer by quitclaim deed d) potential lien filed by the association c) mandatory transfer by quitclaim deed A primary purpose of community association management is to: a) maintain the common property b) sell parcels or units for the developer. c) negotiate leases on behalf of the unity owners d) collect property taxes and insurance a) maintain the common property Planned communities and mandatory homeowners' associations are regulated under which statute? a) Chapt. 615 F.S. b) Chapt. 715 F.S. c) Chapt. 720 F.S. d) Chapt. 728 F.S. c) Chapt. 720 F.S. Powers of the association DO NOT include which of the following? a) Enter into management contracts b) Levy assessments c) File a lien for unpaid assessments d) Negotiate the sale of individual units d) Negotiate the sale of indiv